iGobanking.com, a division of Flushing Bank
Analysis
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Edited by General
IGoBanking is a division of Flushing Bank of New York. In the past it has occasionally offered competitive online savings and CD rates. It often offers better rates through the parent or through BankPurely, a separate entity designed to pretend to offer some sort of lifestyle banking.
Advantages
- The bank offers competitive rates and no monthly fees on accounts over $25,000.
- The bank has offered rewards instead of interest for some accounts in the past under the heading of "Gifts for Banking". These rewards however have not been particularly interesting as an alternative to earning interest since around 2015, and you will receive a 1099 for the value of item or service received.
Disadvantages
- Customer service is generally very poor, and the parent bank is not well regarded in New York.
- Customers need to consider accounts at Flushing Bank, IGoBanking and BankPurely when considering their FDIC coverage.
- ATM fees are high, although they are waived for those with Sapphire status (over $75,000 on deposit at the bank) or Private Client status (over $150,000).
Best Rate
Savings Fees
| Fee Type | |
|---|---|
| Non Sufficient Funds | $0.00 |
| Maintenance | $0.00 |
| Out-of-network ATM | $0.00 |
| Excessive Transaction | $0.00 |
| Incoming Wires | $0.00 |
iGobanking.com, a division of Flushing Bank Reviews
PJs at bedtime
June 25, 2022 |
I've been in and out of igo. I usually carry a large balance when they are rate competitive (half the time) and move by money somewhere else when they aren't (the other half). The $3,000 transfer limit is a huge problem. It has always been waived within a day on inbound and outbound transfers, if you write them. But, they make clear in their response that it is a 1-time thing and that you need to act immediately. Fast forward to now - they raised their rate from 0.55% to 1.30% finally. The 1.30% rate is almost 50% above what I am getting at Amex or Sallie, but the time consumed in writing and the very thought of needing to ask a bank to let me access my money in a savings account again, is making me happy to just sit still, or to move to another bank like Citizens which is also competitive but doesn't through up unnecessary obstacles.
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