Reviews for Bank of Internet USA

Current Rate: 1.750 %


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Overall Rating: 1.5 out of 5, 2 total reviews.

1.5000

Nothing to see here by BestSavingsRates.com on July 13, 2006.

It is hard to find anything about B of I to recommend - they have the lowest APY of all online banks we review, along with the highest minimum balance.
1.5000

Just a joke. by Mary on March 3, 2009.

I signed up for a savings account with Bank of Internet because of its attractive interest rates. It turned out to be a huge pain to open the account. It's not clear when you start the online application, but you can't actually do much of anything ONLINE with the Bank of INTERNET!

First, they send you required paperwork in snail mail, which you have to MAIL IN. The process takes WEEKS! This is not normal for an online bank. I have at least a half-dozen accounts with various online banks and normally the whole process is done electronically.

So today, I was finally able to log in to my Bank of Internet account for the first time, weeks after submitting the online application. The online interface is minimalist, to say the least. I couldn't find any way to do electronic transfers (I wanted to make a big deposit).

Well, I thought I must be missing something, so I called them. Turns out your initial deposit can be made by ACH, but after that, you have to initiate deposits and withdrawals from your own bank, which means fees and hassles. What???

I wanted to close the account when I learned this, but it turns out there is a $25 fee if you close your account within 90 days of opening it. Believe me, I marked my calendar. When 90 days is up, I'm outta there.

 

 

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