I'm not sure why no one has posted their experience on them. But here are my impressions:

1) You have to do a signature card through snail mail before your account is finalized. I prefer to do everything online. Snail mail just slows everything down.
2) If I understand the rep correctly, you can fund the account through an electronic transfer (ACH), but the account is not set up to continue to do so! This seems bizarre. She said to further transfer money, you can set up "bill payment" at your local bank, and something about opening a Bank of the Internet money market account as well to facilitate transferring money in and out. I don't think I will fund the account . . . too much trouble.

Posted: Jan 31, 2009

I have to agree with townsend regarding the inconvenience of this account. Not being able to transfer money in and out from external accounts at other institutions via ACH transfers is ridiculous. Their above average yield is appealing but 'thanks but no thanks'.

Posted: Jan 31, 2009

Without ACH. the bill payments will take 5-7 business days to complete the transaction. Stone age anyone!

Posted: Feb 2, 2009

No ACH, no account.
What are they thinking?
Even "Cavemen" from GEICO could have seen that coming.
Stone age bankers unite!

Posted: Feb 3, 2009

Opened account 3 weeks ago.
Sent back signature card.
Extremely slow service.Extremely Disappointed.
No welcome packet in USPS mail like other banks.
Opened other online accounts the same day and
everything was smooth and ready to go quickly.
Still no information on how to access my new account.
Not worth the time or aggravation.
Choose another Bank. My rating? D-

Posted: Feb 7, 2009

Terrible experience trying to set up an account with them. Difficult to reach anyone by phone unless you push '7' for the 'president's line'. Told different stories why they were having trouble getting the account set up. Finally after 1 month of this, I guess I was lucky that my app for the Savings account was denied (message by email) because of their oversight of the documents sent to them. Although they said they would still like me as a customer, I told them I was not interested in continuing to work with them.

Posted: Feb 18, 2009

I was able to link my account from another bank and get my $100 (the initial deposit) out. I'll wait 90 days to avoid the early termination penalty and then close the account.

Posted: Feb 23, 2009

When I decided to split my cash reserve into 3 online savings providers, BOFI was the highest of the 3 at 3.5%. But it took so long to establish the account due to BOFI mailing procedures, by the time the account was established, they were the lowest with 2 rate reductions. Its been 2 months and I still do not have a functioning debit card. They need to review their procedures for establishing accounts and avoid the overly slow snail mail.

Posted: Mar 2, 2009

It takes a really long time to set up the account, once I opened mine I found out I wasn't getting the savings rate I thought I should. Lack of ACH is frustrating. Billpay is even worse. Great rate, difficult bank. If you can deal with the headaches and plan to leave your money somewhere for ages then go with this bank, if you are like me and need access to my money when I need it, then go somewhere else. Not worth my time or effort. I'm closing my account.

Posted: Jul 3, 2009

Eventually did set up an "Advantage Savings" account because of the yield (currently 2.5%).
Funding can be by ACH or check, but the only way to get money out is "Billpay".
However, if your outside financial institution supports it, you can set up an external ACH link using BOI account & routing numbers.
Otherwise, money movement options are severely limited.
I brought this up with customer service, and they agreed.
Don't expect changes any time soon.
Will update when funding finally (after receiving & mailing signature card) occurs.

Posted: Jul 25, 2009

Thanks everyone. That was certainly helpful!

Posted: Aug 2, 2009

Had the same results with Broadway Federal don't waste your time.

Posted: Aug 2, 2009

Wow I'm glad I read these posts. I was about to open an account with them. I have been with E-trade and I am only getting .80% in their savings account. I thought BOFI would be a good change. I guess not!!! Thanks for the advice all.

Posted: Aug 6, 2009

The use of the word "Internet" in their name is a surely a joke. They lean on snail mail for everything unless you're willing to shell out the FEES for wire transfers. And now, at 2 percent, their rates are lower than Shore Bank's at 2.15. I'll wait the 90 days (to avoid the $25 closing fee) and kill that account. Avoid this bank...at this rate, it won't be around much longer.

Posted: Aug 6, 2009