iGObanking Review: Checking, Savings, CD, Money Market and IRA Account

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Updated on Tuesday, September 1, 2020

iGObanking’s checking account options

iGOchecking

A standard, low-fee checking account with no minimum balance requirements and a competitive APY.

APY

Minimum Balance Amount to Earn APY

0.25%

$0

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: $3 at non-Allpoint ATMs abroad; ATM operator may charge additional fees at domestic non-Allpoint ATMs
  • ATM fee refund: If you incur the $3 fee overseas, you may be able to call and ask to have the fee removed as a courtesy. Decisions on these refunds are made on a case-by-case basis.
  •  NSF fee: $30

iGOchecking is one of iGObanking’s better products. It requires no minimum balance, you only need a dollar to open it and you won’t incur any monthly maintenance fees. Combining those features with an APY of 0.25% make this checking account one of the better ones on the market.

While you may incur a non-refundable ATM fee charged by ATM owners on non-Allpoint ATMs, the Allpoint Network is large with over 55,000 locations across the world. Odds are you’ll be able to find one near you. Regardless, it’s a good idea to check availability of these ATMs within your locale prior to opening an account — especially as your checking account is the one you’re most likely to use to withdraw money.

How to get iGObanking’s iGOchecking account

In order to open an iGOchecking account, you will need to apply online. The process will take about 10 minutes to complete, according to the bank.

You will need to have the following information to complete the process:

  • Your Social Security number
  • A valid form of identification
  • Previous home address (if you have lived at your current home address less than two years)
  • For electronic funding, you will need your current U.S. bank account and routing number
  • U.S. checking or savings account to fund your new account(s)
  • If applying for a joint or beneficiary account, you will need their name, Social Security number, identification (for joint account) and date of birth.

SEE DETAILS Secured

on IGObanking’s secure website

Member FDIC

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How iGObanking’s checking account compares

iGObanking’s checking account rates are competitive. While they’re not the highest on the market, they are high enough to give our top 10 checking accounts a run for their money. No minimum balance requirement, costing a dollar to open it and no monthly maintenance fees make this checking account one of the better ones around.

iGObanking’s savings account options

iGOsavings

iGOsavings pays a decent interest rate for not having any minimum balance requirements, but it also has some serious competitors on the market.

APY

Minimum Balance Amount to Earn APY

0.25%

None

  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $3 at non-AllPoint ATMs abroad; ATM operator may charge additional fees at domestic non-AllPoint ATMs
  • ATM fee refund: If you incur the $3 fee overseas, you may be able to call and ask to have the fee removed as a courtesy. Decisions on these refunds are made on a case-by-case basis.
  • Overdraft fee: $30

All savings accounts are governed by Federal Reserve Regulation D, which limits up to six “convenient” withdrawals or outbound transfers per month without incurring a fee by the bank, having your account shut down or having your account converted into a checking account. The ways in which you can transfer money with iGObanking all fall under the convenient definition, so be sure to keep this rule in mind as you do your banking.

How to get iGObanking’s iGOsavings account

To open an iGOsavings account, you will have to apply online. The process will take about 10 minutes to complete, according to the bank.
You will need to have the following information to complete the process:

  • Your Social Security number
  • A valid form of identification
  • Previous home address (if you have lived at your current home address less than two years)
  • For electronic funding, you will need your current U.S. bank account and routing number
  • U.S. checking or savings account to fund your new account(s)
  • If applying for a joint or beneficiary account, you will need their name, Social Security number, identification (for joint account) and date of birth.

SEE DETAILS Secured

on IGObanking’s secure website

Member FDIC

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How iGObankings’s savings account compares

While minimum balance requirements are extremely low for iGosavings as a high-interest savings account, you can find higher yields with a few other online banks if you’re willing to shop around.

iGObanking’s certificate of deposit rates

While the interest rates on some of iGObanking’s longer-term CDs are somewhat competitive, selected terms really stand out.

iGOcds

While a couple of iGObanking’s CDs pay competitive rates, most terms offer a meager APY when compared with competitors.

Term

APY

6 Months

0.75%

12 Months

0.85%

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty:
    • 3 months-11 months: 3 months’ of interest
    • 12-35 months: 6 months’ of interest
    • 3 years-6 years: 12 months’ of interest
    • 7 years or more: The greater of all of the interest earned on your withdrawal, or half of the interest it would have gained had you let your CD grow for its entire term

iGOcds renew automatically after seven days of coming to maturity. That means that if you want to get your money out without having to face penalties, you will have to do so within this seven-day window.

While the interest rates on some of iGObanking’s longer-term CDs are somewhat competitive, most of their rates for shorter terms are not up to par with the rest of the market.

