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Bank of Internet USA Review: Checking, Savings and CDs

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Bank of Internet

Bank of Internet
NerdWallet’s rating: 4.0 / 5.0

4.0 stars out of 5

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at Bank of Internet
True to its name, Bank of Internet USA is an online bank that keeps fees to a minimum and offers solid interest rates. Unlike many of its competitors, though, it offers a range of checking accounts that come with a variety of perks.

If bank branches were never really your thing, Bank of Internet deserves a closer look.

The bottom line

  • There are no monthly maintenance fees on the bank’s checking and savings accounts.
  • Three of the five checking accounts don’t have nonsufficient funds fees, and three of five also come with unlimited domestic ATM reimbursements.
  • Bank of Internet’s various savings products have above average rates.

» MORE: NerdWallet’s best checking accounts of 2017

Our Ratings
Checking account4.5 stars out of 5
Savings account4.5 stars out of 5
Certificates of deposit 4.0 stars out of 5
Customer experience3.5 stars out of 5
Overdraft fees4.0 stars out of 5
Overall4.0 stars out of 5

Read on for more details about Bank of Internet’s checking and savings accounts, CDs, customer experience and overdraft fees.

Checking account

4.5 stars out of 5
4.5 / 5.0

Essential Checking, Bank of Internet’s most basic option, keeps fees to a minimum and offers unlimited domestic ATM reimbursements.

Although they weren’t factored into our ratings, the bank’s premium accounts have annual percentage yields as high as 1.25%. These accounts don’t charge monthly fees, and a couple don’t have nonsufficient funds fees.

ProsCons
  • No monthly or overdraft fees.


  • Customers qualify for cash-back rewards when using their Bank of Internet debit card.

  • Unlike some of the bank's premium accounts, Essential Checking doesn't bear interest.
Account reviewed for rating: Essential Checking.

» MORE: NerdWallet’s best online checking accounts of 2017

Savings account

4.5 stars out of 5
4.5 / 5.0

The APY on the basic savings account isn’t quite as good as those at other online banks, so customers looking for the highest return possible should take a look at NerdWallet’s best savings accounts. Still, Bank of Internet’s savings rates are significantly better than what you’d find at most brick-and-mortar banks. Plus, the account has no monthly fees.

Though it didn’t factor into our ratings, Bank of Internet’s money market account has a 0.75% APY and no monthly fees.

ProsCons
  • The APY is a solid 0.61%.


  • Customers can request a free ATM card.
  • The $10 fee for every transfer or withdrawal after six is slightly more than what other banks charge.
Account reviewed for rating: High-Yield Savings.

Certificates of deposit

4.0 stars out of 5
4.0 / 5.0

Customers have access to CDs with term lengths ranging from three months to five years. Rates are higher here than they are at most national banks but lower than those offered by other online banks.

ProsCons
  • APYs range from 0.55% to 1.50%.


  • There are no setup or monthly service fees.
  • CDs require a minimum deposit of $1,000.
Account reviewed for rating: Bank of Internet Certificates of Deposit.

Customer experience

3.5 stars out of 5
3.5 / 5.0

Customers can rely on highly rated mobile banking apps for iOS and Android devices to monitor their accounts, transfer money between them and deposit checks.

Bank of Internet’s website makes it easy to find information about fees and rates, and customer service representatives are fairly quick to respond to queries on Twitter. Its main shortcomings are that it doesn’t have branches or offer live phone support on weekends.

Overdraft fees

4.0 stars out of 5
4.0 / 5.0

The Essential, Platinum and Rewards checking accounts don’t charge overdraft fees. Transactions are simply declined, unless you enroll in overdraft protection with a linked savings account or an overdraft line of credit with an 18% interest rate.

The CashBack and Golden checking accounts have $25 nonsufficient funds fees, with a limit of three per day. Customers can also enroll in overdraft protection, and transfers from a linked savings account are free.

Great online-only option

Bank+of+Internet
Learn more
at Bank of Internet
Bank of Internet’s checking accounts, especially those that offer strong rates and don’t charge overdraft fees, are among the best we’ve seen. Because their rates aren’t as high, its savings accounts aren’t nearly as impressive. But they’ll serve you well if you want to keep both accounts under the same virtual roof.

The bank’s online tools are helpful, and you have several ways to contact the bank if you’d like to get help from a customer service representative.

The credit unions that most resemble this online bank are Alliant and Connexus, which both offer excellent checking accounts. For an overdraft policy that’s even better than that of Bank of Internet, check out Capital One 360.

Tony Armstrong is a staff writer at NerdWallet, a personal finance website. Email: tony@nerdwallet.com. Twitter: @tonystrongarm.

Updated March 30, 2017.


Ratings methodology

NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.

What the ratings mean:
5 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below)— Best to avoid