Business Insider's personal finance team compared First Internet Bank of Indiana to the best banks and found it to be a standard offering.
As an online bank, it offers high rates on several of its deposit accounts, including its money market account. But it doesn't offer a high interest rate on its regular savings account, and other online banks and credit unions have CDs with slightly higher interest rates.
First Internet Bank of Indiana Overview
First Internet Bank of Indiana is an online bank with no physical branches. You have free access to Plus Alliance ATMs around the US, and the bank refunds up to $10 per month in out-of-network ATM fees on several of its accounts.
First Internet Bank of Indiana isn't a bank with 24/7 customer support, but it does have customer service hours over the weekend. To contact customer support, call or chat online with a live representative Monday through Friday from 7 a.m. to 9 p.m. ET, and Saturday from 9 a.m. to 3 p.m. ET.
The First Internet Bank of Indiana mobile banking app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
First Internet Bank of Indiana Pros and Cons
First Internet Bank of Indiana Pros
- Pays high interest rates
- Free checking and savings account options
- Refunds up to $10/month in ATM fees for several accounts
- Free overdraft protection
First Internet Bank of Indiana Cons
- No physical branches
- Compounds interest monthly, not daily
- You may earn a higher savings interest rate elsewhere
Banking Options with First Internet Bank of Indiana
First Internet Bank of Indiana Free Savings Account
no monthly service fee
0.81%
$25
- Competitive interest rate
- $25 minimum opening deposit
- No monthly service fees
- Refunds up to $10 per month in out-of-network ATM fees
- You may earn a higher rate with other online banks
- Interest compounds monthly, not daily
- Earn the same interest rate regardless of your balance
- Interest compounded monthly, paid monthly
- Member FDIC
The First Internet Bank of Indiana Free Savings Account doesn't charge a monthly fee, and it pays a decent interest rate compared to brick-and-mortar banks. You'll still earn a much better rate with the best high-yield savings accounts, though.
First Internet Bank of Indiana Free Checking Account
no monthly service fee
None
$25
- $25 minimum opening deposit
- No monthly service fees
- No out-of-network ATM fees
- Two forms of overdraft protection: line of credit or free sweeping from savings account
- Does not reimburse any fees charged by out-of-network ATM providers
- $30 overdraft fee
- Use ATMs in the Plus Alliance ATM Network for free
- First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
- Member FDIC
The First Internet Bank of Indiana Free Checking Account is a good option for a checking account with no monthly fees.
You also may like its interest checking account, which pays interest and refunds up to $10 per month in ATM fees. Just know that you'll need to keep $500 in your account to waive the monthly service fee. If you're interested in an interest-bearing checking account, there are high-yield checking accounts that offer higher rates.
First Internet Bank of Indiana CD
3.60% to 4.20%
$1,000
- Competitive APY
- Standard early withdrawal penalties
- $1,000 opening deposit
- Interest is compounded monthly, not daily
- Terms ranging from 3 months to 5 years
- 90 days interest early withdrawal penalty for 3-month term; 180 days interest for 6-18 month term; 365 days interest for 24-60 month term
- Interest is compounded monthly and paid monthly
- Member FDIC
First Internet Bank of Indiana pays high interest rates on First Internet Bank of Indiana First Internet Bank of Indiana CD. That being said, the best CD rates are a bit higher than what First Internet Bank of Indiana has to offer.
First Internet Bank of Indiana First Internet Bank of Indiana Money Market Account
$5 monthly service fee
3.61% to 4.42% (vary by daily balance)
$100
- High interest rate
- $100 minimum opening deposit
- No out-of-network ATM fee, and reimburses up to $10 per month in providers' fees
- Includes an ATM card upon request
- $5 monthly service fee
- Interest compounds monthly, not daily
- No paper checks
You may like First Internet Bank of Indiana if you are comfortable with an online-only banking experience. It's a great option for earning some of the best CD rates right now, but you might want to look elsewhere if you're searching for the highest savings rate.
