iGObanking has announced a new rate for the iGOsavings account: 1.90% APY on all balances. The iGOsavings account has no opening minimum deposit or minimum balance requirements.
While iGObanking has a reputation for having roller coaster CD rates, the iGOsavings’ previous 1.00% APY had been in effect since September 2014. At that time, the rate was very competitive. Based on the rate history, it may take iGObanking a long time before we see another rate hike which could result in the account becoming uncompetitive once again in the next few months. Nevertheless, with no stated restrictions or fees, closing this account would not be difficult if the rate doesn't keep up. As stated on the High Interest Savings Account page,
That’s right. No fees, no minimums, and a 1.90% APY.
Even though information about ACH transfers is extremely important for internet banks, it’s rarely available on a bank’s website. In a conversation this morning with a CSR, I learned the following:
- ACH transfers, both incoming and outgoing, are free.
- Outgoing ACHs are limited to $15k per pending transaction. You cannot initiate another outgoing ACH until the pending transaction is completed. Transfers of more than $15k are possible, but require written notice that includes specific transaction details.
- Incoming ACHs are limited to $100k per transaction, with a monthly aggregate total of $500k.
- Incoming transfers take 3-4 days to process, with funds available as soon as the process is finished.
- Up to five external links are allowed.
- Transfers initiated from other banks are allowed.
iGObanking is an online division of Flushing Bank (New York), which allows customers to open and fund accounts directly through the internet. As an internet-based institution, all of iGObanking's products are available nationwide.
An iGOsavings account can only be opened online.
To open an iGO high interest savings account, click on "iGO open my account" on the iGObanking.com® homepage, then follow the six easy steps to complete your online savings account application.
iGObanking (along with BankPurely) is an online division of Flushing Bank and operates under Flushing Bank’s FDIC Certificate and shares its financial history. These are not three separately FDIC-insured banks: individual deposits held at Flushing Bank, iGObanking and BankPurely are combined for the purpose of FDIC insurance coverage.
Flushing Bank, the parent company of iGobanking, has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.48% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $313.14 million, an excellent annual growth rate of 9.48%. Please refer to our financial overview of iGObanking/ Flushing Bank (FDIC Certificate # 58564) for more details.
iGObanking was established in 2007 as the online division of Flushing Bank, a New York financial institution founded in 1929. With assets in excess of $6.4 billion, Flushing Bank is currently the 16th largest bank in New York State and the 170th largest bank in the nation.
How the iGOsavings Compares
When compared to the 222 Savings Accounts tracked by DepositAccounts.com, which are available nationally and have no large minimum requirements or small maximum balances, iGObanking’s iGOsavings APY currently ranks fifth.
|Interest Rate||Account Name||Credit Union/Bank|
|2.25% APY||Online Platinum Savings ($2.5k min to avoid fee/$100k max)||Northfield Bank|
|2.10% APY||High Yield Online Savings ($100 min to open)||Vio Bank|
|2.05% APY||eOne Savings ($100 min to open/$1m max)||Salem Five Direct|
|1.90% APY||iGOsavings (no min to open)||iGObanking|
The above rates are accurate as of 8/29/2018.
Looking for the top Savings rates, both nationwide and state specific? Please refer to our Savings Account Rates Table page.