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Bank of Internet USA CD Rates and Review

Bank of Internet USA recently increased the rate the bank pays on 1 year CD rates which catapulted the bank to the top of our 1 year bank CD rates list. Bank of Internet's current 1 year CD rates are at 1.09 percent with an APY of 1.10 percent. That rate is one of the best CD rates available right now or a 1 year certificate of deposit. That rate also ties 1 year CD rates at CIT Bank for the top rate on our list.

Bank of Internet's 1 year CD rates is also well above Bankrate's national average 1 year CD rate which is currently at 0.71 percent. When compared to the FDIC's national average 1 year bank CD rate of 0.27 percent it blows the FDIC's rate out of the water.

The bank's shorter term certificate of deposit rates are not as competitive as the bank's long term CD rates. For example, Bank of Internet's 3 month CD rates are at 0.15 percent. The FDIC's national average 3 month CD rates at banks is at 0.11 percent and the FDIC's rate cap is 0.86 percent.

Since the rate cap is so much higher, Bank of Internet has a lot of wiggle room to offer a higher rate for 3 month certificates of deposit but it currently doesn't. The highest CD rates on 1 year certificates of deposit right now on our list are at 0.66 percent.

5 year CD interest rates at Bank of Internet are currently at 1.59 percent with an APY of 1.60 percent. The FDIC's national average 5 year bank CD rate is at 1.02 percent and the rate cap is at 1.77 percent.

As you can see 5 year rates are a lot higher than the national average and hear the rate cap where as 3 month rates are only 4 basis points below the average rate and considerably lower than the cap.

CD Rates Bank of Internet USA

  • 3 month CD Rates 0.15% APY 0.15%

  • 6 month CD Rates 0.40% APY 0.40%

  • 12 month CD Rates 1.09% APY 1.10%

  • 24 month CD Rates 1.01% APY 1.01%

  • 36 month CD Rates 1.14% APY 1.15%

  • 48 month  CD Rates 1.25% APY 1.26%

  • 60 month CD Rates 1.59% APY 1.60%

Bank products including certificates of deposit are offered by BofI Federal Bank. Deposit accounts held at Bank of Internet USA are FDIC insured through BofI Federal Bank. All deposit accounts held at BofI Federal Bank are combined and insured under the same FDIC Certificate 35546.

To open an account or view a list of current CD rates at Bank of Internet go to the bank's website here: Bank of Internet CD Rates.

You can see how the bank's CD rates compare to other CD bank rates by viewing our rate tables below:
Author: Robert Till
August 11th, 2012