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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, a DepositAccounts.com advertiser, 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

Bank Of Internet USA Ups Savings And MMA Rates To 1.05% - 9/7/2017

Bank of Internet USA’s savings and money market account rates finally had a rate hike. The new rates are still low compared to the top 20 rate leaders. Nevertheless, it’s always nice to see a rate hike. Below is a summary of the rate changes: Smart Savings: 1.05% APY (was 0.61% since 2013) Smart MMA: 1.05% APY (was 0.75% since 2010) Both have no minimum balance requirements and no monthly fees. The MMA does offer limited check writing. Both accounts offer online bill pay.

Bank Of Internet USA Ups Rate On 60-Month CD - 6/29/2017

Bank of Internet USA (internet bank) has added 75 bps to its 60-month CD (2.25% APY). Minimum opening deposit is $1k, with no stated balance cap.

View all posts from:

10/7/13 - Only Half The Interest Posted...
9/6/13 - BofI Federal’s Affinity Group Rate Premium Ends - Rewards Checking Still a Good Deal?
7/15/13 - Two Year Anniversary of Bank of Internet USA's Rewards Checking
5/8/13 - 1 Bank That Could Disrupt The Whole Banking Sector
4/26/13 - UFB Direct Slashes Rates - What’s Going On at BofI Federal?
1/31/13 - Bank of Internet USA's New Rewards Checking Balance Cap
1/30/13 - Bank Of Internet Rca Cap 150K Eff 3/1/13
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
5/4/12 - 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
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

Excellent service

Posted by: Metarsdo | Mar 7, 2018

I have a checking account through Bank of Internet that was suggested when I filed my taxes. I was initially shown their prepaid card system but I decided against having a prepaid card. I can only speak for their customer service because I had to interact with them several times. The first time was when I had misplaced my card. When I called it was super easy and quick to verify who I was and receive a new card. However, I never checked my account to make sure it hadn't been used by someone else as a result of me losing it. When I checked, I realized that 2 small (less than $20) transactions had been made in the time I had lost the card. So I called customer service again to report that my account was being used by someone else. Thankfully, the card had already been deactivated from the last time I called. So all I had to do was fill out a form about the situation and send it back so my money can be credited back to my account. Overall, the service received with bank was excellent.

Decent Service

I have used this bank for about a year now for my online savings account. I like having an account with a company that is not a big bank and this company fits the bill perfectly. I am able to transfer my savings to this account and earn 1.3% interest which I feel is pretty good considering it is just a savings account. I am satisfied with the service I have received from this company. Overall, I would recommend this bank for someone who is looking to take a step away from the big banks and to give online banking a try.

unreasonable fees

I was banking with Bank of Internet USA for 8 years but the fees are killer!! I think the only reason that I lasted so long with Bank of Internet USA was because of the customer service is superb, they are always very informative and always courteous and very professional. but it was always understandable the way they explained it there's only so much they can do, I never had an experience with customer not trying there best. Overall I have no complaints there no hard feelings of Bank of Internet USA is a great financial institution. My mother's mortgage is held by Nationwide Bank and she's never had any issues so I do take some of the responsibility for my experience with the bank. I do have a IRA with them still. And when it comes to it online banking I did like the way that they were able to transfer easy and easily and you said direct deposit app.

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 - YTD1.76%
Return on Equity - YTD18.8%
Annual Interest Income$427.0MM
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$8.91B$8.16B
LoansQ4 2017vs Q4 2016$7.91B$6.86B
DepositsQ4 2017vs Q4 2016$7.45B$6.69B
Equity CapitalQ4 2017vs Q4 2016$872.6MM$725.3MM
Loan Loss AllowanceQ4 2017vs Q4 2016$45.6MM$40.9MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$30.0MM$34.6MM
Real Estate OwnedQ4 2017vs Q4 2016$8.6MM$908.00K
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Bank of Internet USA Savings Account Rates

1.30%--Smart Savings Account

Bank of Internet USA Money Market Rates

1.05%--Smart Money Market Account

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

2.25%$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