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
- 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.
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.
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.