High Yield Savings Account with Bank of Internet USA earns 2.50% APY
The Bank of Internet USA introduces a high interest savings account dubbed New Advantage Savings that has current interest rates of 2.50% APY. The features are similar to their other high yield money in the bank deal but this one features bill payment.
The advantage savings account allows consumers to make 3 transactions using their Bill Payment platform. The set limit may be due to the fact that the bill payments are considered checks and following the regulations only three can be completed on a monthly basis.
The interest rate of this savings account seems to be a teaser placed side by side with the 2.06% APY of their High Yield Savings Account program. It is due to change any time since there is not set guarantee. It will be best to call the bank first before filling out any forms. Bank of Internet USA though is known to keep its interest rates for a stretched period of time so it is possible that the 2.50% APY will be for keeps in the next few months.
Interested consumers can open this savings account with a small initial deposit of $100. The interest rates are also effective on all tiers of blanaces. Funding of the account can be done through ACH or by mailing in a check.
We are still waiting for the electronic transfer facility as promised by the bank. The bank accepts incoming transfers initiated from other banks.
The bank does not require any minimum balance and does not collect any monthly fees.
There are some reports that opening an account is a bit slow since Bank of Internet does not maximize the internet as it should but relies mostly on snail mail. Applicants will fill up an online application but Bank of Internet will still require you to mail in a signed hard copy which should be sent before they debit the first funding to open the savings account. It may take around 1 to 2 weeks to complete everything.
The Bill Payments platform is a bit slow according to some account holders but they like the feature that debits the money from your account only during the actual payment.
BauerFinancial and Bankrate.com gave Bank of Internet USA a 4-star and a 3-star rating, respectively, when they reviewed the bank’s performance using their December 2008 data.
BofI is insured with the FDIC through certificate # 35546.
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