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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
5/4/12 - 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
11/11/10 - 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
5/13/10 - More Big Rate Cuts at Bank of Internet USA
5/4/10 - Bank of Internet Cuts Savings and Money Market Rates
4/9/10 - Rate Changes at Bank of Internet: Savings Account Rates Down, CD Rates Up
3/25/10 - Bank of Internet Cuts Savings and Checking Rates
11/21/09 - 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
11/11/09 - 2.02% 12-Month CD at Bank of Internet USA - Available Nationwide
7/2/08 - High Yield Checking and Money Market Accounts at Bank of Internet USA
7/2/08 - Checking Account Changes at Bank of Internet USA
3/18/08 - 4.20% 60-Month CD 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

Bank of Internet is great for online banking

Several years ago, I was with Chase bank, and they had then started charging a minimum balance fee. Since I rarely have much money to speak of (unemployed so I do odd things here and there), I had to change banks, which I then changed to West Coast Bank which was pretty good local to the Pacific Northwest. It in turn got bought out by a bank called Columbia bank which was fine until they, too, started charging a monthly minimum balance fee. I had to switch again. Only this time I was moving to a new state, so I sought out several online banking institutions because presumably I wouldn't have to change again even when I moved. So after a little research I came upon Bank of Internet which is owned by BofI Federal Bank. Signing up wasn't a problem, I just had to send in my signature, where I lived, and a few other details, and I had gotten a checking account. My name has a suffix on the end and when they shipped out my debit card it was without the suffix. My Dad has the same name. So after a bit of discussion I was eventually sent out the card with the correct name. I've never really had a problem with them. No minimum monthly fee, and the starting balance was fairly low. They offer several options, for different accounts. They don't have their own ATM's so you do get charged. They claim you need to let them know to compensate you for the ATM fee, but usually they seem to reverse the fee automatically (at least a few of the times). I used my phone for check deposit a couple of times, it takes a little practice to get a proper picture with your phone, but they're usually fairly prompt in processing it. Whenever I have an issue (which have been very few) I usually just send a message through their website, and they usually respond promptly and politely. Overall I think I will stick with this bank unless they decide to start charging me for minimum balance.

BoI is very good

I thought I would try an internet bank called bank of the internet USA. When I checked out their website and user agreement, it showed no monthly fees for the account, no ATM withdrawal fees with unlimited reimbursement on any ATM fees. Bank of Internet offers a free ATM card with 40 checks to come with the checking account. So far, customer service has given helpful answers all my questions, I am awaiting for an ATM card. Their mobile banking app for iphone offers deposits through check wire or bank transfer. There is no other way to deposit cash money as there are no real tellers at a bank building but you can go to deposit through transfers. Overall, I like them so far.

A viable option to mainstream banks.

I came across this bank when I was looking for an alternative from Wells Fargo. After doing some researching online, I came across Bank Of Internet. I found that Bank Of Internet was the most viable option. After looking though all their options on the site, I got of hold of their customer service operators. They had many options for me and put quite an effort into finding the right account for me. They also worked in finding me what I needed for my retirement accounts. I felt very happy after that. I think that if people want to try finding a new bank and have helpful employees, Bank Of Internet is a good option.

Fudged Reviews

I dont know who is leaving these amazing reviews but they are likely fortified by the bank or employees. We just moved to this bank and are leaving after less than a month because of the non stop issues. They wanted $35 just to get me a letter confirming my account and routing number.

Their back end system looks like its from 15 years ago and is totally dysfunctional compared to what you would expect from main stream banks. I would not recommend this bank to any businesses looking to move.



Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.1%
Return on Equity - YTD23.66%
Annual Interest Income$109.9MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$8.69B$7.70B
LoansQ1 2017vs Q1 2016$7.04B$6.14B
DepositsQ1 2017vs Q1 2016$6.88B$6.13B
Equity CapitalQ1 2017vs Q1 2016$769.3MM$625.5MM
Loan Loss AllowanceQ1 2017vs Q1 2016$46.0MM$36.9MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$33.3MM$24.0MM
Real Estate OwnedQ1 2017vs Q1 2016$908.00K$207.00K
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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