iGObanking Review: Keeping It Simple with Great Rates

GoBankingRates Score

4.9
Our Take: iGObanking is a 100% online bank with a concise selection of products. It offers very competitive interest rates, and there are no maintenance fees or minimum balances for savings accounts. Even though there are no branches, customers have access to more than 55,000 ATMs worldwide, as well as to online banking and a mobile app.
  • Interest Rates
    5.0
  • Product Selection
    4.5
  • Online Banking
    5.0
  • Accessibility
    5.0
How did we calculate this?

Pros

  • Competitive interest rates
  • High-yield savings and CD accounts
  • Use over 55,000 Allpoint ATMs with no fee

Cons

  • No branches for those who like to bank in person
  • Sparse number of products to choose from

About iGObanking

iGObanking is the online division of Flushing Bank, based in New York. Flushing Bank was established in 1929, is FDIC-insured and provides services to customers nationwide. Flushing Financial Corp. (Nasdaq: FFIC) is the holding company for Flushing Bank and iGObanking. In addition, GOBankingRates named iGOBanking one of the Best Online Banks of 2021 in its annual Best Banks rankings

iGOBanking Products

iGObanking offers one checking account, two savings accounts, a money market account and a CD account. Because it’s an online-only bank, interest rates are very competitive, and mobile and online banking services are available for every account.

Sponsors of
Product Features
Checking Accounts 0.25% APY on any balance
Access to 55,000-plus ATMs worldwide
Do all of your banking virtually with the mobile app
Online bill pay for automatic recurring payments
Savings Accounts Two accounts to choose from
No maintenance fees
Bonus interest rate up to 1.00% APY when you keep at least $1,000 in an iGObanking checking account
Money Market Accounts Pays 0.55% APY on balances over $25,000
Up to six transactions each month
Automatic transfers from checking
Certificates of Deposit Free gift when you open a GiftsforBanking CD with $25,000 or more
High yield 12-month CDs pay 0.65% APY with a minimum deposit of $1,000

iGOBanking Checking Account

The iGOchecking High Interest Checking Account pays 0.25% APY on any balance.

Features

  • Free access to 55,000-plus Allpoint ATMs worldwide with the MasterCard iGOdebitcard
  • Do all of your banking virtually with the mobile app
  • Online bill pay for automatic recurring payments

Pros

  • Earn 0.25% APY interest on every dollar
  • Direct deposit, mobile deposit and electronic transfers

Cons

  • $100 minimum opening balance

iGoBanking Savings Account

iGObanking offers two savings accounts: iGOsavings and iGOsavings Plus. The iGOsavings Plus account pays a 0.50% APY bonus if your balance is less than $25,000 and you also keep at least $1,000 in a checking account.

Sponsors of

Features

  • Competitive interest rates
  • Reimbursement of ATM fees charged by other banks, up to $15 per statement cycle, with the iGOsavings Plus account

Pros

  • iGOsavings Plus pays up to 1.00% APY on balances up to $5,000
  • No monthly maintenance fees
  • Online and mobile banking, including mobile check deposit

Cons

  • Minimum opening balance of $100
  • No bonus interest rate on balances over $25,000

iGOBanking Money Market Account

The iGOmoneymarket account, as it’s called, offers a competitive 0.55% APY, but only on balances over $25,000. It provides up to six transactions per month, with no monthly fees.

Features

  • FDIC-insured up to $250,000 per depositor
  • Up to six transactions per month

Pros

  • Pays 0.55% APY on balances over $25,000
  • No monthly maintenance fees

Cons

  • $25,000 minimum balance to earn interest

iGOBanking CD Accounts

iGObanking offers a 6-month CD that pays 0.60 APY and a 12-month version with a 0.60% APY, with a minimum deposit of $1,000. Those with a little more cash to put away can get a GiftsForBanking CD, which offers valuable gifts for deposits of $25,000 or more.

Features

  • Fixed interest rate for the term of the CD
  • FDIC-insured up to $250,000 per depositor
Sponsors of

Pros

  • 6-month CDs pay 0.60% APY
  • 12-month CDs pay 0.60% APY
  • Get a valuable gift with a $25,000 CD deposit, ranging from an Apple 32 GB TV package for a 2-year CD with a $25,000 deposit to a five-person spa for a 5-year CD with a $100,000 deposit.

