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Bank of Internet provides carefree checking, savings and money market options. 100% online, customers can sign up online for the checking and/or saving accounts that fit their individual situations. Friendly customer service reps can be reached during normal business hours, with a 24/7 automated phone line. GetBankingRates.com listed Bank of Internet one of the top 3 checking accounts for 2015. 

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The Good

  • Competitive rates
  • Safety guarantee
  • Account options

Competitive Rates

Bank of Internet offers both individual and business banking. It is a branchless banker that allows users to build their savings. With competitive interest rates, users will be able to enjoy a number of online banking features without the hassle of having to go into a physical branch to conduct financial business.

Safety Guarantee

One excellent feature about Bank of Internet is the safety guarantee. They cover 100% of any losses due to break-ins. These break-ins are very rare but it is nice to know that Bank of Internet holds themselves accountable and will do what they can to help. Other benefits of the Bank of Internet platform include:

  • Loans available for borrowing
  • Education: building savings with the help of money tips
  • Low mortgage rates (as low as 3.250%)

Account Options

Clients of Bank of Internet can open four different types of accounts all online. These types of accounts include: checking, savings, IRAs, and CDs. Each account comes with its own services and features. The breakdown for each account type is as follows:

Checking:

  • Rewards Checking: earn up to 1.25% APY
  • Platinum Checking: earn up to 0.71% APY
  • CashBack Checking: earn up to 1.00% cash back
  • Essential Checking
  • Golden Checking: for those 55 and older

Savings:

  • High-Yield Savings: earn 0.61% APY
  • Money Market Savings: earn 0.75% APY
  • IRA/Roth: short and long term options
  • Certificates of Deposit: low minimum deposit and flexibility to choose terms of between three and sixty months

IRA/Roth Savings:

  • Basic: $250 initial deposit, interest compounded daily, safe and secure, no annual fee, flexible terms from 12 to 36 months
  • IRA/Roth Certificate of Deposit: initial deposit, interest compounded daily, FDIC insured, no annual fee, flexible terms from 12 to 36 months

CD Accounts:

  • zero market risk
  • Terms of 3 to 60 months
  • $1,000 minimum amount to open an account
  • No set up or maintenance fees

The Bad

  • Interest rates
  • Can't link accounts

Interest Rates

You can find better interest rates on savings accounts at other banks. The CDs at Bank of Internet also do not have the best interest rates and they require a $1,000 minimum deposit to open. CD interest ranks through Bank of Internet break down as follows:

  • 3 month: 0.55% APY at a 0.55% rate
  • 6 month: 0.75% APY at a 0.75% rate
  • 12 month: 1.00% APY at a 1.00% rate
  • 24 month: 1.20% APY at a 1.19% rate
  • 36 month: 130% APY at a 1.29% rate
  • 48 month: 140% APY at a 1.39% rate
  • 60 month: 1.50% APY at a 1.49% rate

Can't Link Accounts

The bad side to this online bank is the inability to link a checking account to a savings account. Many will allow a savings account to serve as a backup in case of an overdraft. Additionally, not having a live customer service rep available 24/7 can also be a bit discouraging.

The Bottom Line

The bottom line is that the Bank of Internet provides great customer service, remains free of fees and gives customers the peace of mind that comes with putting trust in a reliable bank. While there were a few things missing from this bank, customers can still 'bank' on an overall great experience. Those that use Bank of Internet will be able to expect the following from the service:

  1. Online banking with ability to obtain loans
  2. Wide range of account services
  3. CD accounts available

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