Comments on: Bank of Internet Interest Checking 2.80% APY, Savings 3.51% APY

By: Shaun

Shaun — Wed, 05 Jan 2011 23:43:47 +0000

I am a “depositor” of $75K+, I don’t see what your problem is with Bank of Internet. Haven’t you heard that their rates are among the best. Why did YOU choose them… the rate, right?

By: You Are Kidding

You Are Kidding — Mon, 23 Nov 2009 17:24:20 +0000

You are kidding, right? Best online savings accounts? Even with their name, you cannot do business with them over the Internet. You have to use Snail Mail if you don’t want to pay Wire Transfer fees. They don’t support ACH transactions except for initial account set up (they don’t bother to share that tidbit of info until it’s too late).

Stay away from these folks unless you want to bank like your parents did in the 1990′s.

By: Ike M Complex

Ike M Complex — Thu, 13 Aug 2009 03:28:32 +0000

Bank of the Internet is an oxymoron. My experiences have been much live Bills. If you are chasing interest rates don’t take your money out of your interest bearing account until you have a bank login. You can not fund your account very fast. Here is how they work.
1. You set up an account online and either create an EFT or mail a paper check.
2. 7-10 days later they mail you your account info and a signature card.
3. WHEN they receive your signature card back they will process your EFT or cash your initial check and send you an email says they have done this and to expect your login in the mail in a few days.
4. I am not sure what happens beyond this point.
5. ? – ? days later BOI will send you your login info.
6. Login and transfer your large deposit.
7. Remember although the FDIC frown on interest rate chasing, it does help shore up banks that are low on capital.

By: Bill

Bill — Fri, 31 Jul 2009 15:30:33 +0000

Just don’t deal with these folks. I’m a “depositor” of $200K+. I’ve spent two weeks opening a savings account. A check has cleared my local bank a week ago. They have my money. Since the money cleared locally, these jokers won’t even verify if I have an account yet. I can’t get a logon setup until they send me something (who knows what) via US mail. This is from Bank of INTERNET??? — I think a more accurate name would be No Tech No Branch Bank. They are totally technically inept. You can open an account and logon at most institutions instantly or at the very latest within 48 hours.

To top it off their phone “support” is beyond rude giving me suggestions such as “check your mail”. When it involves +$200,000 — I AM CHECKING MY MAIL! I’m on the verge of calling the banking commission.

Do yourself a favor – do this one thing and you’ll understand all of these complaints instantly. Call their number and ask a few questions. Call Ally or anyone else and ask a few questions. The DIFFERENCE will be extremely APPARENT! These guys don’t CARE, they’re INEPT, they’re RUDE, and they have no idea how to fix it. Here’s the quote from their “about us” section on the website – what a load of crap:

“Our goal is to provide our clients with an exceptional banking experience in order to foster long-term relationships. We respectfully invite you to open an account with us so that you can experience what sets us apart from our competition.”

Yep, it sets them apart – way apart – they stink.

By: Erik

Erik — Tue, 10 Feb 2009 00:00:08 +0000

Check out the best rates on short term deposits at big banks versus those at select community banks from CheckingFinder.com. Community banks continue to offer higher yields on short term deposits to serve as economic engines.

COMMUNITY BANKS

Florida Central Credit Union 6.01 FL
First Robinson Savings Bank 6.01 IL
Union State Bank/Bank of Atchison 6.01 KS
Communications Federal Credit Union 5.25 OK
Connexus Credit Union 5.15 WI
Keystone Bank 5.15 AL
First New England Federal Credit Union 5.15 CT
Three Rivers FCU 5.01 IN
Legence Bank 5.01 IL
Community Bank of Pleasant Hill 5.01 MO
Community Bank of Raymore 5.01 MO
United Heritage Credit Union 5.01 TX

MEGA BANKS

• ING decreased their highest rate offered by 25 basis points, from a 2.50% APY on a 1 year CD to a 2.25% APY on a 4 year CD.
• Schwab decreased their 18 month CD rate by 15 basis points, from a 2.65% to 2.50% APY.
• E*Trade decreased their 5 year CD rate by 30 basis points, from a 1.70% to 1.40% APY.
• E-Loan increased their 6 year CD rate by 50 basis points, from a 3.50% to 3.70% APY
• Washington Mutual decreased their 5 year CD rate by 50 basis points, from a 3.00% to 2.50% APY.
• AARP Financial Savings Center decreased their savings rate by 50 basis points, from a 2.00% to 1.50% APY.
• Wachovia increased their 17 month CD rate by 15 basis points, from a 1.85% to 2.00% APY.
• E-Loan currently has the highest rate at 3.70% APY on a 6 year CD.
• E*Trade currently has the highest savings rate at 2.50% APY.

Courtesy of BancVue.