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Bank of Internet USA

Popular Accounts at this Bank

1.25%Reward CheckingRewards Checking
1.00%1-year CD12 Month CD
1.40%4-year CD48 Month CD

Overview / Commentary
4350 La Jolla Village Drive, Suite 140
San Diego, CA 92122

Bank of Internet USA is one of the first banks worldwide to offer banking services, namely deposit accounts and loans, exclusively on the Internet. The bank is registered with the FDIC as a savings and loan association and recently changed its name to Bank of Internet Federal Bank, though still maintaining its banking brand as Bank of Internet USA.

The bank offers straightforward deposit products and mortgage loans for individuals and businesses. Its personal deposit products include two checking accounts, a savings account, a Money Market, and Certificates of Deposit (CDs).

The online bank’s reward checking account offers a competitive rate of interest, free checks, a free debit card, unlimited ATM reimbursements, and free mobile deposit to name a few features. B of I offers several ways to earn different amounts of interest basis points on its reward checking, including direct deposits and debit card purchases. The other checking option is a high interest account that comes with a monthly fee unless a minimum daily balance requirement is met. The high interest checking account offers a great rate of interest and a number of free features that make a convincing case for an Internet-only checking account.

A high-yield savings account is offered and provides a competitive rate of interest with no monthly service fees or minimum balance requirements. The savings account also comes with a free ATM card, free mobile deposit, and free FinanceWorks financial management software. Money Market accounts offer increasing rate thresholds as account balances increase and come with unlimited check writing and an ATM card. Certificates of Deposit (CDs) are available in term lengths ranging from 3 to 60 months and have a minimum initial deposit requirement. B of I also offers a business checking account that has been recognized by DepositAccounts.com in the past.

Bank of Internet USA online banking provides a secure and dynamic platform on which account holders manage their deposit accounts. Various tasks like Bill Pay, mobile deposit, funds transfers, and viewing transaction history can be completed easily through the web-based system. Mobile banking is also available and consists of a mobile-optimized website and mobile banking apps that make account management tasks easy and convenient to complete via smartphone or tablet devices.

Bank of Internet USA was originally established in 2000 and is headquartered in San Diego, California. The bank is a subsidiary of Bank of Internet Federal Bank and operates exclusively online, which allows it to offer some of the best interest rates in the country.

Related Posts

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11/20/12 - Another UFB Direct MMA Rate Cut - Future of BofI's Rewards Checking?
11/1/12 - Bank Of Internet's Success And Future Plans
7/5/12 - One Year Anniversary of Bank of Internet USA's Rewards Checking
5/22/12 - Competitive Business Checking Accounts at BofI Federal Bank
5/8/12 - Why Some Checking Accounts Have Higher Rates Than Savings Accounts
5/6/12 - Offer For ASA Members
8/15/11 - Bank Of Internet Launches A New Payment Service
8/4/11 - Bank of Internet's New Airline Miles Rewards Savings & Checking Accounts
7/18/11 - New Higher CD Rates at Bank of Internet - Available Nationwide
7/12/11 - The New Free Rewards Checking Account at Bank of Internet
7/7/11 - Competitive 1-Year CD Rate at Bank of Internet USA - Available Nationwide
11/23/10 - Bank Of Internet's New Fee Schedule; Changes To Online Banking
7/6/10 - CD and Anniversary Review of Bank of Internet USA
6/3/10 - The Best CD Rate is Not Always the Best Deal
5/14/10 - More Big Rate Cuts at Bank of Internet USA
5/4/10 - Bank of Internet Cuts Savings and Money Market Rates
4/14/10 - Rate Changes at Bank of Internet: Savings Account Rates Down, CD Rates Up
3/25/10 - Bank of Internet Cuts Savings and Checking Rates
11/11/09 - 2.02% 12-Month CD at Bank of Internet USA - Available Nationwide
11/21/09 - Bank of Internet's New Advantage Savings Account with a 2.50% APY - Nationally Available
11/21/09 - Bank of Internet's High Yield Savings Account - New Higher Yield
7/2/08 - Checking Account Changes at Bank of Internet USA
3/18/08 - 4.20% 60-Month CD at Bank of Internet USA
7/2/08 - High Yield Checking and Money Market Accounts at Bank of Internet USA
3/9/07 - 5.48% 24 and 36-Month CDs at Bank of Internet USA
7/12/06 - Inside Look at Bank of Internet

