Bank of Internet Named Best Online Bank by MONEY
Oct 25, 2017
Bank of Internet USA (“Bank of Internet”), the nationwide brand of BofI Federal Bank, a subsidiary of BofI Holding, Inc. (NASDAQ: BOFI), was named MONEY’s Best Online Bank for 2017-2018. This is the second consecutive year Bank of Internet was selected by MONEY as the Best Online Bank.
MONEY evaluated the largest 90 brick-and-mortar banks, 50 credit unions, and 15 online banks, as identified by bank consultancy firm Novantas. Bankrate.com, MONEY’s project partner, collected data on fees, interest rates, and account requirements for checking and savings accounts. Using Bankrate’s data, MONEY compared more than 800 accounts and 18,000 data points. Data was collected in July and August, and MONEY independently fact-checked information for each winner in September and early October.
When selecting state winners, MONEY excluded checking accounts that required a minimum balance greater than $1,500 to either open the account or waive monthly fees. Priority was given to banks whose checking accounts had no (or easily waived) monthly fees and low or no ATM fees. MONEY also sought higher interest rates for checking and savings accounts. Additional factors included J.D. Power customer service ratings, when available, from the 2017 U.S. Retail Banking Satisfaction Study, geographic reach within a state, recent enforcement actions, and mobile app ratings in the iTunes and Google Play stores. For more information regarding the MONEY 2017-2018 Best Banks, visit http://time.com/money/4988713/best-online-bank-2017/.
About BofI Holding, Inc.
BofI Holding, Inc. is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $8.5 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “BOFI” and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, and the KBW Nasdaq Financial Technology Index. For more information on BofI Federal Bank, please visit bofifederalbank.com.