PROS / Unlimited ATM fee reimbursement is available with its rewards checking account.
CONS / Its short-term CD interest rates are among the lowest offered by online-only banks.
VERDICT / Bank of Internet USA's rewards checking account is a great option for debit card users, but its other deposit accounts earn lower-than-average interest rates.
Although Bank of Internet USA doesn't provide all of the online banking options that you'd find in a brick-and-mortar bank, it covers the main banking services. It extends home equity loans and credit lines, mortgages and a variety of deposit accounts. It has three checking account options, but the best is the rewards checking account because it has the potential to earn the highest interest and gives you unlimited ATM fee reimbursements. The minimum opening deposit is $100, but there's no minimum balance and no monthly fees. This account earns the second highest interest rate in our review and is a great option if you frequently use your debit card.
The interest rate for its online savings account is lower than average. Like the rewards checking account, it has a minimum opening deposit of $100, there's no minimum balance to maintain and it doesn't charge any monthly fees. Bank of Internet USA's money market account shares these terms but earns a better interest rate than the savings account, which is an average interest rate when compared to the other internet-only banks we reviewed, and the money market account gives you free, online, external account transfers and the ability to write checks against it. Bank of Internet USA's CD accounts offer lower-than-average interest rates and require a $1,000 minimum deposit to open.
Like all of the online only banks we reviewed, Bank of Internet USA is FDIC insured, which means that if the bank fails, you can recover you funds. It protects your online accounts using two-factor authentication, and you can set up notifications that alert you to account activity in order to help you better monitor your accounts. You can contact customer support by phone through the online bank's extended business hours or by email using the secure form on its website.
Mobile banking is available from this online only bank. Its apps are available on iTunes and Google Play, and you can find links to them on its website. Bank of Internet USA provides online statements and accepts direct deposit. It gives you free money management software called FinanceWorks and has online calculators to help you determine mortgage costs and interest earnings. Your deposited funds are available within one to two days, which is slightly better than average for internet-only banks.
Although most of Bank of Internet USA's interest rates are lower-than-average, its rewards checking account is a great option for your online-only banking if you frequently use your debit card because it reimburses an unlimited amount of ATM fees and has the potential to earn a higher interest rate.