Bank Of The Internet
The Bank of the Internet
is a pure-play Internet bank, offering a variety of services, including
online checking accounts,
Mortgages
,
High Yielding CDs
, and other standard banking products. What sets them apart from other pure-play Internet banks is their commitment to personalized service.
Historic Beginnings
Bank of Internet USA was founded with a management team and board of directors that whose history go back to the early days of Internet banking in 1994. The Bank raised eyebrows by raising more capital for a new bank - over $14 million - than any other fledgling bank in the county of San Diego.
High Yields
Bank of the Internet pays very high yields on its online checking accounts, higher than the yields of most savings accounts at traditional banks. They refund up $7 of ATM fees from other banks monthly, so you can access your money from any ATM in the country for free. Its CD rates are also among the highest available.
High Ratings for Service
Bank of the Internet has earned good reviews from customers for its personalized customer service, which loyal customers say is akin to the level of service offered by more traditional banks. Their site has been described as efficient and easy to use.
Primary Downside: No Branches
With the ability to use any ATM you like for free, the only thing that a Bank of Internet account lacks is a network of local branches. If that's an issue for you, you might want to check out a more traditional bank like
Washington Mutual or
WT Direct.