contains content that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . august 2016 learn how and when to remove this template message bank of internet usa industry personal financing and banking founded 1999 headquarters san diego california usa key people gregory garrabrants president and ceo parent bofi federal bank website http www.bankofinternet.com bank of internet usa is an american federally chartered full service internet bank and the flagship consumer brand of bofi federal bank . 1 bank of internet usa is known as the oldest internet only bank in the united states 2 and is federal deposit insurance corporation fdic insured for savings up to 250 000 . 3 bank of internet usa and is headquartered in san diego california and operates exclusively online with no brick and mortar branches . 3 by remaining solely an online institution bank of internet is able to operate at half the cost of their competition . these savings are then passed along to their customers through industry leading interest rates on deposits and some of the lowest loan rates . 4 bank of internet usa provides consumer banking solutions including checking accounts savings money markets certificates of deposits iras mortgage lending refinancing and home equity loans . 5 contents 1 services and products 1.1 personal banking 1.2 mortgage 2 history 3 recognition 3.1 2014 3.2 2015 3.3 2016 4 references 5 external links services and products edit personal banking edit bank of internet usa offers a wide range of personal banking services and products . one of its most popular options rewards checking has received acclaim from gobankingrates.com 6 money magazine 7 wallethub.com 5 and nerdwallet 8 for its high interest rates and no minimum balance requirements . in 2016 nerdwallet awarded bank of internet usa s personal banking with 3 accolades including best checking account best rewards checking account and best money market account . according to nerdwallet spokesman devan goldstein we re pleased to recognize bank of internet usa in several categories as they ve been at the forefront of online banking for quite a while and haven t gotten enough credit for it . they ve stayed true to the branchless banking model low overhead operations paired with strong rates and innovative product features across the deposit landscape . 9 the bank s personal banking products also feature access to popmoney a person to person money transfer service ; financeworks a money management and budgeting tool ; mobile deposit a mobile check deposit app ; and mydeposit a remote deposit solution that allows customers to submit scanned checks from their computers . 10 bank of internet also offers savings options like high yield savings money markets certificates of deposit cds and individual retirement accounts iras . from 2013 to the end of 2015 bank of internet usa saw a 327 % growth in the number of savings deposits . 11 part of that growth may be attributed to bank of internet acquiring a portion of h & r block s banking business in 2014 including 300 000 individual retirement accounts iras . 12 bank of internet usa s savings are also a fan favorite because of its ease of access to their funds . in 2016 nerdwallet voted bank of internet usa money market as easiest to access your money due to its simplicity to write checks debit card access and online bill paying services . 13 mortgage edit bank of internet usa uses an industry leading model for online home loans that is fast convenient and means significant savings passed on to their customers . the bank offers industry leading low rates on mortgages with award winning customer service on a full suite of customized mortgage options that include purchase loans 14 refinance loans 15 conventional loans 16 fha loans 17 va loans 18 jumbo loans 19 home equity loans 20 and portfolio loans . 21 bank of internet is a zillow 5 star lender . 22 bank of internet usa s custom built portfolio loans offer loan amounts up to 5mm and higher on a case by case basis for borrowers with complex financial situations . this innovative program offers interest only options 90 % financing through cross collateralization vesting title in entities such as an llc trusts partnerships and sub s corporations and qualification using asset utilization . financing is also available to foreign nationals . 23 the bank prides itself on their makes sense underwriting approach with localized decision making and simplified origination process through a streamlined online application that allows the bank to close loans quickly without the headaches of a long drawn out process . they prioritize purchase closings and stand by this with their fast close of escrow guarantee limitations apply . 24 history edit bank of internet usa was founded in 1999 by jerry englert the founder of bank of del mar 25 and gary lewis evans who was president of la jolla bank at the time . 26 the bank s holding company bofi holding inc. was incorporated in the state of delaware in july 1999 for the stated purpose of organizing and opening an internet based bank . 27 the bank was launched with 14 million in startup capital and was profitable within 14 months . 25 the bank s thrift charter allowed it and continues to allow it to operate within all 50 states . 27 the number of employees running and managing the bank has grown from 35 in 2007 to 534 as of december 31 2015 . 28 in october 2011 bank of internet usa changed its name to bofi federal bank . 