In this comprehensive review, we’ll delve deep into iGObanking, exploring its range of financial products, from high-yield savings accounts to competitive certificates of deposit (CDs) and money market accounts. iGObanking, the online division of Flushing Bank, is gaining prominence in the digital banking arena, and we’ll uncover why.
Unveiling iGObanking’s Ratings
Before we dive into the specifics, let’s take a moment to look at the ratings that iGObanking has garnered:
CDs: 4.5 stars out of 5
Checking: 4.8 stars out of 5
Savings: 3.9 stars out of 5
Money Market: 4.4 stars out of 5
Finance Devil Score Overview
If you’re comfortable with the idea of online-only banking and in search of competitive rates on savings, money market accounts, and CDs, iGObanking might just be the golden ticket you’ve been looking for.
Highlights of iGObanking
Now, let’s shine a spotlight on the key features that set iGObanking apart:
- High APY: iGObanking offers impressively high Annual Percentage Yields (APY) across its various deposit products.
- No Monthly Fees: Bid farewell to monthly fees on any of their products.
- Bonus Rate on iGOsavings Plus: By meeting specific requirements, customers have the opportunity to earn a bonus rate on the iGOsavings Plus savings account.
The Catch
However, every coin has two sides, and iGObanking is no exception. Here are some aspects that might give you pause:
- Limit on Bonus Rate: The bonus rate for the iGOsavings Plus savings account only applies to balances up to $25,000.
- Steep Money Market Account Deposit: To open the money market account, you’ll need to deposit a substantial $25,000. Balances below this threshold don’t earn interest.
iGObanking Offerings
Savings Account Specifics
iGObanking offers two savings accounts, iGOsavings and iGOsavings Plus. Both have no minimum monthly balance requirement and charge no monthly fees. Here’s what you need to know:
- iGOsavings: Offers a competitive APY on all balances, although it’s slightly lower than some competitors.
- iGOsavings Plus: Offers the same APY, but you can earn a bonus rate if you maintain a minimum average monthly balance of $1,000 in an iGOchecking account. This bonus rate applies only to balances up to $25,000.
CD Offerings
iGObanking presents five CD terms ranging from six months to four years, with a minimum deposit requirement of $1,000. Here’s what you need to know:
- High-Yield CDs: These CDs offer competitive Annual Percentage Yields (APY) and don’t require a hefty deposit.
- Limited Options: While they offer competitive rates, iGObanking doesn’t have specialty CDs like bump-up or no-penalty CDs.
The Money Market Account
iGObanking’s money market account boasts competitive yields, but it comes with a catch. You’ll need a substantial $25,000 deposit to open it. Here’s the lowdown:
- Competitive APY: The iGOmoneymarket pays a competitive APY and charges no monthly service fee.
- Deposit Requirement: A $25,000 deposit is needed to open the account.
- No Check-Writing Privileges: This account doesn’t offer check-writing privileges.
- Balances Below $25,000: Unfortunately, balances below $25,000 don’t earn interest.
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The High-Interest Checking Account
iGObanking’s High-Interest Checking Account may sound enticing, but it comes with some trade-offs. It requires a $100 deposit to open and offers nominal interest. Here’s the scoop:
- No Minimum Deposit: The iGO High-Interest Checking Account doesn’t require a minimum deposit to open.
- No Monthly Maintenance Fee: Good news – there’s no monthly maintenance fee.
- Nominal Interest: While it does earn some interest, it’s not as competitive as some national savings accounts.
Banking Experience
iGObanking is an online bank offering accounts to customers nationwide. You can manage your accounts via their website or mobile app, available for both iOS and Android devices. Here’s what you can do:
- Set up account alerts
- Deposit checks
- Pay bills and more
Customer Service
Their customer service representatives are available seven days a week from 7 a.m. to 11 p.m. Eastern time.
Zelle
iGObanking customers can use the bank’s app to send money through Zelle.
About iGObanking
iGObanking is the online division of Flushing Bank, based in New York. The online bank offers a range of deposit products with competitive high-yield rates. Due to its digital nature, iGObanking can offer some of the best rates on the market without the overhead costs of traditional banks.
While it’s not a full-service bank, iGObanking provides a variety of products to meet various banking needs. This review primarily focuses on iGObanking’s personal banking offerings. Let’s explore its features and how it compares to other online banks.
Account Basics
Checking: iGObanking offers one checking account – the iGOchecking High Interest Checking Account. It earns a respectable 0.25% APY on all balances and provides access to over 55,000 fee-free Allpoint ATMs worldwide. It doesn’t come with check-writing privileges.
