Bank Onward (Bo)
Exactly What I Need
This was beyond easy to setup, I think I was up and running from my phone in just a few minutes. Transferring funds to the savings account was very convenient. App is super user friendly and laid out in with great functionality. All and all its the perfect blend of ease, use and overall a great rate for my savings!
Easy To Setup
Opening my account was easy and quick. I was able to connect to my main bank account to transfer money and set up a regular transfer to my savings at bo. The app seems easy to use and I like the budget tool to see by bo account and my other bank's account to know what I'm spending money on and help me to better save in the future!
Great Customer Support
I had some trouble funding my account (of course, user error), but Customer Service was extremely helpful and knowledgeable. They were able to get me the answers I needed quickly. Their app is easy to use and convenient. No complaints so far!
Low Transaction Limits
I opened a new online savings account at 0.65% APY without any trouble, but received the following reply when I asked their support what the transaction limits are; "Our daily limit is $3,000.00 for deposits and withdrawals. Our monthly limit is $15,000.00.
There is no limit on the number of transactions you can do, just on the amounts." Those limits are so low that they make the account essentially worthless to me.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 505 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.6% |
| Return on Equity - YTD | 11.94% |
| Annual Interest Income | $164.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $8.84B$7.71B |
| Loans | Q2 2022vs Q2 2021 | $7.20B$6.34B |
| Deposits | Q2 2022vs Q2 2021 | $6.73B$6.22B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.15B$1.05B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $82.7MM$78.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $70.9MM$75.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $316.00K$0 |