iGObanking is the online division of New York-based Flushing Bank. The online bank features a full range of deposit accounts with competitive high-yield rates. Without the overhead costs of a brick-and-mortar bank, iGObanking passes savings on to customers through some of the best rates on the market.
While it’s not considered a full-service online bank, iGObanking offers several different products to fit various banking needs. This review focuses on iGObanking’s personal banking products and services. Here’s a detailed look at what this bank offers and how it compares to similar online banks.
Annual percentage yields (APYs) and account details are accurate as of April 25, 2024.
Account Basics
Checking
iGObanking offers one checking account: the iGOchecking High Interest Checking Account. This account comes with a debit card and access to over 55,000 fee-free Allpoint ATMs worldwide.
iGOchecking accounts have no monthly maintenance fees. A $100 minimum deposit is required to open a checking account through iGObanking. You only need a $1 balance to keep your account open.
The online checking account doesn’t come with check-writing privileges, unfortunately. Customers can set up direct deposit with the account and have access to features like mobile check deposits.
Savings
iGOsavings Plus is a high-yield savings account that offers tiered interest earnings based on account balances. Here are the interest rates offered with iGOsavings Plus:
- Balances of $5,000 or less: 0.50% APY, eligible for 0.50% bonus (see below)
- Balances of $5,001 to $25,000: 0.25% APY, eligible for 0.50% bonus
- Balances over $25,001: 0.25% APY, not bonus-eligible
To receive the 0.50% bonus APY, you must also maintain a minimum $1,000 balance in an iGOchecking account. To qualify for the iGOsavings Plus APY, your savings account must be funded by new money, not funds transferred from another iGObanking account.
The iGOsavings Plus account has no minimum balance requirements and no monthly maintenance fees. iGOsavings Plus provides non-Allpoint ATM fee waivers of up to $15 per monthly statement cycle.
A second savings account, the iGOsavings account, pays a straight 1.50% APY, with no monthly fees or balance requirements.
With both savings accounts, you can enjoy online and mobile banking, make mobile check deposits and access digital account management tools.
Money Market
iGOmoneymarket is iGObanking’s high-yield money market account. Money market accounts are hybrid deposit accounts that typically include features of both checking and savings accounts.
The iGOmoneymarket account offers higher rates than the savings account, but it also requires a more significant balance requirement. A $25,000 minimum deposit is required to open a money market account and earn interest. The account earns 5.05% APY on all balance tiers.
The money market account has no monthly maintenance fees. As with many money market accounts, you’re limited to making six transactions per month outside of deposits.
iGObanking also offers iGOindexmoneymarket—a variable rate money market account that follows Bloomberg FDTR, the upper bound of the Federal Funds Target Rate (Index). This account will always carry 85% of the index. It requires a minimum balance of $25,000 and has no fees.
CDs
There are two options for CDs through iGObanking: High Yield CDs and GiftsforBanking CDs. CDs typically offer higher rates than other accounts in exchange for keeping your funds tied up for a longer term.
High Yield CDs
iGObanking High Yield CDs are available in four term lengths, from six months to 48 months. Each CD requires a $1,000 minimum deposit to open. Here are the rates for High Yield CDs through iGObanking:
The highly competitive rates on these CDs put iGObanking CDs among the best CDs on the market. Interest is compounded daily and credited to your account monthly. CDs are subject to penalties if you withdraw your money before the CD reaches maturity. You can withdraw accrued interest before the maturity date if you choose. Like other banks, iGObanking doesn’t charge any monthly fees on its CD accounts.
High Yield CDs automatically renew at maturity, but you can opt to close your CD account or add more funds during the seven-day grace period.
GiftsforBanking CDs
GiftsforBanking CDs offer high yields and a bonus gift. This special CD requires a greater financial commitment than other iGObanking CDs: a $25,000 minimum deposit. Three CD terms are available for different deposit amounts. Here are the rates for GiftsforBanking CDs.
The same APYs apply to all deposits varying from a $25,000 to $250,000 deposit:
- Two-year CD: 2.95% APY
- Three-year CD: 3.00% APY
- Five-year CD: 1.00% APY
A variety of gifts are available through iGObanking’s gift catalog, including electronics, sporting equipment, travel and more. There are three tiers of gifts available, depending on the CD deposit amount. Once your account is opened and funded, you’ll receive access to choose a gift. Note that you may be required to pay taxes on your GiftsforBanking gift.
Access on the Go
iGObanking accounts are accessible online and through the bank’s mobile app, available for iOS and Android. iGObanking Mobile Banking receives a rating of 4 out of 5 stars on the App Store and 4 out of 5 stars on Google Play.
Through digital access, iGObanking customers can:
- View accounts and transactions
- Transfer funds
- Deposit checks
- Pay bills
If you need help with your iGObanking accounts, customer service is available seven days a week via email, phone and secure message through your online account.
Pros
- Competitive APYs
- High yields on CDs
- No monthly fees
- Large fee-free ATM network
- Mobile and online access 24/7
- 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
How iGObanking Stacks Up
If you’re in the market for high-yield bank accounts, consider iGObanking. With competitive rates and no monthly fees, iGObanking can help you reach short-term savings goals.
Keep in mind that many of iGObanking’s accounts carry deposit requirements. If you don’t want to invest the necessary funds, other online banks may offer similar accounts without any deposit requirements. Because iGObanking is an online bank, customers are limited to only digital transactions.
If you prefer the in-person service of a brick-and-mortar bank, you’re better off opening an account at a traditional bank. Keep in mind that not having the costly overhead of local bank branches allows iGObanking to offer highly competitive rates. It’s rare to find similar rates at a traditional bank.
Overall, iGObanking offers enough interest-earning account options to fit most people’s banking needs. Take time to compare its rates to other top online banks so you can make the right banking choice for you.
Frequently Asked Questions (FAQs)
Is iGObanking FDIC insured?
Yes, iGObanking is FDIC insured as a division of Flushing Bank (FDIC# 58564). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Is iGObanking safe?
iGObanking employs a host of security features to protect its customers and their deposits. The online bank uses high forms of encryption to ensure your money and personal information are safe. iGObanking also provides support in circumstances of fraud or identity theft.
How do I contact iGObanking?
You can reach iGObanking support at 888-432-5890, seven days a week from 7 a.m. to 11 p.m. ET. Automated phone support is available 24/7 or you can email customerservice@igobanking.com. You also can send secure messages through your online banking account.
Does iGObanking have local branches?
No, iGObanking is strictly an online bank. Customers have access to more than 55,000 fee-free Allpoint ATMs worldwide.
How do I open an account with iGObanking?
You can open a bank account with iGObanking online through its website. The process only takes a few minutes. Have your personal information and funding bank account information on hand to speed up the process.
