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IGObanking Review 2022

Published March 2022 by Matthew Goldberg

AT A GLANCE
4.5

Bankrate Score

bank-logo

High APYs

No monthly fees

Consumers who are comfortable with banking solely online and looking for competitive rates on savings and money market accounts as well as certificates of deposit may find iGObanking worth a look.

  • Checking
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    4.8
  • Savings
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    3.9
  • CDs
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    4.5
  • MMAs
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    4.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    1.10 % APY

    $ 0

    Min. balance for APY

    Live Oak Bank

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Overall

    4.5

    Bankrate Score

    IGObanking, an online division of Flushing Bank, offers a range of deposit products to consumers nationwide.

    What we like

    • IGOBanking offers competitive rates across deposit products.

    • It charges no monthly fee on any of its products.

    • Customers can earn a bonus rate on the iGOsavings Plus savings account by meeting certain requirements.

    What we don't

    • The iGOsavings Plus savings account bonus rate applies only on balances up to $25,000.

    • A steep $25,000 deposit is needed to open the money market account.

    • Balances below $25,000 in the money market account earn no interest.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    IGOBanking offers a single checking account that requires $100 to open. Despite its name, the iGO High Interest Checking Account pays a nominal APY, but it doesn’t charge a monthly fee.

    Account holders get access to a Mastercard debit card to access more than 55,000 fee-free ATMs through the Allpoint network.

    What we like

    • The iGO High Interest Checking Account requires no minimum deposit to open.

    • There’s no monthly maintenance fee.

    • The account earns a little bit of interest.

    What we don't

    • IGOBanking’s checking account earns a lower yield than the national average savings account.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    IGOBanking offers two savings accounts: iGOsavings, the product scored for this review, and iGOsavings Plus. Both require no minimum monthly balance and charge no monthly fee.

    IGOsavings, the simpler of the two accounts, offers the same APY on all balances. The rate is well above the national average but lower than can be found at other banks and credit unions.

    The iGOsavings Plus account, meanwhile, pays the same APY, but customers can earn a bonus rate if they maintain a minimum average monthly balance of $1,000 in an iGOchecking account. The bonus rate only applies to balances up to $25,000. Any balance above that threshold earns the standard APY.

    The iGOsavings Plus account has three balance tiers:


    • $5,000 or less

    • $5,001-$25,000

    • More than $25,000


    The lowest balance tier earned the highest yield during Bankrate’s review. Both the first and second tier earned a reward credit. The third, and highest balance tier, earned the same APY as the middle tier but earned no bonus credit.

    The iGOsavings Plus account reimburses ATM fees up to $15 each statement cycle, giving customers flexibility to use any ATM without incurring a fee up to the limit.

    What we like

    • Both the iGOsavings Plus and the iGOSavings accounts charge no monthly fee.

    • No minimum deposit is required to open either savings account.

    • Customers can earn a bonus rate by meeting certain requirements.

    • The iGOsavings Plus account reimburses ATM fees up to $15 a month.

    What we don't

    • The bonus rate applies only on balances up to $25,000.

    • The iGOsavings Plus account’s lowest balance tier ($5,000 or less) earns the highest APY.

    • You’ll need to open the iGOchecking account and keep $1,000 in it to earn the iGOsavings Plus bonus rate.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    IGObanking  offers five CD terms  ranging from six months to four years.

    At least $1,000 is needed to open one of these CDs, all of which offered competitive yields during Bankrate’s review.

    The bank offers no specialty certificates of deposit, such as bump-up CDs or no-penalty CDs.

    What we like

    • All CD terms pay a competitive annual percentage yield (APY).

    • Only $1,000 is needed to open a CD.

    What we don't

    • Savers looking for longer-term CDs will need to look elsewhere.

    • No specialty CDs are available.

    Money market accounts

    4.4

    Bankrate Score

    IGObanking’s money market account pays a competitive yield, but customers need at least $25,000 to open it. The iGOmoneymarket account charges no monthly fee, but it doesn’t offer check-writing privileges.

    What we like

    • The iGOmoneymarket pays a competitive APY.

    • It charges no monthly service fee.

    What we don't

    • A steep $25,000 deposit is needed to open the account.

    • Check-writing privileges aren’t available.

    • Balances below $25,000 don’t earn interest.

    Bank experience

    IGObanking is an online bank that offers accounts to consumers nationwide. Account holders can access their accounts online or though its mobile app, available for iOS and Android devices. Through the app, customers can set up account alerts, deposit checks, pay bills and more.

    Customer service representatives are available seven days a week, 7 a.m. to 11 p.m. Eastern time.

    IGOBanking customers can use the bank’s app to send money through Zelle.

    About iGObanking

    IGObanking, an online division of Flushing Bank, offers a range of deposit products to consumers nationwide. It offers competitive rates, multiple deposit accounts and online money management tools.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth