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First Internet Bank is an online-only bank available to everyone nationwide. I’ll review some background information, and keep this page updated on new promotions and bonuses.
A Brief Overview
In this new era of online banking, First Internet Bank was one of the first banks in this movement, beginning in 1999.
While many online banks are still developing their suite of products, First Internet Bank now offers a full line of accounts:
|Accounts for Kids||Health Savings Accounts||CDs|
|IRAs||Credit Cards||Personal Loans|
|Vehicle Loans||Student Loans||Mortgage Services|
|*Current Top Rate At First Internet Bank:
Just like other online banks, First Internet Bank can provide much more competitive rates than traditional banks due to the lower overhead.
Online banking is all about convenience, and it’s nice being able to speak with banking experts by phone and through live chat in the comfort of your home.
The bank’s parent holding company, FIRST INTERNET BANCORP is based in Indianapolis, IN. They are rated 4 stars for financial strength by BauerFinancial, Inc., the nation’s leading bank rating institution. This means that the bank is profitable and keeps its delinquent loans in check.
While First Internet Bank provides a full suite of products, this page will focus more on their popular Checking, Savings, Money Market and CD accounts.
First Internet Bank Checking Accounts
Interest And Free Checking Accounts
You can choose from either an interest-earning Checking account, or the free Checking account.
|Interest Checking||Free Checking|
|Open Account with as little as||$100||$25|
|Pays Interest||Yes, when you maintain an average daily balance of $500 or more||Does not pay interest|
|APY (Annual Percentage Yield)||0.55%||Does not pay interest|
|Interest Rate||0.55%||Does not pay interest|
|Monthly Maintenance Fee||$10||None|
|Balance to Avoid Fee||$500 average daily balance||None|
|ATM Surcharge Rebate||Yes, up to $10.00 per month||None|
|Online & Mobile Bill Payment||$0||$0|
|Like to write checks?||Free first order of checks, unlimited check writing||Free first order of checks, unlimited check writing|
|*Author’s Pick: If you can easily carry at least a $500 average daily balance in your account, the easy, clear choice is the Interest Checking account. That is a very low minimum balance requirement to waive the monthly fee, and you’re going to earn interest on the balance. Plus, you’ll be able to receive up to $10/month in rebates on out-of-network ATM fees. You can withdraw cash using your First IB Debit Card at ATMs displaying the PLUS® symbol at over 1.1 million ATMs worldwide fee-free.|
Fees To Be Aware Of
|Non-Sufficient Funds||$30 Per occurrence|
|Overdraft||$30 Per occurrence|
|Uncollected Fee||$30 Per occurrence|
|Check Copies||$5 Per copy. Images of checks written in the last 12 months available at no cost through online & mobile banking.|
|Statement Copies||$3 Per statement. View up to 12 months of statements at no cost when you receive statements electronically.|
First Internet Bank Savings Accounts
You’ll get decent rates with First Internet Bank’s Online Savings account, and you can even link it to an ATM card. I definitely recommend comparing these rates to some of the options here first.
Money Market, Regular, And Free Savings
Basically the account that has higher fees and balance requirements will provide the higher interest rate.
|Money Market||Regular Savings||Free Savings|
|Open Account with as little as||$100||$100||$25|
|APY (Annual Percentage Yield)||0.80%||0.60%||0.40%|
|Monthly Maintenance Fee||$5||$2||None|
|Average Daily Balance to Avoid Fee||$4,000||$1,000||None|
|Transactions Allowed per Month||6||6||6|
|ATM Surcharge Rebate||Up to $10 per month||Up to $10 per month||None|
|*Author’s Pick: I’d typically choose the account with the highest interest rate, but you’re really going to have to compare these rate to the other online banks below. Currently the Capital One 360 Savings account will earn a higher rate than the Regular and Free Savings accounts from First Internet Bank. That isn’t true when compared to the Money Market from First IB. However, the Discover Online Savings account trumps all the rates (currently at 0.95%).|
First Internet Bank CD Rates
First Internet Bank, being an online-only account, boasts some of the best CD rates in the market and easily blows away the rates of traditional banks.
The CDs are FDIC insured and you can start with a minimum $1,000 deposit to start earning money. CD accounts are safe and typically earn more than Savings accounts, but keep in mind there are penalties for withdrawing before your term is over.
Here are the current terms and rates:
|Term||Annual Percentage Yield (APY)||Early Withdrawal Penalty|
|3 Months||0.50%||90 days interest|
|6 Months||0.86%||180 days interest|
|12 Months||1.16%||180 days interest|
|18 Months||1.31%||180 days interest|
|24 Months||1.36%||360 days interest|
|36 Months||1.41%||360 days interest|
|48 Months||1.67%||360 days interest|
|60 Months||1.92%||360 days interest|
|*According to First Internet Bank, rates can change any day and are updated by 10AM Eastern. You’ll want to check rates after 10AM Eastern for that rate to be honored the day you open an account.|
While First Internet Bank CDs offer some of the best rates available today, it really depends on if you’re depositing more than $1,000 and what term you end up choosing. Be sure to read my guide on finding the best CD rates.
Here are all the best CD accounts you should be considering:
- EverBank Review: Checking, Money Market, CD Promotions And Bonuses
- Capital One 360 Review: $50, $100, $200, $400, $1000 Bonuses
- Ally Bank Online Checking, Savings, Money Market, CDs Promos Up To 1.75% APY
- Popular Direct Online Savings And CD Account Promotions
- Virtual Bank Checking, Money Market, CD Promotions & Offers
- Sallie Mae Banking: Money Market, Savings, CDs
- E-LOAN.com Review: Online Savings And CD Promotions
- EBSB Direct Online Money Market And CD Promotions – 1.50% APY
- Discover Bank Online CD Rates Up To 2.20% APY
- Synchrony Bank Online Savings, CD, Money Market Accounts Up To 2.05% APY
- First Internet Bank Review: Checking, Savings, CD Promotions
- USAA Bank Online Checking, Savings, CD Promotions