First Internet Bank of Indiana was founded in 1999 and was the first state-chartered, FDIC-insured institution to operate entirely online. First Internet Bank’s suite of products includes personal and business banking products, health savings accounts, and even accounts for kids.

First Internet Bank’s product offerings

First Internet Bank currently offers the following products and bank account options:

• Checking account: First Internet Bank offers two types of checking accounts. Its interest-bearing checking account can be opened with $100 and charges a $10 monthly maintenance fee. Its free checking account doesn’t pay interest, but customers will save on a monthly maintenance fee and there’s no daily balance requirement.

• Savings account: First Internet Bank’s free savings account doesn’t charge any monthly maintenance fee and can be opened with $25. FIB does not currently offer a high-yield savings account.

• Money market account: The money market account offered by First Internet Bank has a higher minimum to open at $100. It offers a tiered APY depending on how much money is held in the account. The biggest savers can earn a higher rate — well over 5% APY on their balance at the moment.

• Certificates of deposit: First Internet Bank’s CD accounts range from three months to 60-month CDs with a $1,000 minimum to open an account. This account has an early withdrawal penalty of up to 360 days’ interest should you decide to make a withdrawal before your CD reaches maturity. At the moment, First Internet’s CD rates sit at 4% and up.

• Health Savings Accounts: First Internet Bank’s health savings accounts are free to open and do not charge a monthly maintenance fee or impose a minimum balance requirement.

• Kids Savings Accounts: For younger savers, First Internet Bank offers a chance to start saving for the future. Parents can open a savings account for their child with a $100 minimum. Once their child turns 18, the savings account will be converted to a free savings account.

• Credit cards: First internet currently offers a cash-back credit card with no annual fee and a 3% cash back rate for gas purchases. All other purchases earn a cash back rate of 1%.

• Personal loans: First Internet’s personal loans are currently offering APRs as low as 11.99% with payment terms as long as 60 months.

• Student loans: First Internet offers student loans for undergraduates, graduates, and parents in partnership with Sallie Mae. These loans have no origination fee or prepayment penalty.

• Specialty vehicle financing and auto loans: First Internet offers auto loans for new and used vehicles, horse trailers, boats, and recreational vehicles with rates starting at just over 8%. These loans have a minimum loan amount of $10,000.

• Business accounts: First Internet also offers business banking products such as a business checking account, money market savings account, regular savings account, and CDs.

Account fees

Here’s a closer look at the account fees First Internet Bank customers can expect to pay:

Monthly fee for free checking account: $0

Monthly fee for free savings account: $0

Outgoing wire transfers (domestic): $20

Outgoing wire transfers (foreign): $50

Stop payment fee: $30

Returned deposit item: $20

Overdraft fee: $0

Statement copy fee: $3 per statement

Pros and cons of First Internet Bank

There are a few major perks and drawbacks customers should note before banking with First Internet Bank.

• Pros:

  • First Internet’s deposit accounts offer competitive APYs. First Internet’s deposit accounts are currently offering interest rates as high as 5.46%. For savers who want to maximize their savings and grow their balances quickly, these savings rates could work to their benefit.

  • No monthly fees for savings and checking accounts. First Internet’s most basic savings and checking account options do not charge a monthly maintenance fee.

  • ATM fee reimbursement for some accounts. Interest Checking, Money Market Savings, and/or Regular Savings account holders are automatically enrolled in First Internet’s ATM Surcharge Rebate program which offers up a monthly ATM fee rebate of up to $10.

• Cons:

  • No physical branches. First Internet Bank is an online bank, therefore it doesn’t have physical branches customers can visit.

  • High minimum opening deposits for money market accounts and certificates of deposit. First Internet’s money market account requires a $100 minimum deposit to open and its CDs require $1,000 to open.

Customer support and mobile banking experience

First Internet Bank support specialists are available via telephone Monday through Friday, from 7:00 a.m. to 9:00 p.m. EST, and on Saturday from 9:00 a.m. to 3:00 p.m. EST.

Customers can also reach out to a support specialist via live chat, email, and mail.

First Internet’s mobile app is available for download on the App store and Google play, with an average rating of 4.8 and 4.4, respectively. On the app, users can check account balances, deposit checks, transfer funds between accounts, pay bills, and more.

Social and environmental impact

First Internet Bank notes its commitment to serving the community and the environment in its latest ESG report. In the most recent reporting period First Internet employees logged more than 500 community service hours. It also prides itself on its inclusive lending program, noting that 35% of First Internet’s SBA loans went to minority-owned, female-owned or minority female-owned businesses.

On the environmental front, First Internet has originated 38 loans to governmental entities to assist in financing energy efficiency and renewable energy projects. In addition to those loans, First Internet has taken major steps to make its headquarters more energy efficient through the implementation of electric vehicle charging stations and more energy efficient lighting.

Frequently asked questions (FAQs)

1. Is First Internet a real bank?

Yes. First Internet Bank is a real, member FDIC-insured institution.

2. Where is First Internet Bank headquartered?

First Internet Bank is headquartered in Fishers, Indiana.

3. How much can I withdraw from First Internet Bank?

The daily withdrawal limit for ATM withdrawals is $750 per day, although individual ATM owners may have their own limits in place.

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