Cons

Longer-term CDs with gifts pay a lower interest rate of 0.45% to 0.50% APY, compared to 6-month CDs at 0.60% APY and 12-month CDs at 0.60%.

Banking Experience

iGObanking has no physical branches, so all banking is done online, on the mobile app, or at one of Allpoint’s more than 55,000 ATMs.

The mobile app is available for iOS through the App Store with a rating of 3.9 stars out of 5. Android users can download the app on Google Play.

How To Open an Account

It’s easy to open an account online at iGObanking. Here’s what you have to do:

  • Go to the website
  • Select the type of account you want: checking, savings, money market or CD
  • Click the appropriate prompt, such as “Open Account” or “Apply Now”
  • Fill in the requested information. You’ll need:
    • Your full name
    • Your email address
    • Your phone number
    • Your Social Security number or ITIN/TIN
    • A valid mailing address (no P.O. boxes)
    • Your current U.S. bank account and routing number to fund your new account
Sponsors of

Key Information

Customer service number: 888-432-5890

Customer service hours: Daily from 7 a.m. to 11 p.m. ET

Routing number: 026072928

iGOBanking Fees

All banks charge fees for certain transactions or events. Here are some of the fees you may be charged as an iGObanking customer.

Fee Amount
Insufficient Funds (paid or returned) $30
Stop payment $20
Teller check $5
Domestic wire transfer, inbound $15

iGObanking vs. Competitors

When deciding on an online bank, you want to be sure to find the one that’s best for your needs. Take a look at how iGObanking stacks up to the competition.

iGObanking  vs. Ally Bank

Ally Bank has more banking options, including mortgages, auto loans and investment products, which makes it more appealing if you’re looking for a single source for all your financial services products. iGObanking, however, offers better interest rates on new money deposited into savings accounts and also gifts when you open a CD with a deposit of more than $25,000.

iGObanking vs. BankDirect

BankDirect offers IRA certificates of deposit and also money market accounts. BankDirect can’t match iGObanking’s bonus rate on new savings deposits or its gifts with CDs over $25,000.

Sponsors of

Final Take

iGObanking offers checking and savings products that are accessible online and via mobile app, or at over 55,000 ATMs worldwide. The products are robust with very competitive interest rates. For example, just by moving new money — money that is not in another iGObanking account — into a savings account, you can earn 1.00% APY on up to $5,000 and have complete access to your funds. Opening an account at iGObanking can be done online easily, and if you’re looking for a new online bank, iGObanking may be just the place for your money.

Editor’s Favorite

The bonus interest rate of 0.50% on new money deposited into an iGOsavings Plus account is a great deal. If you have less than $5,000 in your account, you will earn interest at a rate of 1.00% APY with the 0.50% APY bonus rate, plus 0.50% standard rate. There’s no minimum balance and you can get your money at any time.

FAQ

Here are the answers to some commonly asked questions about iGObanking.
  • Is iGObanking FDIC-insured?
    • Yes. iGObanking is a division of Flushing Bank, which is insured by the Federal Deposit Insurance Corp. up to the limit of $250,000 per depositor, per account type.
  • Is iGObanking safe?
    • Yes. In addition to being FDIC-insured, iGObanking makes customers’ security a top priority and uses up-to-date banking security programs.
  • Does iGObanking have branches?
    • iGObanking is the online-only division of Flushing Bank, which has branches in three New York City boroughs and Long Island. There are no iGObanking branches, but account holders have access to 55,000 Allpoint ATMs.
  • Does iGObanking offer free money for signing up for an account?
    • iGObanking doesn’t offer a cash bonus for new accounts, but it does offer a bonus rate of 0.50% APY on new money deposited into savings accounts for a total of 1.00% APY for accounts with balances less than $5,000. It also provides a free gift when you open a CD account with $25,000 or more.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of 12/17/2020.

This content is not provided by iGOBanking. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by iGOBanking.

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance
websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

iGObanking Review: Keeping It Simple with Great Rates
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