Bank of Internet Online Savings Account Rates

Bank of Internet is an FDIC insured, publicly traded company that offers consumers traditional loan and financial services over the Internet. There are many benefits to having no actual branch network in place and one of those is lower costs to the financial institution. And if they have lower overhead costs then you can get better rates and fewer fees.

They have been providing these services since 1999 and is headquartered in San Diego, California but keep in mind they have no branch there either. Their company mission is to foster long-term relationships with their customers in an online environment that provides you with the most benefits.

Bank of Internet online savings account rates come in three different forms, a regular savings account, a high-yield savings account, and a money market savings account. The regular savings and money market accounts both have a tier interest structure based on your balance, but at this current time the rates remain the same no matter what your balance.

Since they publish the tier system however, this may not always be the case. The regular savings account has the lowest interest rate at a 1.40% APY, the money market savings has an APY of 1.45% and the high-yield savings account is the highest at 1.50%. To further ass to your benefit, there are no fees or minimum balance required to earn interest on any of the 3 accounts, and the opening deposit minimum is a mere $100.

For all three accounts there are ATM cards available, however the money market account has check writing features that give you more access to their money.  -The regular savings account also has a bill pay feature that you can use to pay for your monthly bills with less hassle.

And if you wish to more easily transfer your money to other account then the high-yield savings account is the one for you. But apart from these slight differences in the accounts, the biggest differences are the access you want to your money and the amount of interest you wish to earn. As with any reputable financial institution all of your funds are FDIC insured so you can feel at ease.