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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 Rate On 60-Month CD (2.25% APY) - 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.

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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
5/8/12 - 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.

My Experience

Posted by: jaided | Jun 18, 2013

I researched checking accounts that paid the best interest, without alot of hassle (i.e. membership to credit union etc). I chose Bank of Internet because they offered a 1.25% rate with minimal requirements (bill pays, POS debits per month) as well as allowed the highest rate on a balance of up to 150K.  Most banks were capping the balance at 25k or less.

Anyway, I have read the other comments and have to completely disagree with some of the negative ones.  I have had a great experience so far (9 months in) and expect that to continue.  The customer service folks are pleasant and reactive to my questions, the account is easy and hassle free.  But the bottom line for me was the interest rate.  It is the best rate with the highest balance allowed that I've found.

I've actually consolidated all of my money markets and savings to this account as I like my money to be available, not tied up in a CD or other "timed" investment.  But again, the rate is great compared to some of the other big name depositors out there.



Would you call this an online bank?

Posted by: Brandy2 | Aug 29, 2014

At first I thought this bank was going to be different from the other's I have tried. The bank sent everything to me in the mail without me even depositing a dollar in the account. Then the trouble started, They had me make very strange usernames and codes just to get into my account, I spent along time on the phone with customer service trying to fix this but they just don't get it, they were very rude and unsympathetic. I even tried hanging up and calling back hoping to get someone nice but it seemed all the good understanding nice people had off of work that day. Good Luck with online banking!

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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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

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