Bank of Internet Named Best Online Bank by MONEY
October 24 2017 - 8:30AM
Business Wire
Bank of Internet USA (“Bank of Internet”), the nationwide brand
of BofI Federal Bank, a subsidiary of BofI Holding, Inc. (NASDAQ:
BOFI), was named MONEY’s Best Online Bank for 2017-2018. This is
the second consecutive year Bank of Internet was selected by MONEY
as the Best Online Bank.
MONEY evaluated the largest 90 brick-and-mortar banks, 50 credit
unions, and 15 online banks, as identified by bank consultancy firm
Novantas. Bankrate.com, MONEY’s project partner, collected data on
fees, interest rates, and account requirements for checking and
savings accounts. Using Bankrate’s data, MONEY compared more than
800 accounts and 18,000 data points. Data was collected in July and
August, and MONEY independently fact-checked information for each
winner in September and early October.
When selecting state winners, MONEY excluded checking accounts
that required a minimum balance greater than $1,500 to either open
the account or waive monthly fees. Priority was given to banks
whose checking accounts had no (or easily waived) monthly fees and
low or no ATM fees. MONEY also sought higher interest rates for
checking and savings accounts. Additional factors included J.D.
Power customer service ratings, when available, from the 2017 U.S.
Retail Banking Satisfaction Study, geographic reach within a state,
recent enforcement actions, and mobile app ratings in the iTunes
and Google Play stores. For more information regarding the MONEY
2017-2018 Best Banks, visit
http://time.com/money/4988713/best-online-bank-2017/.
About BofI Holding, Inc.
BofI Holding, Inc. is the holding company for BofI Federal Bank,
a nationwide bank that provides financing for single and
multifamily residential properties, small-to-medium size businesses
in target sectors, and selected specialty finance receivables. With
approximately $8.5 billion in assets, BofI Federal Bank provides
consumer and business banking products through its low-cost
distribution channels and affinity partners. BofI Holding, Inc.’s
common stock is listed on the NASDAQ Global Select Market under the
symbol “BOFI” and is a component of the Russell 2000® Index, the
S&P SmallCap 600® Index, and the KBW Nasdaq Financial
Technology Index. For more information on BofI Federal Bank, please
visit bofifederalbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171024005517/en/
BofI Holding, Inc.Johnny Lai, CFAVP, Corporate Development and
Investor Relations1-858-649-2218jlai@bofi.com
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