iGObanking Review: Online Bank With High Yields
Comprehensive review of iGObanking's online banking products, rates, and services for savers.
iGObanking Review: Competitive Rates for Online Banking
iGObanking is an online-only financial institution that specializes in deposit products with competitive interest rates. Unlike traditional banks with physical branches, iGObanking operates exclusively online, allowing the institution to keep overhead costs low and pass higher yields to its customers. For savers seeking competitive returns on their money without the convenience of in-person banking, iGObanking presents an intriguing option worth considering.
What Is iGObanking?
iGObanking functions as an internet-based bank that focuses primarily on savings and deposit products rather than offering a full spectrum of banking services. The institution provides customers with access to various deposit accounts designed to help individuals grow their savings through competitive interest rates. As an online-only bank, iGObanking eliminates the need for physical branch locations, reducing operational expenses and allowing the bank to offer rates that often exceed those found at traditional brick-and-mortar institutions.
The bank’s business model centers on attracting depositors seeking higher yields on their savings. This approach differentiates iGObanking from full-service banks that offer loans, credit cards, and other lending products alongside deposit accounts.
Account Types and Products
iGObanking offers several deposit account options designed to meet different savings goals and financial situations.
High-Yield Savings Accounts
iGObanking’s high-yield savings accounts are designed for customers looking to earn competitive interest on their deposits. These accounts typically feature variable interest rates that adjust based on market conditions. Daily compounding ensures that customers earn interest on their interest, maximizing the growth of their savings over time. The accounts come with FDIC insurance protection up to the maximum allowable limit, safeguarding deposits against bank failure.
Money Market Accounts
iGObanking offers variable-rate money market accounts that track the Federal Funds Target Rate. The bank’s iGOindexmoneymarket account automatically adjusts to maintain 85% of the upper bound of the Federal Funds Target Rate. This structure means account holders benefit from rate increases when the Federal Reserve raises rates, without requiring manual account transfers or changes.
Key features of the money market account include:
– Automatic rate adjustments tied to the Federal Funds Target Rate- No maintenance fees- FDIC insurance coverage- Online and mobile banking access- Mobile check deposit functionality- Complete account access without withdrawal restrictions during specific periods
However, the money market accounts carry a minimum balance requirement of $25,000 to earn the advertised interest rate, which may limit accessibility for some savers.
Certificates of Deposit (CDs)
iGObanking provides certificate of deposit options with various term lengths, allowing customers to lock in rates for fixed periods. CD accounts are particularly attractive during rising rate environments, as they guarantee a specific rate for the entire term regardless of subsequent market changes. GOBankingRates has recognized iGObanking’s CD offerings among the best available in the market.
Advantages of Banking With iGObanking
Competitive Interest Rates
One of iGObanking’s primary strengths is the competitive interest rates available on deposit accounts. By operating solely online without physical branches, the bank maintains lower overhead costs, enabling it to offer yields that frequently exceed those provided by traditional banks. For rate-conscious savers, this advantage can result in significantly more interest earned over time.
FDIC Insurance Protection
All iGObanking deposit accounts carry FDIC insurance protection up to the maximum allowable limit. This protection safeguards customer deposits in the unlikely event of bank failure, providing peace of mind and security for deposited funds.
Online and Mobile Banking
iGObanking provides comprehensive digital banking tools, including a user-friendly online platform and mobile banking application. These tools allow customers to manage their accounts, check balances, transfer funds, and deposit checks via mobile deposit functionality without visiting a physical location.
No Maintenance Fees
iGObanking’s money market and savings accounts typically come without maintenance fees, allowing customers to keep more of their earned interest and avoid unexpected charges that could reduce returns.
Automatic Rate Adjustments
For customers with the iGOindexmoneymarket account, the automatic rate adjustment feature tied to the Federal Funds Target Rate means they benefit from rising interest rates without taking any action. When the Federal Reserve increases rates, account holders see their earnings rate increase automatically.
Disadvantages and Limitations
Online-Only Banking Model
iGObanking’s exclusive online presence means customers cannot conduct in-person banking transactions. For those who value face-to-face customer service or prefer handling banking matters at a physical location, this limitation may be problematic.
No Loan or Credit Products
iGObanking does not offer loans, mortgages, home equity lines of credit, or credit cards. Customers needing borrowing options must seek these services elsewhere, requiring relationships with multiple financial institutions.
Limited IRA Offerings
While iGObanking may offer IRA accounts, the yields on these retirement accounts are not particularly competitive compared to other online banks. Individuals seeking high-yield retirement savings options may find better rates elsewhere.
Money Market Account Restrictions
The $25,000 minimum balance requirement to earn the advertised interest rate on money market accounts excludes customers with smaller savings amounts. This restriction limits accessibility for many potential customers.
