Most Popular Accounts
About the Bank
Bank of Internet USA is an online bank headquartered in San Diego, California, and it’s the oldest internet-only bank in the country. It sets itself apart from other online banks by offering the same range of products and services you’d find with a traditional brick-and-mortar bank. That includes:
- Checking accounts
- Savings accounts
- Certificates of deposit
- Individual retirement accounts
- Personal loans
- Mortgage purchase and refinance loans
- Home equity loans
- Business banking services
Bank of Internet USA features checking accounts designed to accommodate every financial need. Essential Checking is the most basic option; this account is suited for someone who wants a simple, fee-free account with no minimums or requirements. If you want to earn interest on your checking balance, you can choose from Rewards, Platinum or Golden Checking. The Rewards Checking account is ideal if you use your debit card frequently. This account offers the highest interest rate on deposits, along with unlimited reimbursement of domestic ATM fees. ATM fee reimbursements are limited with Platinum and Golden Checking.
There’s also a fifth checking option: CashBack Checking. This account allows you to earn cash back on debit card purchases when you maintain a minimum balance. This account also gives you unlimited ATM fee reimbursements each month. Finally, the First Checking account is a joint account that parents can open with teens aged 13 to 17. This account is designed to help teens learn the basics of money management, with no monthly fees.
Savers have four ways to grow their money. The Smart Savings account earns a competitive rate with no monthly fees. There’s no minimum balance for this account and it comes with a free ATM card upon request. The Smart Money Market account also offers a high interest rate on savings but it comes with the added benefit of being able to write checks or use a Visa debit card to make purchases.
Bank of Internet USA also offers CDs, with terms ranging from three to 60 months, making them appropriate for both short- and long-term savings goals. There’s a $1,000 minimum to open account but there are no set-up or maintenance fees. The rates for these accounts are tiered, with the highest rates reserved for the longest-term CDs.
If you’re planning for retirement, you can save with a Bank of Internet USA IRA or IRA CD. The rates earned on these accounts are lower than what you could get with a savings, money market or CD account. But, traditional IRA savings contributions are tax-deductible; Roth IRA savings contributions grow tax-free.
As an online bank, Bank of Internet USA offers both online and mobile banking services. You can deposit checks through your mobile device, with high daily and monthly deposit limits. The app also allows you to easily send and receive money through Popmoney. You get free access to FinanceWorks, Bank of Internet USA’s money management software. And of course, you can save time and money by using the mobile app to schedule bill payments and automatic transfers between your accounts.
Bank Of Internet Fees
- National Average
- Monthly Inactivity $0 $6
- Non-Sufficient Fund (Overdraft) $25 $30
- Stop Payment item $35 $27
- Return Deposit $10 $13
- Domestic Wire Transfer (Outbound) $35 $22
- Domestic Wire Transfer (Inbound) $0 $10
- Non-Bank ATM $0.0 $1.0
Latest Customer Reviews
Reviewed By bonsaiman45 Jun 16, 2017
THE WORST MORTGAGE APPLICATION EXPERIENCE IN MY 72 YEARS - STAY AWAY !!!!!!!!!!!!!!
I cannot speak for any of their other services but for sure, NEVER NEVER NEVER NEVER consider applying for a mortgage to BOI. This was easily, hands down, the absolute worst banking experience of my life -- and I have applied for at least ten mortgages over the years - not a neophyte but got suckered in because of their low rates and low fees -- but you get what you pay for. Their communication was close to non-existent - taking somewhere between 3-5 phone calls and 5-10 emails to ever get a single response. The process, which "should" take 45-60 days was dragged out for over FIVE MONTHS -- all due to their negligence and lack of communication and follow-up. In fact, as we finally got to the end of the ordeal they had the gall/nerve to request "new documentation" because the original documentation, fully supplied, was "out of date" !!!!!!!! Can you actually believe the nerve of those people.
If you are looking for a mortgage GO ANYWHERE ELSE !!!!!!!!Thank you for your feedback Is this review helpful?
Reviewed By JtrIndustries May 19, 2017
App works good. Funds may be available for your grandchildren.
So far I have only one complaint - really slow credit on deposits through the phone app. The Android app works fine and the customer service was nice to talk to.
Phone deposits however, take a long time to become available. I takes two days for a deposit status to move from Pending to Accepted. After that, expect another five days to be able to use your money. This is creating a cash flow problem for me. I will have to move on...Thank you for your feedback Is this review helpful?
Reviewed By Rosie047 Sep 10, 2016
A banking nightmare!
It is now over two months that I have been working with the bank of the Internet in to order secure a mortgage. Their process is cumbersome and absolutely incomprehensible. I am totally baffled as to how Costco can continue to have a relationship with this bank. I am not sure what federal government body monitors banks however if in fact there is such a body I would hope that they begin an investigation to determine the processes used to determine qualified mortgage recipients.Thank you for your feedback Is this review helpful?