Bank of Internet Issues Higher Gains for Higher Yield Savings Account
Bank of Internet USA invites consumers to enjoy their high yield savings account which is now issuing gains of 3.51% APY from the previous 2.00%.
The BofI higher rates come amid the rate cuts for the money market account and high interest checking.
The High Yield Savings account applies the APY to all balances. One may open the account for as low as $100 without having to worry about any maintenance fees or daily balance requirements.
The account has no check writing privileges but the bank issues an ATM for the savings account. ACH transfer service is not available for the program but it accepts incoming transfers initiated from other banks. The interest is credited to the account on a monthly basis and is compounded on a daily basis.
The Bank of internet was given 4 stars by bankrate.com and 3 stars by BauerFinancial for financial soundness using their September 2008 data.
The bank is covered by the FDIC with certificate # 35546.
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