bank rates

Bank of Internet USA 2.50% Savings

It’s tough to find a 12-month certificate of deposit that pays more than 2.25% APY. But if you want financial flexibility and a higher rate than you can get even with a 24-month CD, check out the savings account from the Bank of Internet USA.

It’s strictly an online operation based in San Diego, but you earn a 2.50% APY on your Advantage savings account with $100 minimum deposit. And it’s FDIC insured.

The account doesn’t come with many perks, but there’s no maintenance fee, no minimum balance is required and your interest is compounded daily. You can make up to three bill payments a month to yourself or third parties, and you can get a free ATM card.

The real plus of an Advantage savings account is the 2.5% APY. The only downside is that yields on savings accounts are variable – they can go down. But that means they also can go up.

Click here to compare this rate with the best rates available from dozens of other banks in our extensive database.

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Comments (5)
1 Star2 Stars3 Stars4 Stars5 Stars (12 votes, average: 3.75 out of 5)
5 Existing Comments
  1. Eric said:
    on August 5th at 04:10 pm

    This is one of the worst banks I’ve ever dealt with. I’ve been unable to link my Ally account to it, so I have no way of transferring funds in or out. Apparently, BOI doesn’t know ACH exists, as it isn’t even mentioned on their site. When I inquired online, they told me to call in; when I called in, I got voicemail. I scheduled a billpay to get my $100 out: the billpay disappeared! Stay away from this bank, even if they offer 10%!

  2. Conga D said:
    on August 11th at 05:32 pm

    I created an account with them as well and thought I should fund it but as the above mentioned there is no way to create a linked account from another bank through ACH. You have to initiate the transfer from outside.

    The interface is so bare bones and so few options that I would even think this is a joke of a bank. The APR is 2.00% now.

    I’m getting cold feet about this bank. Did you get your $100 back?

  3. melanie said:
    on August 13th at 12:56 pm

    I just received a notice stating that my “Boomer Checking Account” is dormant and there will be a $2.00 Dormant fee if it remains inactive….no contact number and no way of discussing this?

  4. melanie said:
    on August 13th at 12:59 pm

    BTW Thanks for the update I was about to move some seious funds into this account after discovering my E Trade account APR is at 80%. Another day for research…

  5. JD said:
    on August 20th at 12:25 am

    Yeah, totally agreed. There is absolutely no way to link this account to any others… caveman by today’s standards. I have opened many internet accounts and this is by for the most primitive. Once logged in, their options to navigate is a joke and no way to move money around. Ditch this bank I say.