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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

Bank of Internet USA Rewards Checking $50 Bonus (Nationwide) - 11/18/2015

Bank of Internet USA has a $50 bonus when a new Rewards Checking Account (1.25% APY up to $150K) is opened. Valid through 1/16/2016. Minimum opening deposit is $100.

View all posts from:

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

Love BofI!

Posted by: Amylou | Oct 5, 2016

I have been using Bank of Internet checking and savings for four years, and I find their products and customer service to be top-notch. I have not had many problems over the years, and the few that I had were caused by myself. In these cases, the friendly and responsive customer service representatives helped me resolve the issues with patience and understanding. Bank of Internet does not gouge you with fee after fee like some of the bigger named banks. I am free to withdraw my money from any ATM worldwide, and if any fees are incurred by the ATM I am always reimbursed within a business day or two. The mobile deposit function is extremely easy to use and very fast. I highly recommend Bank of Internet for young and old. The only people this bank may not be for would be those who often deposit cash.

Bank of Internet Is Good, But Ally is Better

This bank was my first online bank. They were an industry leader, and I was generally satisfied with their service. I found Bank of Internet's Web experience to be satisfying for the time, but it doesn't seem to offer the ease of use of other online banks. In short, it was a relatively good experience, but to be honest, they were rather quickly outpaced by a similar online bank, Ally. After nearly 10 years with Bank of Internet, I recently moved to Ally for their smoother platform and better rates. Ally is offering 1 percent for their savings account and has an ease of use that is substantially better than Bank of Internet. The closing of my account with Bank of Internet was a slightly overdrawn experience involving faxes, written letters, signatures, and phone calls, but, overall, Bank of internet is a pretty decent online bank.

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.

Horrible Bank, Horrible Customer Service

Posted by: Masque3323 | Sep 9, 2016

Stay away from this bank! They will fund your account with a linked external account for your deposit & somehow deny your "application" 2 weeks later b/c they say they cannot verify your application. Why would they let someone fund an account if they hadn't finished fully verifying the account & accountholder? Their excuse was that I opened an old link to finish my application. Why was the link even still active? It should have never allowed me to do anything from that link if it was so old. Then they waited a full WEEK after "declining" my application before they sent me my deposit back. And how do they send it? Not by automatically crediting back the account I linked to theirs b/c that actually would've made sense & would've been faster & smoother of a process. They decided to mail me a check. I'm still waiting over a week later to receive the money they pulled early from my linked account. Now I'm getting hit by all these fees from the account I linked to BofI's to fund the deposit as a result of their errors. They say they take no responsibility for the fees I'm being charged by that linked bank account even though all of their errors created the issue that caused the fees to be charged. After reading other reviews on other bank review/rating sites, I know I'm not alone. I definitely will be more vigilant about reading the reviews on all possible credible sites before signing up with a new bank.



Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.93%
Return on Equity - YTD22.62%
Annual Interest Income$174.1MM
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$7.59B$5.82B
LoansQ2 2016vs Q2 2015$6.41B$5.03B
DepositsQ2 2016vs Q2 2015$6.12B$4.47B
Equity CapitalQ2 2016vs Q2 2015$657.1MM$513.7MM
Loan Loss AllowanceQ2 2016vs Q2 2015$35.8MM$28.3MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$31.9MM$30.8MM
Real Estate OwnedQ2 2016vs Q2 2015$207.00K$1.2MM
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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