Limited Account Options
Compared to full-service banks, iGObanking offers a narrower selection of account types, focusing primarily on deposit products without the variety found at larger financial institutions.
Rates and Fees Comparison
iGObanking’s competitive positioning depends significantly on current market conditions and Federal Reserve policy. When interest rates are rising, the automatic adjustment feature of the iGOindexmoneymarket account becomes particularly valuable. Customers should compare current rates with competing online banks before making account decisions.
The lack of maintenance fees on iGObanking accounts represents a significant advantage over some traditional banks that charge monthly account fees. Over time, the absence of fees combined with competitive interest rates can result in substantial savings growth.
Who Should Consider iGObanking?
iGObanking appeals to specific customer segments:
– Individuals seeking high-yield deposit accounts with competitive rates- Tech-savvy customers comfortable conducting all banking online- Savers with at least $25,000 to deposit in money market accounts- Customers who prioritize earning interest over accessing credit products- Those seeking automatic rate adjustments during changing interest rate environments- Savers who want FDIC-insured accounts without maintenance fees
Who Should Avoid iGObanking
iGObanking may not suit customers who:
– Prefer in-person banking relationships and physical branch access- Need loans, mortgages, or credit card products- Have savings below $25,000 to deposit- Require extensive customer service support- Seek comprehensive financial services from a single institution- Need advanced investment or wealth management services
Customer Service and Support
As an online-only bank, iGObanking provides customer support primarily through digital channels. Customers can access help through the online banking platform and mobile application. The quality and responsiveness of customer service represent important considerations for potential customers, particularly when issues arise requiring prompt resolution.
Security and Safety
iGObanking employs standard online banking security measures to protect customer information and accounts. FDIC insurance protection provides additional security by guaranteeing deposits against bank failure. Customers should verify that the bank uses encryption and other security protocols to protect their data during online transactions.
How to Open an iGObanking Account
Opening an account with iGObanking involves an online application process. Customers must provide personal information, verify their identity, and fund their new account. The online application can typically be completed in minutes from a computer or mobile device. After approval, customers can access their account immediately and begin earning interest on deposits.
Alternatives to iGObanking
Several online banks offer competitive deposit rates similar to iGObanking. Customers should compare rates and features among multiple institutions before deciding. Popular alternatives include other online savings banks and high-yield savings account providers through traditional banks’ online divisions. Each alternative offers different combinations of rates, features, and account types.
Bottom Line
iGObanking presents a viable option for savers seeking competitive interest rates on deposit accounts through an online banking platform. The bank’s strengths include competitive rates, FDIC insurance protection, no maintenance fees, and automatic rate adjustments on certain accounts. However, the lack of loan products, limited IRA yields, restrictive money market account minimums, and online-only model present limitations.
Whether iGObanking is the right choice depends on individual financial needs and preferences. Customers prioritizing high yields on savings deposits and comfortable with online banking may find iGObanking attractive. Those requiring comprehensive banking services or in-person support should explore alternatives.
Frequently Asked Questions
Q: Is iGObanking FDIC insured?
A: Yes, all iGObanking deposit accounts are FDIC insured up to the maximum allowable limit, protecting deposits against bank failure.
Q: What is the minimum balance required for iGObanking accounts?
A: The money market accounts require a $25,000 minimum balance to earn the advertised interest rate. Other account types may have different requirements.
Q: Does iGObanking offer checking accounts?
A: iGObanking focuses primarily on savings, money market, and CD accounts rather than traditional checking accounts.
Q: Can I access my iGObanking account on my phone?
A: Yes, iGObanking offers a mobile banking application that allows account management, balance checking, fund transfers, and mobile check deposits.
Q: Does iGObanking offer loans or credit products?
A: No, iGObanking specializes in deposit accounts and does not offer loans, mortgages, or credit cards.
Q: How does the iGOindexmoneymarket account work?
A: This account automatically tracks the Federal Funds Target Rate, maintaining 85% of the upper bound rate. When the Federal Reserve raises rates, your account rate increases automatically without any action needed.
Q: Are there any maintenance fees on iGObanking accounts?
A: iGObanking does not charge maintenance fees on its money market and savings accounts, allowing you to keep more of your earned interest.
Q: How do I open an iGObanking account?
A: You can open an account online through iGObanking’s website by completing the application, providing personal information, verifying your identity, and funding your account.
References
- iGObanking – High Yield Online Money Market Account + Rates — iGObanking. 2025. https://www.igobanking.com/personal-banking/money-market-accounts/
- iGObanking Review: Online-Only Bank With High Yields — GOBankingRates. 2025. https://www.gobankingrates.com/banking/banking-reviews/igobanking/
- iGObanking Review — Bankrate. 2025. https://www.bankrate.com/banking/reviews/igobanking/
- FDIC Insurance Coverage — Federal Deposit Insurance Corporation. 2024. https://www.fdic.gov/resources/deposit-insurance/
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