iGObanking is the online banking division of Flushing Bank that likes to keep things simple for its customers. While featuring among our rundown of the best online banks (opens in new tab) for asking the absolute minimum of those who bank with it, iGObanking has much more to offer too.
With a commitment to deliver a "superior banking experience", this might come as little surprise, but there are many other internet-only banks that promise similar and come up short. iGObanking embraces everything that technology has to offer across the wide range of banking and savings products it makes available. By focusing entirely on this target market, rather than branching out into mortgages or personal loans (opens in new tab) too, you can also be sure the iGObanking is a dedicated expert in its field.
- Note that rates were correct as at September 2020, but may have changed since.
iGObanking review: Account options
iGObanking's checking and savings accounts are great options if you're looking for minimal hassle, low deposit requirements and no monthly fees. Its checking account can be opened with as small a deposit as you would like and pays 0.25%, regardless of your balance - this is impressive given that Ally Bank (opens in new tab) requires savers to have at least $15,000 in their account to attain the same rate. Mobile check deposit, a MasterCard iGOdebitcard, direct deposit and access to over 55,000 ATMs worldwide are all available with a checking account.
Basic checking: 0.25%
Premium checking: 0.25%
Money market: 0.75%
Short term CD: 0.85%
Long term CD: N/A
Fund availability: 1-3 business days
ATMs in network: 55,000
The same return of 0.25% is currently paid on its savings account, which also has no minimum balance requirements, but this time lags behind the best available elsewhere. Mobile check deposit is an option here too, and also on iGObanking's money market account which currently pays a higher-than-average 0.75%, but requires at least a $25,000 minimum balance to open and earn interest.
The bank currently offers a reduced range of CDs that require $1,000 to open - for a six month term you are guaranteed to receive a return of 0.75% and for a 12 month term, the slightly higher 0.85% - this compares favorably with the same length CD available from Ally.
iGObanking review: Features
As you would expect from an internet-only bank with a tendency towards newer technology, there are numerous tools to allow customers to manage their accounts from the comfort of their homes, 24/7. Paying bills, transferring funds, checking transactions and depositing checks are all possible.
Unsurprisingly, mobile banking is available from iGObanking too, with apps downloadable from both the App Store and Google Play. One thing worth noting is that your statements are available online only.
iGObanking review: Service
Almost everything you might need to do should be achievable online or through the app. If you're stuck, there is an excellent FAQ section that should answer most questions. You can also get in touch with iGObanking by phone, Monday to Sunday from 7 a.m. til 11 p.m. Eastern Time, but with an online bank, the expectation in most instances is that you'll message, using the secure email form online.
Transfers, excluding wire transfers, are free. Your deposited funds are available within one to three days, which is an average amount of time internet-only banks.
iGObanking review: Security
Your money is safe at iGObanking because it's FDIC insured, meaning that you can recover your funds if the bank fails.
The website contains a long list of advice and guidance on privacy and security in general, but there is no free anti virus software - if you want complimentary online security, you'll need to look at Ally Bank. Protection for your accounts surrounds multifactor authentication. The bank also allows you to better monitor your accounts by setting up notifications and alerts.
Should you choose iGObanking?
iGObanking offers a great all-round online-only banking experience, with an accessible website and clear information regarding the accounts on offer. Everything is fuss-free, and there's no monthly fees to worry about either. Its money market account pays an excellent rate if you have the high amount of funds needed to get started, while the rates available on its checking account and 12-month CD stand up well to scrutiny too.