Bank of Internet adds up interest

If you’re looking to put your money to work with better interest rates, Bank of Internet might just be your new home. Right now, you can earn up to 1.24% interest with the online bank’s Rewards Checking program, depending on how you receive your paycheck and spend your money each month.

Here’s the breakdown of what you can earn:

.31% for direct deposits of $1,000 or more .31% for two bill payment transactions .31% for 1 – 5 debit card purchases .31% for 6+ debit card purchases

Seems pretty easy, right? I know I would qualify for three of these four steps right now. To maximize my rewards, I would just need to start utilizing online bill pay more frequently, which would save me the hassle of mailing checks anyway.

The best part of this program is that requirements are individual, rather than bundled. With the majority of rewards checking programs, it’s all or nothing, but BofI rewards account holders .31% of interest for clearing individual monthly hurdles.

Plus, the bank delivers some additional perks:

Unlimited ATM reimbursements. While some banks might charge you a few bucks for using another institution’s machine, BofI will refund any ATM fees you incur unless you’re out of the country. Purchase Rewards…. Share and Enjoy: