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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.

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

My experience with Bank of the Internet

In 2016 I was looking for a higher savings interest rate, when I realized that with the current trend of ultra-low savings interest rate at brick and mortar banks, there was just no way my gains on my savings account would outpace the rate of inflation. I shopped around and thought about using Ally and Bank of the Internet and settled on Bank of the Internet USA initially. I opened up the account easily and the transfer of funds from one bank to another was pretty fast and painfree. The only regret is that I did not shop around enough and found that Discover Online had a higher savings interest rate plus free checking and a highly rated customer service. I didn't have any real problem with Bank of the Internet USA but other online banks had a higher savings interest rate and that is what ultimately led me to use another bank.

Good rates, but bad Online Site

I have been banking with Bank of Internet USA for some years now. Overall, I am fairly pleased with them. There are no fees for the ATMs in the US. They have higher interests rates for their saving accounts, there's no minimum amount to avoid fees, and they offer free checks . These are all nice. But, unfortunately, as an internet only bank, I was expecting more from their online services. A lot of the times, their site crashes or the information on my accounts are not up-to date. I mean, this makes it difficult for me at times to balance my checks.

Overall, it's a nice Bank with decent features, but I really don't understand why they are dropping the ball with their internet service. I am currently looking at a local bank, so we will see.

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.

No fees, use any ATM, hasslefree

I was looking for a checking account that I could utilize for purchases online without risking the use of my primary checking account. Bank of the internet was very well recommended, and after reading their product information I took a chance and opened a checking account with them. The process was super simple and quick. I had an account in minutes, and a debit card in only a few days. So far, I've been nothing but satisfied. Early on, I had some issues with my account creation and support was able to assist me immediately. The features I appreciate most are having no fees, and being able to use any ATM without being charged. Overall, I'm more satisfied with Bank of the Internet than I am with my primary checking account at Wells Fargo. I've since recommended Bank of the Internet to several friends, and their experiences have been very similar to mine. I'd never heard of them until I looked for an entirely online institution.



Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.33%
Return on Equity - YTD24.43%
Annual Interest Income$147.3MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$9.97B$8.69B
LoansQ1 2018vs Q1 2017$8.10B$7.04B
DepositsQ1 2018vs Q1 2017$8.01B$6.88B
Equity CapitalQ1 2018vs Q1 2017$924.4MM$769.3MM
Loan Loss AllowanceQ1 2018vs Q1 2017$62.1MM$46.0MM
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$30.8MM$33.3MM
Real Estate OwnedQ1 2018vs Q1 2017$8.1MM$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

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