Atlanta Internet Bank began offering a ‘Super Value Checking’ account yesterday to its on-line customers providing a high-yield and a low minimum balance. With a minimum deposit of $100 customers can earn a 4% annual percentage yield on a 3.93% percent interest. NetB@nk, parent company of AIB, says the rate is twice the national average. Since opening its Internet doors for business last October Atlanta Internet has recorded deposits of $43 million. The bank is promoted through America Online’s ‘Digital City’ and offers on-line bill paying and ATM cards in addition to basic banking services.
Looking for a way to make more money on your hard-earned checking account? Starting Wednesday, Atlanta Internet Bank, member, FDIC, will offer Super Value Checking, a high yield, low minimum balance checking combination that is seldom seen at traditional “brick and mortar” banks.
With a minimum deposit of only $100, Super Value Checking customers can earn 4.00 percent* annual percentage yield on 3.93 percent interest. In comparison, on Monday, August 11, Bank Rate Monitor (http://www.bankrate.com) noted that the average interest checking account is currently earning 1.62 percent, with an annual percentage yield of 1.63 percent. AIB’s parent company, NetB@nk, Inc., is publicly traded on Nasdaq as NTBK.
D. R. Grimes, CEO of Atlanta Internet Bank, said, “Offering interest on online checking that’s more than twice the national average is just one of the many benefits of banking with AIB. Because we lack the overhead of traditional banks, we’re able to pass that savings on to our customers in the way of high yield products, including checking, money market accounts and certificates of deposit.”
Online checking enables customers do their banking 24 hours a day, seven days a week. Since accounts are internet based, they can be accessed from anywhere in the world at any time. They are not dependent on a specific computer running a banking software application. Customers can see when deposits have been posted, which checks have cleared, what their balance is, and which checks remain outstanding. Additionally, they can transfer funds among their AIB accounts.
Deposits can be made by mail via AIB-provided pre-addressed, postage-paid envelopes. Although many customers use electronic checks for bill-paying, paper checks are also available by request.
AIB opened its electronic doors in October, 1996 and already has deposits of about $43 million dollars. AIB offers other products, such as CDs, Money Market accounts, on-line bill paying services, and ATM cards.
Atlanta Internet Bank is a member of the FDIC, and is available online at http://WWW.ATLANTABANK.COM or through Digital City on America Online using Keyword: AtlantaBank. The bank is available through any Internet Service Provider with Secure Access. Users can sign up electronically, or call for a membership kit at 1-888-BKONWEB (256-6932).
* Fees may reduce earnings. APY accurate as of August 12, 1997