As its name implies, Bank of Internet has no brick-and-mortar branches.
Headquartered in San Diego, California, Bank of Internet was founded in 1999, and since then has achieved extraordinary growth. As of the first quarter 2010, it had total assets of $1.4 billion, and deposits of $970 million. Those deposits had increased by nearly 40 percent since the same period in 2009.
Bank of Internet’s online accounts include a high-interest checking account, three savings account options including a money market account, and CDs with maturities from 6 months to 2 years. The checking account comes with ATM refunds, free bill pay, and a free ATM card. The bank offers overdraft protection through a line of credit or a link to another Bank of Internet account. Funds can be transferred online from one account to another. Loan products include a refinance home mortgage and jumbo loans as well as commercial and apartment loans through the Apartment Bank division.
While no Internet-only bank can hope to rival the direct, personal service provided by small, local banks, Bank of Internet provides no-frills service to consumers who are mainly looking for high interest rates.
Bank of Internet is a member FDIC. Deposits at Bank of Internet are FDIC-insured to a maximum of $250,000 per depositor.