Bank Of Internet Online Checking
The Bank of the Internet Online Checking Account
is a high-yield checking account, which pays an excellent interest rate — more than many traditional banks pay for
savings accounts. As with other online banks, the San Diego based Bank of The Internet keeps its rates high and fees low by avoiding the expense of a network of local branches, electing instead to do its business over the Internet.
Safety
Bank of Internet checking accounts are fully FDIC insured, so if you were worried about them being a fly-by-night operation, you can rest easy. Even if the bank were to fold, your money would be protected. Further, all online transactions are encrypted, and using electronic statements prevents identity thieves from getting you information from the garbage. In short, an online checking account at Bank of the Internet is as secure as an account at any other provider.
Features and Convenience
The online checking account has earned high marks for quality of service and convenience. One of their most attractive features is the refunding of ATM fees charged by other banks. In other words, not only does Bank of the Internet not charge you a fee to use another bank's ATMs, it actually refunds any surcharge the other banks may stick you with - up to $7 a month. That means you can use
any bank's ATMs for free. The huge ATM networks offered by traditional banks are much less of an advantage in light of this feature. Further, customers have praised Bank of the Internet's website for ease of use and convenience.
No Branches
Of course, as with other online banks, Bank of the Internet maintains no network of branches (although customers can visit their headquarters in San Diego). If you feel you must be able to meet with your bankers in person, you might consider
Washingto Mutual Personal Checking. Otherwise,
the Bank of the Internet Online Checking Account is a fine choice for customers who want to earn high yields on their checking account balances.