- Earn 3.61% APY on account balances of $1 million or less
- Earn 4.42% APY on account balances over $1 million
- To waive $5 monthly service fee, maintain a $4,000 average daily balance
- Use ATMs in the Plus Alliance ATM Network for free
- First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
- Interest compounded monthly, paid monthly
- Member FDIC
You may like the First Internet Bank of Indiana Money Market Account if you can maintain a $4,000 balance, because then you'll waive the $5 monthly service fee. This money market account pays a higher interest rate than First Internet Bank of Indiana's regular savings account. It also offers a much higher interest rate than the average money market account.
First Internet Bank of Indiana Business Banking Products
3.46% to 4.42%
NA
- -
- -
You may like First Internet Bank of Indiana if you are comfortable with an online-only banking experience. It's a great option for earning some of the best CD rates right now, but you might want to look elsewhere if you're searching for the highest savings rate.
First Internet Bank of Indiana offers multiple business banking products, including business checking accounts, business savings accounts, business CDs, and the First Internet Bank of Indiana Business Money Market Account.
It offers similar interest rates on its business banking products that it offers on its personal banking products, and its business checking account offers no monthly service fees, interest, and unlimited transactions. That being said, it doesn't have a business savings account option with no monthly service fees.
First Internet Bank of Indiana Fees
First Internet Bank of Indiana charges monthly bank maintenance fees on many of its accounts, including its interest checking account and money market account. You'll need to keep your account at or more than a certain balance to avoid these fees.
You'll also pay a fee for wire transfers, cashier's checks, and to start an ACH transfer withdrawal from your account using the account's "Move Money" option.
First Internet Bank of Indiana doesn't charge overdraft fees, much like the best banks for overdrafts. Some of its accounts also reimburse out-of-network ATM fees, for up to $10 of reimbursements each month.
Is First Internet Bank of Indiana Trustworthy?
First Internet Bank of Indiana does not have any public controversies.
The Better Business Bureau gives the bank an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
First Internet Bank of Indiana Alternatives
First Internet Bank of Indiana vs. Ally
Ally and First Internet Bank of Indiana are both online banks. If you're interested in avoiding bank fees, you'll want to go with Ally — it doesn't charge monthly service fees for any of its deposit accounts, while many of First Internet Bank of Indiana's accounts come with monthly fees.
If you want to open a money market account specifically, First Internet Bank of Indiana will likely be the better choice. Ally doesn't offer a money market account.
First Internet Bank of Indiana vs. Discover
Both Discover® and First Internet Bank of Indiana are online banks. If you're interested in a savings account, you'll likely want to go with the Discover® Online Savings Account, which offers a higher interest rate of 3.75% (as of 12/18/24) APY (Annual Percentage Yield).
First Internet Bank of Indiana CDs are slightly more competitive than Discover® CDs, which have interest rates that range from 2.00% to 4.10% APY. That being said, Discover® doesn't require a minimum opening deposit for its CDs; First Internet Bank of Indiana does.
Why You Should Trust Us: How We Reviewed First Internet Bank of Indiana
We rate bank accounts on a scale from one to five stars. For First Internet Bank of Indiana's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For the bank's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
First Internet Bank of Indiana Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4 |
| CD | 3.75 |
| Money market account | 4.25 |
| Business accounts | 4 |
| Trustworthiness | 5 |
| Total | 4.25 |
First Internet Bank of Indiana FAQs
Yes, First Internet Bank of Indiana is legit. The bank is FDIC-insured, which means your money is safe for up to $250,000 per depositor.
Yes, First Internet Bank of Indiana is a real bank despite being an online-only bank. The bank is FDIC-insured, which means it's backed by the federal government.
Yes, First Internet Bank of Indiana is FDIC-insured. Your money is safe in your deposit account for up to $250,000 per depositor.
CD rates at First Internet Bank of Indiana currently range from 3.60% to 4.20% APY.
The First Internet Bank of Indiana business money market account offers interest rates ranging from 3.46% to 4.42% APY. The rate you get depends on how much money you keep in the account.