29 however bofi federal bank continued to use the bank of internet usa name for its online consumer direct banking brand . the goal of bank of internet usa remains to provide banking services more cost effectively by eliminating the overhead costs of branches . 30 according to andrew micheletti cfo and vp of bofi holding inc. we are taking advantage of the internet for both efficiency in the back office and efficiency in the distribution and delivery of banking products . 30 recognition edit 2014 edit bank of internet usa s rewards checking account was named one of the 5 best online checking accounts of 2014 by gobankingrates.com . 31 bank of internet usa rewards checking account named 2014 overall best online checking account by wallethub.com 32 bank of internet was named 1 of the top 5 online banks of 2014 by mybanktracker.com 32 2015 edit money named bofi rewards checking the best checking account in a tie with aspiration summit in its list of best banks in america 2015 16 7 nerdwallet named bank of internet usa rewards checking as a top checking account with the best atm options 33 2016 edit bank of internet usa named one of advisoryhq best banks to bank with in america best online banks 34 bank of internet usa named a 2016 best online bank by gobankingrates.com 35 bank of internet usa s rewards checking account was named one of 10 best checking accounts of 2016 by gobankingrates.com 36 references edit bofi holding inc. changes name of bank subsidiary to bofi federal bank . marketwire . retrieved march 2 2016 . the best bank for atm users you might be surprised . . atm marketplace . march 3 2016 . retrieved march 3 2016 . a b profile bank of internet usa . bankaholic . 22 january 2011 . retrieved 17 august 2012 . frankel matthew . bank of america and its peers could learn from this innovative young bank the motley fool . the motley fool . retrieved 2016 06 13 . a b bank of internet usa personal banking mortgages . bank of internet usa . retrieved 2016 06 10 . bank of internet usa rewards checking named one of the 5 best online checking accounts of 2014 . marketwired . january 1 2014 . a b the best bank for debit card users . money.com . retrieved 2016 06 10 . best online checking accounts of 2016 nerdwallet . nerdwallet . retrieved 2016 06 10 . bank of internet usa makes nerdwallet s 2016 best banks and credit unions list . business wire . retrieved april 19 2016 . rewards checking . bank of internet usa . retrieved 2016 . check date values in access date help bofi holding inc. investor presentation pdf . snl . retrieved april 2016 . check date values in access date help wathen jordan april 11 2014 . 5 things bofi holding inc. shareholders should know now . motley fool . burnette margarette 25 february 2016 . nerdwallet s best money market accounts of 2016 . nerdwallet.com . buy a home . bank of internet usa . retrieved may 9 2016 . refinance . bank of internet usa . retrieved 9 may 2016 . bank of internet usa conforming loans . bank of internet usa . retrieved 2016 03 19 . bank of internet usa government loans . bank of internet usa . retrieved 2016 05 10 . bank of internet usa government loans . bank of internet usa . retrieved 2016 06 10 . bank of internet usa jumbo loans . bank of internet usa . retrieved 2016 06 10 . bank of internet usa home equity options . bank of internet usa . retrieved 2016 06 10 . bank of internet usa portfolio loans . bank of internet usa . retrieved 2016 06 10 . bank of internet usa mortgages . bank of internet usa . retrieved 2016 06 10 . bank of internet usa portfolio loans . bank of internet usa . retrieved 2016 . check date values in access date help bank of internet usa close of escrow guarantee . bank of internet usa . retrieved 2016 03 15 . a b jerry englert 73 cofounded internet only bank . the san diego union tribune . retrieved 2016 06 13 . profile bank of internet usa . www.bankaholic.com . retrieved 2016 06 13 . a b bofi holdings form s1 . www.sec.gov . banks ranked by number of employees . www.usbanklocations.com . retrieved 2016 06 13 . bofi holding inc. changes name of bank subsidiary to bofi federal bank . www.sec.gov . retrieved 2 march 2016 . a b transcripts sa 2007 05 24 . bank of internet usa wall street analyst forum presentation transcript . seeking alpha . retrieved 2016 06 13 . bank of internet usa rewards checking named one of the 5 best online checking accounts of 2014 . market wired . 27 jan 2014 . a b how do you compare to other online banks . bofi federal bank . best online checking accounts of 2016 nerdwallet . nerdwallet . retrieved 2016 06 10 . best banks to bank with no fees high yield savings largest banks and credit unions . advisoryhq . 2015 10 25 . announcing the best banks of 2016 gobankingrates . gobankingrates . 2016 01 05 . 10 best checking accounts of 2016 gobankingrates . gobankingrates . 2016 01 11 . retrieved 2016 06 10 . external links edit bank of internet retrieved from https en.wikipedia.org w index.php title bank of internet usa & oldid 743674467 categories online banksbanks based in californiabanks of the united statescompanies based in san diegoamerican companies established in 1999banks established in 19991999 establishments in californiahidden categories cs1 errors datesarticles with a promotional tone from august 2016all articles with a promotional tone navigation menu 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