Get a $750 Welcome Deposit for eligible new customers who open an 
- Editor Rating
- Rated 3.5 stars
- Very Good
- First Internet Bank Promotions
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Contents
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.
Established in 1998 and headquartered in Fishers, IN, First Internet Bank doesn’t have any branch locations as it’s an internet-only institution.
A Brief Overview
In this new era of online banking, First Internet Bank was one of the first banks in this movement, beginning in 1998.
While many online banks are still developing their suite of products, First Internet Bank now offers a full line of accounts:
| Checking | Savings | Money Market |
| Accounts for Kids | Health Savings Accounts | CDs |
| IRAs | Credit Cards | Personal Loans |
| Vehicle Loans | Student Loans | Mortgage Services |
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 Banking | $0 | $0 |
| Mobile Banking | $0 | $0 |
| 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. |
I keep a running list of the best Checking Account offers here. Offers from TD Bank, Regions Bank and Chase Bank are some good ones to start with.
- Chase Total Checking Account Bonus: $200 Coupon Available Online
- Chase Bank Business Checking Promotion: $200 Sign-Up Cash Bonus
- Chase Premier Plus Checking℠ Bonus: $300 Coupon Offer
- Chase Coupon Promo Codes: $200, $300, $350, $500 – May 2018
- HSBC Bank Promotions: $200, $350, $750 Checking Account Bonuses
- TD Bank Promotions: $300 & $150 Checking Account Bonuses
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
- Regions Bank Promotions: $200 Checking Account Bonus
- Simple Bank Review & Bonus Offer: Unlimited $20 Referrals
- CIT Bank Promotions: Online Money Market Account 1.75% APY Offer
MoneysMyLife Top Offer Picks  Earn a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit. Also earn a $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 10 days & maintain a $10,000 balance for 90 days. Apply for both offers and get a $350 total bonus. Full Review Get $300 when you open a new Chase Premier Plus CheckingSM account and set up direct deposit. This account has more features than the Chase Total Checking® and the monthly service fee can be waived with a few different requirement options. A $300 Checking bonus is one of the best offers from Chase Bank. Full Review Earn $200 when you open a new Chase Total Business Checking® account, deposit $1,000 in new money within 10 business days of account opening, maintain that balance for 60 days and complete five qualifying transactions within 60 days. This is the most popular Business Checking offer.Full Review |
Apply online for a new TD Bank Checking account to earn either a $300 bonus for the TD Premier Checking account ( $2,500 in direct deposits required), or a $150 bonus for the TD Convenience Checking account ($500 in direct deposits required). This is a limited time offer. 
Get a $750 Welcome Deposit for eligible new customers who open an 
Earn up to 25,000 bonus miles worth $250 in travel every year with the Barclays Arrival® Premier World Elite Mastercard®. Without an initial sign-up bonus, this credit card is intended for high spenders looking for a card to carry for the long-term. The card will earn unlimited miles at the rate of 2 miles per $1 spent on all purchases. 
The HSBC Cash Rewards Mastercard® has a sign-up bonus of $150 when you spend at least $500 on purchases within the first 3 months of account opening. This credit card will also earn an ongoing 1.5% cash rewards rate on all purchases and has no foreign transaction fees. There is no annual fee with this card. 
CIT Bank is offering a 1.75% APY rate with their Money Market Account for all balances. This account is available online nationwide and consistently offers one of the best rates in the nation. The minimum opening deposit is $100 and there are no fees for opening or maintaining the account. 
Ally Invest is one of the nation's top choices for a low-cost stock broker, and they now have a promotion where you can earn a cash bonus of $50 to $3500, as well as $500 in commission-free trades. Your cash bonus value will depend on your deposit amount made within 60 days of account opening. 
Simple Bank has an offer where you can earn a $20 bonus after opening their free online Checking account that's available nationwide. You'll then be able to earn unlimited $20 referral bonuses. Direct deposit isn't a requirement and all you and your referrals need to do is open a new account and use the Simple Visa debit card to make a first purchase. 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) | 1.26% (daily balance of $250,000 or less) | 0.60% | 0.40% |
| 1.51% (daily balance above $250,000) | |||
| 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 Card | Yes | Yes | Yes |
| ATM Surcharge Rebate | Up to $10 per month | Up to $10 per month | None |
| *Author’s Pick: We’d typically choose the account with the highest interest rate, but you’re really going to have to compare these rates to the other online banks below. Synchrony Bank and CIT Bank are popular choices for their Savings accounts. | |||
Be sure to compare all rates at my Savings Rates page. CIT Bank, Salem Five Direct and Dollar Savings Direct tend to offer great Savings rates. Also, be sure to browse these Savings Account Promotions, including a great offer from Chase. Here are the competitor Online Savings accounts you should look through before making a decision:
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Popular Direct Online Savings And CD Account Promotions
- Chase Coupon Promo Codes: $200, $300, $350, $500 – May 2018
- HSBC Bank Promotions: $200, $350, $750 Checking Account Bonuses
- Marcus By Goldman Sachs Online Savings & CD Offers, Promotions
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Synchrony Bank Online Savings, CD, Money Market Promotions
- DollarSavingsDirect Online Savings & CD Account Promotions, Offers
- Salem Five Bank Checking, Savings, CD Promotions
- CIT Bank Promotions: Online Money Market Account 1.75% APY Offer
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 | 1.56% | 90 days interest |
| 6 Months | 1.81% | 180 days interest |
| 12 Months | 2.22% | 180 days interest |
| 18 Months | 2.32% | 180 days interest |
| 24 Months | 2.48% | 360 days interest |
| 36 Months | 2.58% | 360 days interest |
| 48 Months | 2.68% | 360 days interest |
| 60 Months | 2.84% | 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. | ||
Author’s Verdict
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. Synchrony Bank, EverBank and Popular Direct all offer very competitive CD rates you should compare with. Here are all the best CD accounts you should be considering:
- Popular Direct Online Savings And CD Account Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- EverBank Review: Checking, Money Market, CD Promotions And Bonuses
- Virtual Bank Checking, Money Market, CD Promotions & Offers
- Live Oak Bank Online Savings And CD Offers, Promotions
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- CIT Bank Promotions: Online Money Market Account 1.75% APY Offer
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Crestmark Bank Online CD Account Promotions Available Nationwide
- Salem Five Bank Checking, Savings, CD Promotions
*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.