Bank of Internet Savings Account Rate Lowered

Continuing with interest rate trends, Bank of Internet has lowered the savings account rate it pays on its Advantage Savings Account from 2.47 percent to 2.23 percent with an annual percentage yield of 2.25 percent. The savings rate is still very competitive with other banks and still well above the average online savings account rate.

Bank of Internet has its headquarters in San Diego California. The bank only offers loans, certificate of deposits and savings account on the Internet so their fixed costs are lower than traditional brick and mortar banks. Bank of Internet passes those savings onto their customers with lower loan rates, mortgage rates and higher deposit rates.

The savings account is insured by the Federal Deposit Insurance Corporation for up to $250,000. Bank of Internet’s FDIC certificate number is 35546.