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Most Popular BofI Federal Bank Accounts

Account TypeAPYAccount NameMinMax
Checking0.80%Business Interest Checking--Details »
Money Market0.80%Business Money Market--Details »
Savings0.80%Business Savings Account--Details »
Savings1.06%Business Premium Savings Account$25k-Details »
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Overview / Commentary
4350 La Jolla Village Drive, Suite 140
San Diego, CA 92122

BofI Federal Bank, a DepositAccounts.com advertiser, is an online financial services company that offers a variety of banking and lending products through a number of brands including Bank of Internet USA, UFB Direct, Bank X, and Netbank. Headquartered in San Diego, California, BofI is an FDIC-insured, award-winning, and publicly traded online bank. As part of their “branchless banking” business model, they have much lower fixed operating costs when compared to traditional, brick-and-mortar banks, and these savings are passed on directly to consumers in the form of lower fees and higher rates on their products. Since getting its start in the early 2000s, BofI has been on the forefront of the online banking movement—helping lead the charge into this new frontier while building a history of sustained growth.

Under their parent brand, BofI Federal Bank offers a full range of business products. Both the Business Interest Checking and Business Money Market accounts are highly competitive—having high rates, low fees, and little to no strings attached.

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No Problems with BOFI

My husband and I have been using BOFI for several years now, we haven't had any problems. We have direct deposit and a saving account. The only thing that ever angered me was when they send a new card out, the go ahead and deactivate the old card before you receive the new one. This is frustrating because they don't tell you in advance and when you are expecting to be able to withdraw your check and all the sudden your card won't work, it's beyond frustrating. But other than that issue the bank is good to work with you. If you have a question or a problem, customer service really seems to listen and tries to help you figure it out. I feel the ATM fees are a little high.

Solid, but nothing special.

I opened a money market account with BofI through a financial advisor. The interest rate is much higher than with Wells Fargo (1% instead of 0.10%) and the advisor's office helped me open the account, which was nice. Overall, it's been a good experience for an online-only bank. There are no fees (that I'm aware of), I can deposit a check right from my phone using the mobile app, and I can move money back and forth from my regular checking account.

When I had a specific question about the transfer process, I called customer service. It wasn't bad or anything, it was just typical (and what I expected) of a call center. The wait time was long, but not unbearable, and when I did speak to a person, he was friendly and seemed knowledgable.

I've had a good experience overall.

An above average experience

Posted by: Interlybi | Dec 2, 2017

I've been with Bofi for several years now. Mostly I got with them initially because they promised fast processing and deposit of ACH credits. They have delivered on this promise consistently over the past few years with no exceptions. Currently, I have a dispute being processed by them for an unauthorized charge to my card from a merchant. They claim that they will provisionally credit my account ten business days from the time I put in the dispute. It is now day seven, so I am waiting to see how this works out. If all is well, in a few days the credit will be in and all will be good. I expect nothing else, but am always wary of such things as I've been burned in the past by other institutions.

Hacked And Unresolved

Posted by: Eric Tish | Jun 10, 2017

I was recently hacked and my account drained. I have a debit card issued by BOFI through H&R Block. I called and reported the fraud and within 7 days was told that my claim had been DENIED for reasons yet undisclosed. What I can tell you is where the money was accessed is someplace that i have not done business at in over 20 years!!! I have had an account with these people since they took over the Emerald Card program of H&R block. This was a substantial blow to my finances. I am not at all pleased with this outcome and the lack of action taken on the banks part even though i was able to provide them with the details of where and when this happened within minutes due to the immediate text messages i get when there is activity on my account. I will be switching banks asap and would not recommend them due to this interaction.



Health Grade Components

FDIC Certificate #35546
Year Established2000
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.8%
Return on Equity - YTD19.52%
Annual Interest Income$316.5MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$8.57B$7.85B
LoansQ3 2017vs Q3 2016$7.54B$6.60B
DepositsQ3 2017vs Q3 2016$7.26B$6.40B
Equity CapitalQ3 2017vs Q3 2016$837.4MM$694.9MM
Loan Loss AllowanceQ3 2017vs Q3 2016$42.1MM$37.6MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$32.1MM$42.0MM
Real Estate OwnedQ3 2017vs Q3 2016$1.3MM$1.3MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

BofI Federal Bank Savings Account Rates

1.06%$25k-Business Premium Savings Account
0.80%--Business Savings Account

BofI Federal Bank Money Market Rates

0.80%--Business Money Market
0.80%--Industry Specific Money Market

BofI Federal Bank Checking Account Rates

0.80%--Business Interest Checking

BofI Federal Bank CD Rates

1.35%$1k-Business 60 Month CD
1.05%$1k-Business 48 Month CD
0.90%$1k-Business 36 Month CD
0.70%$1k-Business 24 Month CD
0.55%$1k-Business 12 Month CD
0.25%$1k-Business 6 Month CD
0.15%$1k-Business 3 Month CD

BofI Federal Bank 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