Who Is Bank of Internet USA?
In our Bank of Internet review we found that the Bank of Internet USA was started in 1999. It was one of the first banks in the United States to offer all of their accounts and features online. Bank of Internet USA provides high interest rates on checking accounts, savings accounts, CDs and money market accounts.
Our Bank of Internet review can tell you that it’s a great resource for anyone planning to keep large amounts of cash in a savings account, long-term CD, money market account, or checking account. Bank of Internet USA offers mortgages, but not other loans. This keeps the high interest rates available for consumers. Other benefits of banking with Bank of Internet USA include:
- There is no limit on how much money you can deposit to the account.
- Online bill pay and mobile access to accounts.
- Bank of Internet USA will cover 100% of loss of funds that are taken out of the account without your authorization.
- Access your account 24/7
- Cash back rewards program associated with checking accounts.
- Only one of the three checking accounts offered requires a minimum balance to be kept in the account.
- CDs available in terms varying from 3 to 60 months.
- Customer service available through email, phone or chat.
The Bank of Internet USA is ideal for individuals with high deposit amounts.
Our Bank of Internet Review found some drawbacks to their services. There are a few negative aspects attached to these accounts you should be aware of before opening an account with Bank of Internet USA.
- The minimum amount required to open a checking account is $500. The other checking accounts, money market accounts and savings account require a $100 opening deposit.
- To open a CD, $1,000 is the required opening balance.
- Overdraft protection is available, but there is a $25 fee for spending more than is in your account.
- The high interest checking account requires a $500 minimum deposit and you need to pay $7.50 a month if you do not maintain an account balance of $5,000.
Because Bank of Internet USA isn’t a brick and mortar bank, their interest rates are higher and their fees are considerably lower.
Should I Bank with Bank of Internet USA?
In conclusion of our Bank of Internet review you should know that it’s still quite young; it’s still growing too, however their interest rates are just as comparable to other banks and highly competitive to boot. If you want to earn high interest rates for savings accounts, this is the place to stash your cash. It just pays off to read the fine print to know the details about account fees so you aren’t caught unaware.
Bank of Internet USA
PO BOX 509127
San Diego, CA 92150-9948
Customer Service Number