Much better experience than with other online banks

Posted by: Mac2 | Dec 2, 2016

Banking with the Bank of Internet USA has been a much better experience than with other online banks. Over the years, I have had accounts that were not internet-based (brick and mortar banks) and a few at internet-only banks. All internet-only banks have one drawback, the lack of being able to go to the bank to discuss something or do a transaction live with a teller. But not all internet banks are the same. Bank of Internet USA is much more customer friendly than the other ones I have tried. They keep things simple and easy to understand and their customer service actually act like they care about you as a customer and want to continue the relationship. I had an issue that was completely my fault, and when I contacted them they didn't make me feel like a bother to them (as other banks have done). Since customer service is a pet peeve of mine with any bank I deal with, I was really pleased with their concern and with the speed at which they assisted me. I plan on staying with Bank of Internet USA for a long time.

Bank of Internet USA

Working with bank of internet USA was overall a great experience. I have an amazing relationship with the company and they always keep me informed and up to date with new services in regards to deposits and withdrawals. When depositing money and withdrawing funds the process was easy, simple, and real. Every transaction I did occurred smoothly and without problems. I currently still bank with Bank of Internet USA and plan to keep them forever.

Smooth Experience

I found Bank of Internet through a friend who referred me after his positive experiences he's had with the bank. When I went to sign up for a checking account, the process was extremely easy and straight forward. I got in touch with a representative to ask him questions about any hidden monthly fees or maintenance fees. I was pleased and relieved to find there's no hidden fees like other banks love to charge and no minimum monthly balance. They also offer great features like mobile banking and mobile deposit which some banks incredibly still haven't come around to offering. I appreciate the fact the Bank of Internet offers a cash back rewards program that I will definitely make use of in the future. I'd like to point out that during this process, the representative was extremely attentive, friendly, and eager to answer all of the questions I had to ask. Based on my experience so far, I'd recommend Bank of Internet to family and friends.

Loved them until recently.

Posted by: Martie608 | Nov 19, 2016

I used to love Bank of Internet USA because of the great customer service I used to receive and the reasonable fees. Lately however, my opinion on them has fallen. After a long period of time with nothing having gone wrong with my account, recently I had an issue with small withdrawals on my debit card that were not mine. Something like this happening to you is stressful enough but what makes it worse is when you get in touch with customer service and you get terrible customer service from them. First person I reached, barely spoke English. I had not experienced that with them prior to this incidence. I asked to speak with their supervisor and I was told they did not have one (which makes no sense). So I got off the phone and called back in again. This time I was told that the charges could be reversed if they were not mine but I also got an arrogantly sounding speech about how, if they were my charges, I could lose my account. I did not like the way I was being spoken too so again I asked to speak with a supervisor. I was put on hold and 20 minutes went by with no one getting on the phone nor telling me a status of my hold time. I hung up and called again. Again, I got someone with poor English skills who did not understand what I was requesting. So, again....I hung up and called back. Finally I got someone who understood what I wanted, explained the procedure to me in a nice way and put my request to have the charges reversed through. But it took four phone calls and over 90 minutes to accomplish all of this. To me, that is unacceptable. Currently, I am looking for a new bank.



Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.83%
Return on Equity - YTD21.21%
Annual Interest Income$263.5MM
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$7.85B$6.25B
LoansQ3 2016vs Q3 2015$6.60B$5.33B
DepositsQ3 2016vs Q3 2015$6.40B$4.78B
Equity CapitalQ3 2016vs Q3 2015$694.9MM$548.3MM
Loan Loss AllowanceQ3 2016vs Q3 2015$37.6MM$31.1MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$42.0MM$30.4MM
Real Estate OwnedQ3 2016vs Q3 2015$1.3MM$848.00K
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Always verify rates and promotions with the bank or credit union. We are not Bank of Internet USA; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank of Internet USA Savings Account Rates

0.61%--High Yield Savings

Bank of Internet USA Money Market Rates

0.75%--Money Market Savings

Bank of Internet USA Checking Account Rates

1.25%-$150kRewards Checking
0.71%$5k-Platinum Checking
0.20%-$100kGolden Checking

Bank of Internet USA CD Rates

1.50%$1k-60 Month CD
1.40%$1k-48 Month CD
1.30%$1k-36 Month CD
1.20%$1k-24 Month CD
1.00%$1k-12 Month CD
0.75%$1k-6 Month CD
0.55%$1k-3 Month CD

Bank of Internet USA is an Internet only bank and does not have branch locations. Its headquarters is located at 4350 La Jolla Village Drive, Suite 140 - San Diego, CA 92122