iGObanking doesn't offer any credit products, but its checking and savings accounts are good options if you're looking for the best online bank accounts that have minimal requirements and no monthly fees yet earn interest. You can open a checking account at this internet-only bank with an initial deposit of $1. When compared to other online-only basic checking accounts, its interest rates are slightly above average, however this rate is much lower than the interest rates that you can earn with a premium checking account at other online-only banks. Although you can't use paper checks with this account, iGObanking provides you with a debit card and gives you surcharge-free access to ATMs in the Allpoint network.
iGObanking online banking: What you need to know
iGObanking online banking provides a savings account interest rate that compares favorably with rates offered by Ally Bank and Discover Bank, and it has very few restrictions on its checking and savings accounts. Much like the checking account, the savings account is also very affordable to establish and maintain since there is no minimum deposit or balance requirement and no monthly service fee. iGObanking's money market earns a higher-than-average interest rate, but it requires a $25,000 minimum balance to open and earn interest.
iGObanking's CDs require $1,000 to open and you can choose from terms that range from three months to ten years. Be aware that longer terms don't automatically equate to better interest rates, as the best interest rates offered by this online-only bank are for 24-, 36- and 60-month terms. CDs with these terms earn interest rates that are slightly better than average. The rates for CDs with the other terms it offers are much lower-than-average.
iGObanking online banking: Apps
Mobile banking is available from iGObanking, both for App Store and Google Play options. Your statements are available online only, and you can opt to set up direct deposits here. Transfers, excluding wire transfers, are free. Your deposited funds are available between one and three days, which is an average amount of time internet-only banks.
iGObanking online banking: Security
Your money is safe at iGObanking because it's FDIC insured, which means that you can recover your funds if the bank fails. It protects your accounts using multifactor authentication and enables you to better monitor your account by setting up notifications and alerts. You can contact this internet-only bank by filling out the secure email form online or by calling its customer service number, but bank hours are restrictive.
Should you choose iGObanking online banking?
iGObanking's online savings account is the highlight of the online-only banking services it offers. While its checking account is also inexpensive to set up and maintain, its money market accounts are less accessible due to the high initial deposit threshold, and many of its CD terms offer very low interest rates.