Savings: iGOsavings Plus is a high-yield savings account with tiered interest earnings based on account balances. It has no minimum balance requirements and no monthly maintenance fees.
Money Market: The iGOmoneymarket is a high-yield money market account, offering higher rates than the savings account but requiring a $25,000 minimum deposit to open. It doesn’t charge monthly maintenance fees but lacks check-writing privileges.
CDs: iGObanking offers High Yield CDs and GiftsforBanking CDs. High Yield CDs are available in five term lengths and require a $1,000 minimum deposit. They provide competitive rates. GiftsforBanking CDs require a $25,000 minimum deposit and come with bonus gifts.
Pros and Cons
Pros:
- Competitive APYs
- High-yield CDs
- No monthly fees
- Large fee-free ATM network
- 24/7 mobile and online access
- Mobile check deposit capabilities
Cons:
- No cash deposits
- No physical locations
- Not a full-service bank
- Non-Allpoint ATM usage may incur fees
- No checkbooks
Access on the Go
iGObanking provides online and mobile access to accounts. Their mobile app is available for both iOS and Android devices, offering features like viewing accounts, transferring funds, depositing checks, and paying bills.
How iGObanking Compares
If you’re in the market for high-yield bank accounts, iGObanking is a strong contender with competitive rates and no monthly fees. However, keep in mind that many of their accounts carry deposit requirements. If you prefer in-person banking, traditional banks might be more suitable, but they often offer lower rates.
In summary, iGObanking offers interest-earning accounts to meet various banking needs. Compare their rates to other online banks to find the right fit for you.
Unlocking the Safety Measures
Is iGObanking safe? Security is paramount when it comes to online banking. iGObanking prioritizes your security by implementing high-level encryption to safeguard your personal information and finances. In the unfortunate event of fraud or identity theft, they provide support to help resolve these issues promptly.
FDIC Insurance
iGObanking is FDIC insured as a division of Flushing Bank. With FDIC insurance, your deposits are protected by the federal government, offering peace of mind up to $250,000 per depositor for each account ownership category in case of a bank failure.
How to Connect with iGObanking
Should you need assistance or have questions, reaching iGObanking is hassle-free. You can contact their support team at 888-432-5890, available seven days a week from 7 a.m. to 11 p.m. ET. Automated phone support is available 24/7. Additionally, you can reach them via email at customerservice@igobanking.com. Secure messaging through your online account is another option for communicating with them.
No Local Branches
One thing to note is that iGObanking operates exclusively online. With no brick-and-mortar locations, they offer access to over 55,000 fee-free Allpoint ATMs globally. This digital approach allows them to offer competitive rates while eliminating the overhead costs associated with traditional banks.
The Account Opening Process
Opening an account with iGObanking is quick and convenient. You can initiate the process online via their website, which takes only a few minutes. To expedite the process, make sure you have your personal information and funding bank account details at the ready.
To Recap
In the realm of online banking, iGObanking is a standout choice for individuals seeking high-yield accounts and top-notch customer service. Their commitment to providing competitive rates, combined with their user-friendly mobile app, makes them a solid contender in the digital banking arena. While they might not be the ideal choice for those who prefer in-person banking or cash deposits, their extensive ATM network, competitive rates, and commitment to security ensure a trustworthy and reliable banking experience.
So, whether you’re saving for a short-term goal, exploring CDs, or looking for a secure place to park your money, iGObanking is well worth considering in your search for the perfect financial partner. Compare their offerings to other top online banks to make an informed decision that aligns with your unique financial goals and needs.
FAQs
What is the minimum deposit required to open an iGObanking account?
The minimum deposit requirements vary depending on the type of account. For example, a High-Interest Checking Account has no minimum deposit requirement, while a money market account requires a $25,000 deposit to open.
Is iGObanking a full-service bank with physical branches?
No, iGObanking operates exclusively online and doesn’t have physical branch locations.
Can I deposit cash into my iGObanking account?
iGObanking does not support cash deposits. You can fund your account through other methods, such as electronic transfers.
How can I contact iGObanking’s customer support?
You can reach iGObanking’s customer support by phone at 888-432-5890, via email at customerservice@igobanking.com, or through secure messaging on your online account. They offer various ways to assist you.
Are my deposits at iGObanking insured?
Yes, iGObanking is FDIC-insured as a division of Flushing Bank. Your deposits are protected up to $250,000 per depositor for each account ownership category in case of a bank failure.
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