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Explore First Internet Bank’s suite of bank accounts

An online bank with checking, savings and CDs for personal and business banking.

While First Internet Bank may not be as well known as several major players like Chase and Wells Fargo, it offers a substantial selection of bank accounts with impressive features. Most of its accounts have a low opening deposit and a monthly maintenance fee, which you might be able to avoid if you maintain a minimum balance.

What banking products does First Internet Bank offer?

First Internet Bank offers a full suite of bank products from personal to business accounts.
Name Product Fee ATMs ATM transaction fee Out-of-network ATM fee ATM fee rebates Foreign transaction fee
First Internet Bank Small Business Checking
$0 per month
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
$0
$0
Get reimbursed up to $10 per month in ATM fees
2%
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
First Internet Bank Interest Checking
$10 per month
It reimburses up to $10 in rebates
Up to $10 per month
Free first order of checks and Incoming wires. 0.30% APY. $100 minimum deposit to open
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Name Product Annual percentage yield (APY) Fee Minimum deposit to open
First Internet Bank Tomorrow’s Tycoons
Finder Rating: 4.3 / 5: ★★★★★
First Internet Bank Tomorrow’s Tycoons
0.25%
$0
$100
First Internet Bank Money Market Savings
Finder Rating: 3.8 / 5: ★★★★★
First Internet Bank Money Market Savings
0.50%
$5 per month
(can be waived)
$100
ATM card. Incoming wires. Unlimited online and mobile banking
First Internet Bank Regular Savings
Finder Rating: 3.8 / 5: ★★★★★
First Internet Bank Regular Savings
0.40%
0.25%
$2 per month
(can be waived)
$100
First Internet Bank's Regular Savings account for businesses is online-only and available nationwide.
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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
First Internet Bank CDs
0.6%
0.65%
0.7%
0.8%
0.95%
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Checking accounts

  • Free Checking. A non-interest earning account with no monthly fee and a $25 opening deposit.
  • First Internet Bank Interest Checking. Earn 0.3% APY on all balances and get ATM rebates up to $10 a month. But First Internet Bank Interest Checking comes with a $10 monthly fee, and you’ll need $100 to open the account.
  • First Internet Bank Small Business Checking. A business account with unlimited transactions and 0.3% APY on balances $10,000 and higher. There’s no monthly fee or minimum balance requirement.
  • Commercial Checking. A business checking account for mid- to large-size enterprises with distinct features, including zero balance accounts, sweep services and positive pay.

Savings accounts

  • Free Savings. Earn 0.25% APY with no monthly service fee, ATM surcharge reimbursements of up to $10 per month and a $25 opening deposit.
  • First Internet Bank Money Market Savings. This interest-earning savings account offers 0.5% APY but costs $5 a month. And you’ll need $100 to sign up.
  • First Internet Bank Regular Savings. A savings account that earns up to 0.25% APY but comes with a $2 monthly maintenance fee and has an opening deposit of $100.
  • Business Money Market Savings. A business money market account with a $5 monthly fee and an interest rate of up to 0.40%. Open an account with as little as $100.

CDs

  • First Internet Bank CDs. High-yield CDs with terms between 3 and 60 months and interest rates ranging from 0.25% to 0.95%. There are no fees, but you’ll need at least $1,000 to open an account.

How does First Internet Bank compare to other banks?

First Internet Bank was founded in 1999 and was the first state-chartered, FDIC-insured financial institution to operate online. While it’s not the only digital bank in the industry anymore, it still has several benefits — and limitations — that set it apart from its competitors.

How does First Internet Bank compare to other banks?

First Internet Bank was founded in 1999 and was the first state-chartered, FDIC-insured financial institution to operate online. While it’s not the only digital bank in the industry anymore, it still has several benefits — and limitations — that set it apart from its competitors.

Checking accounts

Pros

  • Competitive APY. Although you can’t earn interest on its Free Checking account, both its Interest Checking and Small Business Checking offer 0.30% APY.
  • Monthly fee options. Its selection of bank accounts has choices with and without a monthly service fee. And you can waive the charge on the Internet Checking account by maintaining a balance of $500.
  • Deposit cash. Unlike most online-only banks that don’t allow cash deposits, First Internet Bank lets you fund your account at any ATM as long as it accepts cash deposits.
  • Overdraft protection. Add this feature to avoid the $30 insufficient funds fee to make sure your transactions clear even if your balance is $0.

Cons

  • Not all accounts have ATM reimbursements. While its Interest Checking account qualifies for a $10 monthly ATM reimbursement, the Free Checking account doesn’t.
  • Minimum opening deposit. Both personal checking accounts have a minimum opening deposit requirement, ranging from $25 to $100.

Savings accounts

Pros

  • Strong APY. Interest rates start at 0.25% APY and top out at 0.50%.
  • ATM card. Unlike most savings accounts that don’t offer ATM cards, First Internet Bank lets you withdraw cash from an ATM.
  • ATM rebate. First Internet Bank will cover the cost of ATM fees up to $10 per month for both its personal savings accounts.

Cons

  • Monthly fees. All its savings accounts, except Free Savings, have a monthly maintenance fee, which is waivable if you maintain a specific daily balance.
  • Minimum balance requirement. Open a savings account with as little as $25 for a Free Savings account and $100 for all other accounts.

CDs

Pros

  • Wide range of terms. First Internet Bank has an impressive assortment of CD terms, from three months to five years.
  • Generous APY. CDs have competitive interest rates. For example, a 3-month CD earns 0.25% APY and a 60-month CD earns 0.96% APY.

Cons

  • High opening deposit. You’ll need to set aside a minimum of $1,000 to meet the opening deposit requirement. There are other banks that offer half of that opening deposit requirement.
  • No interest rate adjustments. The interest rate for the day is locked in at 10 a.m. ET every day, and unlike what you’ll find at some other banks, First Internet Bank won’t boost your rate if it increases within 10 days of opening an account.
  • No statements. First Internet Bank doesn’t issue monthly or annual statements for CD accounts.

Overall Banking

Pros

  • Impressive customer service. First Internet Bank has extended customer service hours weekdays 7 a.m. to 9 p.m. ET and Saturdays 9 a.m. to 3 p.m. ET. And we’ve never had to wait more than a few minutes to live chat with a representative.
  • Cash deposits. Unlike most digital banks that restrict cash deposits, First Internet Bank lets you deposit cash into any ATM that accepts cash deposits. Although there is a mandatory five-day hold on your funds, First Internet Bank doesn’t charge a fee for this service.

Cons

  • No physical branches. As an online-only bank, you can’t meet with a banker to speak with them face to face.

First Internet Bank reviews and complaints

First Internet Bank only has a handful of reviews online. It has a 3.6 out of 5-star Trustpilot score based on five customer ratings and a 3.67 out of 5-star rating on the Better Business Bureau (BBB) based on six customer experiences. It’s accredited with the BBB and maintains an A+ rating for responding to customer complaints.

Although testimonials are sparse, many reviews praise its customer service. Others are frustrated that they’ve been locked out of their accounts.

First Internet Bank customer service

Speak to a representative by:

  • Live chatting with a Relationship Banker. You may need to refresh the page to find a representative who’s available to chat.
  • Calling 888-873-3424 weekdays 7 a.m. to 9 p.m. ET and Saturdays 9 a.m. to 3 p.m. ET.
  • Emailing bank@firstib.com.

Bottom line

First Internet Bank’s vast array of products and services have a bank account for just about everyone. Although its interest rates are competitive, they’re not the highest we’ve seen. Shop around if you’re looking for high-yield accounts that stand out from the rest.

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