Bank of Internet
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.
|Certificates of deposit|
Read on for more details about Bank of Internet’s checking and savings accounts, CDs, customer experience and overdraft fees.
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.
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.
Certificates of deposit
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.
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.
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
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.
Updated March 30, 2017.
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:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below)— Best to avoid