Get a $750 Welcome Deposit for eligible new customers who open an 
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- Rated 3.5 stars
- Very Good
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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, HSBC Bank, Simple Bank and Chase Bank are some good ones to start with.
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- TD Bank Promotions: $300 & $150 Checking Account Bonuses
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
- Chase Student Checking Promotions: $100 Chase College Checking℠ Bonus
- Chase Bank Business Checking Promotion: $200 Sign-Up Cash Bonus
- Chase Total Checking Account Bonus: $200 Coupon Available Online
- Chase Coupon Promo Codes: $200, $300, $350, $500 – September 2018
- HSBC Bank $350 & $750 Checking Account Bonuses
- Chase Premier Plus Checking℠ Bonus: $300 Coupon Offer
- Simple Bank Review & Bonus Offer: Unlimited $20 Referrals
| Featured Promotions | ||
|---|---|---|
| Chase Total Checking® + Savings℠ | Chase Premier Plus Checking℠ | Chase Total Business Checking® |
 |  |  |
| $350 Bonus | $300 Bonus | $200 Bonus |
| Review | Review | Review |
| Chase College Checking℠ | HSBC Premier Checking | HSBC Advance Checking |
 |  | |
| $100 Bonus | $750 Bonus. Member FDIC | $350 Bonus. Member FDIC |
| Review | Review | Review |
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) | 1.61% (daily balance of $250,000 or less) | 0.60% | 0.40% |
| 1.81% (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. HSBC Direct and CIT Bank are popular choices for their Savings/Money Market accounts. | |||
Be sure to compare all rates at my Savings Rates page. CIT Bank, BBVA Compass and HSBC Direct tend to offer great Savings/Money Market 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:
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
- Chase Coupon Promo Codes: $200, $300, $350, $500 – September 2018
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Online HSBC Direct Savings Rate Offer: 2.01% APY (Available Nationwide)
- Popular Direct Online Savings And CD Account Promotions
- Marcus By Goldman Sachs Online Savings & CD Offers, Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Salem Five Bank Checking, Savings, CD Promotions
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 | 1.61% | 90 days interest |
| 6 Months | 2.07% | 180 days interest |
| 12 Months | 2.53% | 180 days interest |
| 18 Months | 2.63% | 180 days interest |
| 24 Months | 2.73% | 360 days interest |
| 36 Months | 2.83% | 360 days interest |
| 48 Months | 2.94% | 360 days interest |
| 60 Months | 3.20% | 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. BBVA Compass and CIT Bank both offer very competitive CD rates you should compare with. Here are all the best CD accounts you should be considering:
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Virtual Bank Checking, Money Market, CD Promotions & Offers
- Popular Direct Online Savings And CD Account Promotions
- Live Oak Bank Online Savings And CD Offers, Promotions
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Salem Five Bank Checking, Savings, CD Promotions
- Crestmark Bank Online CD Account Promotions Available Nationwide
*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.