How to get iGObanking’s CDs

To open an iGObanking CD, you will have to apply online. The process will take about 10 minutes to complete, according to the bank.

You will need to have the following information to complete the process:

  • Your Social Security number
  • A valid form of identification
  • Previous home address (if you have lived at your current home address less than two years)
  • For electronic funding, you will need your current U.S. bank account and routing number
  • U.S. checking or savings account to fund your new account(s)
  • If applying for a joint or beneficiary account, you will need their name, Social Security number, identification (for joint account) and date of birth.

SEE DETAILS Secured

on IGObanking’s secure website

Member FDIC

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How iGObanking’s CD rates compare

If you’re going to open a CD with iGObanking, make sure to go for the higher-interest 12 month or 24 month terms. All of its other rates pay a pittance compared with their competitors’ CD rates.

iGObanking’s money market account options

iGOmoneymarket

A competitive money market account with high minimum balance requirements.

APY

Minimum Balance Amount to Earn APY

0.75%

$25,000

0.75%

$75,000

0.75%

$100,000

  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $25,000
  • Monthly account maintenance fee: If your balance falls below the $25,000 mark, you will stop accruing interest on this account and be charged a $15 monthly maintenance fees.
  • ATM fee: $3 at non-AllPoint ATMs abroad; ATM operator may charge additional fees at domestic non-AllPoint ATMs
  • ATM fee refund: If you incur the $3 fee overseas, you may be able to call and ask to have the fee removed as a courtesy. Decisions on these refunds are made on a case-by-case basis.
  • Overdraft fee: $30

While iGOmonkeymarket rates are competitive, the minimum account balance required — at $25,000 — is relatively high. This account is going to be best for those who have that much or more that can sit in a savings account. If not, you could get nearly comparable rates with far-lower balance requirements elsewhere.

Bear in mind that as a savings account, you will only be able to make up to six certain withdraws or outbound transactions per month.

How to get iGObanking’s iGOmoneymarket account

All iGOmoneymarket accounts must be opened online. The process will take about 10 minutes to complete, according to the bank.

You will need to have the following information to complete the process:

  • Your Social Security number
  • A valid form of identification
  • Previous home address (if you have lived at your current home address less than two years)
  • For electronic funding, you will need your current U.S. bank account and routing number
  • U.S. checking or savings account to fund your new account(s)
  • If applying for a joint or beneficiary account, you will need their name, Social Security number, identification (for joint account) and date of birth.

SEE DETAILS Secured

on IGObanking’s secure website

Member FDIC

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How iGObanking’s money market account compares

If you have $25,000 to open an account, iGObanking’s money market rates are competitive, though you may still want to do some comparison shopping on other money market accounts. If you don’t have that much to park into medium- or long-term savings, you can find near similar rates with much lower minimum balance requirements with other financial institutions.

iGObanking’s IRA account options

iGOira

Low interest rates on an already extremely conservative investment option within your retirement portfolio.

Term

APY

6 Months

0.75%

8 Months

0.15%

9 Months

0.15%

12 Months

1.00%

13 Months

0.15%

15 Months

0.15%

18 Months

0.15%

24 Months

0.15%

29 Months

0.15%

36 Months

0.15%

48 Months

0.15%

60 Months

0.15%

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Early withdrawal penalty: In addition to penalty fees and taxes charged by the IRS, you will also incur a fee equal to 3 months’ of interest on your withdrawal if your term is 6-11 months. If your term is 12-35 months, you will incur a fee of 6 months’ of interest. If your term is 3 years or more, you will incur a fee of 12 months’ of interest.

iGObanking’s rates on IRA CDs are extremely low. The return wouldn’t even keep up with inflation if you assume an annual inflation rate of 3% per year. Certificates of deposit are a very conservative investment in your retirement portfolio to begin with, so if you’re going to go this route, you’ll be better off looking at the offerings of other financial institutions.

How to get iGObanking’s IRA CDs

You cannot open an iGOira online. Instead, you’ll have to fill out, print and mail the application via postal mail.

SEE DETAILS Secured

on IGObanking’s secure website

Member FDIC

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How iGObanking’s IRA CD rates compare

Even with a relatively small minimum opening deposit, the rates on iGOira CDs are paltry when compared with the competitions’ IRA CD rates.

Overall review of iGObanking’s banking products

When it comes to deposit accounts, iGObanking comes out in the middle of the pack. While certain products, like iGOchecking and 12 month and 24 month CDs, offer very competitive interest rates, all other CD offerings and savings accounts are easily outshined by the competition. You’ll want to shop this online bank product by product; it doesn’t make sense to hold all your money with one financial institution in this instance.

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