Bank of Internet Interest Checking 2.80% APY, Savings 3.51% APY
Is anybody using this bank?
I didn’t pay much attention to Bank of Internet until recently when I noticed their interest rates: Checking 2.80% APY and Savings 3.51% APY, the combination of the two could be the best for those who need both products (exclude those so-called reward checking of course).
For those who are not familiar with Bank of Internet, which is a publicly traded company (Nasdaq: BOFI) doing its entire business online, the following is a brief summary from the FDIC:
Bank of Internet at a Glance
Bank of Internet USA has been FDIC insured since July 4, 2000.
It was established on July 4, 2000.
Its main office (headquarters) is located at:
12777 High Bluff Drive #100
San Diego, California 92130
County of San Diego
Bank of Internet’s FDIC certificate number is 35546. Bankrate.com Safe & Sound Ratings rank BofI at 3 stars out of 5 (Performing). Bank of Internet routing number is 122287251.
Bank of Internet Interest Checking Account
BofI High Interest checking Account requires $500 initial deposit to open an account. However, if you want to avoid monthly account fee ($7.50), you will have to maintain an average daily account balance of at least $5,000, which is quite high for a checking account, even though the rate beats many savings accounts. Other than that, the account seems to have some nice features, such as:
- Up to $8 monthly ATM reimbursement
- Free online bill pay
- Unlimited check writing
- Free initial checks
- Free Visa Check Card
What I like about this checking account is that to earn the 2.80% return, you don’t have to use the check card to make 10 purchases a month, which is usually one of the requirements for rewards checking accounts (such as the Venture Bank Wise-Choice Checking Account).
Bank of Internet Savings Account
The Savings Account also makes a good alternative to other popular online banks. Currently paying 3.51% APY, the high yield savings account requires just $100 initial deposit. Best yet, there’s no monthly account maintenance fee and no minimum balance requirement. To make deposits to the Savings Account, you can use either direct deposit or ACH fund transfer. In addition, you can also use the bank’s Bill Payment Service to transfer fund to a third party.
As I mentioned yesterday, for a savings account, I don’t need many fancy features. A good rate will keep me happy and as a customer
BTW, check out what other high-yield savings accounts have to offer:
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