Bank of Internet offers both Rewards Checking and High Interest Checking accounts. While Bank of Internet understands that every individual has its own needs, the bank also understands that sometimes you just don’t have $500 to open a new bank account.
Both Rewards Checking and High Interest Checking accounts at Bank of Internet have numerous similarities. Benefits for both accounts include free online bill pay, mobile banking, text banking, check writing, MyDeposit, FinanceWorks, Purchase Rewards, online statements, online check images, online inter-account transfers, and provide a free Visa debit card. Both accounts are FDIC insured through Bank of Internet, and interest is compounded daily. The main differences between the two accounts consider start up fees and monthly maintenance fees.
Rewards Checking requires only $100 to open a new account. This means for $100 you can open a new Rewards Checking account with Bank of Internet and enjoy all of the benefits of your account immediately. What’s more, you will never see any maintenance fees, and there is certainly no minimum balance for your account.
High Interest Checking needs $500 to start. On top of that, if you are unable to maintain an average of $5,000 in your account, you will be charged a $7.50 maintenance fee for your account. Although a High Interest Checking account costs more money, the benefits may certainly be worth the cost. With an interest rate of 0.71%APY and a daily compounded interest rate, you can easily see your money add up with your High Interest Checking account.
If you don’t have an extra $500 lying around, or you know you won’t be able to maintain an average of $5,000 in your bank account, a Rewards Checking account may be the best option for you at Bank of Internet. Visit Bank of Internet today and see what the bank can do for you and your finances.