First Internet Bank Interest Checking account review
It earns a competitive 0.3% APY, but watch out for the monthly fee.
The First Internet Bank Interest Checking account offers a competitive APY and you won’t have to worry about meeting certain requirements to earn the highest rate. But there’s a $10 monthly fee and you’ll need to use First Internet Bank deposits or envelopes to deposit cash.
$10 per month
Minimum deposit to open
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The First Internet Bank Interest Checking account offers ATM fee reimbursements, cash deposits and a competitive interest rate at 0.3% APY.
But you’ll have to keep at least $500 in your account to avoid its $10 monthly maintenance fee. And unlike other banks that don’t require deposit slips, this one does. You’ll need to use a First Internet Bank deposit slip for ATM deposits and deposit envelopes when you mail funds.
How do I open a First Internet Bank Interest Checking account?
Sign up in nine steps:
- Go to the provider’s site and follow the steps to apply.
- From the provider site, under Personal Banking, select Let’s Go
- Under Checking & Debit, click or tap Learn More
- Hit Open An Account and Get Started
- Choose Interest Checking in the dropdown menu
- Enter your email address and phone number
- Read and check the disclosure boxes
- Scan your driver’s license or input the data manually
- Follow the prompts to fund and complete your account
To open a First Internet Bank Interest Checking account, you’ll generally need to meet these requirements:
- US citizen or resident
- At least 18 years old
- An external bank account or credit card to initially fund your account
Required informationFirst Internet Bank requires the following information for your application:
- Social Security number
- Government-issued ID
What are the benefits of a First Internet Bank Interest Checking account?
Here’s what sets First Internet Bank apart from the competition.
- Deposit cash. Unlike many online banks that restrict cash deposits, First Internet Bank has no restrictions on which ATMs you deposit your money into. But cash deposited at ATMs may be subject to a hold by the ATM owner.
- Competitive interest rate. While First Internet Bank’s 0.3% APY isn’t the highest we’ve seen for an interest checking account, it’s still seven times the national average of 0.04% APY.
- ATM fee reimbursement. If you withdraw cash from an ATM that charges a fee, First Internet Bank will reimburse you if you incur a fee — up to $10 per month.
- Extended customer service hours. While most banks generally operate weekdays from 9 a.m. to 5 p.m., First Internet Bank has extended hours — weekdays 7 a.m. to 9 p.m. ET and Saturdays from 9 a.m. to 3 p.m.
- Overdraft protection. By adding this feature and linking your account to a money market or savings account, you can avoid incurring an NSF fee and your account can make sure your transactions clear even if your balance drops below $0.
First Internet Bank‘s ATM network and fees
You can withdraw or deposit money at any ATM in the US. First Internet Bank doesn’t charge a fee for ATM transactions. And if the ATM owner does, First Internet Bank will reimburse you for the costs — up to $10 per month.
What should I look out for?
Consider the following potential drawbacks before signing up for a First Internet Bank Interest Checking account.
- Minimum opening deposit. The minimum amount to open an account is $100, which is significantly more than its Free Checking account that only requires $25.
- Monthly maintenance fee. Interest Checking has an account maintenance fee of $10 per month. But you can waive it if you keep an average daily balance of at least $500.
- No physical branches. You can’t visit a branch for help. You’ll need to call the bank or chat with a representative through live chat or email. And for live chat, you’ll need to continuously refresh the page until a representative becomes available.
- Requires deposit slips and envelopes. ATM deposits require First Internet Bank deposit slips. Mailed deposits need First Internet Bank deposit envelopes, which you can request in your Online Banking account.
If you don’t want to worry about avoiding a monthly fee, consider exploring free checking account options.
Compare First Internet Bank Interest Checking with other checking accounts
How do I deposit or withdraw my money?
There are numerous ways to access your hard-earned cash in your First Internet Bank Interest Checking account.
- ACH transfer
- Mailed checks using its free, pre-deposit envelopes
- Remotely deposit checks using iScan or its mobile app
- Direct deposit
- Wire transfer
- ATM using deposit slips
- Zelle payments
- ACH transfer
- Wire transfer
- ATM with your debit card
- Bill pay
- Zelle payments
What other checking options does First Internet Bank offer?
Besides First Internet Bank Interest Checking, First Internet Bank also offers a Free Checking account, which requires a $25 opening deposit and has no monthly maintenance fee. But it doesn’t earn interest or have an ATM fee rebate.
Frequently asked questions
How do I add overdraft protection to my checking account?
When you sign up for a new First Internet Bank Interest Checking account, you’ll have the option to request overdraft protection. If your account is already open, you can request overdraft protection by contacting a Relationship Banker at 888-873-3424.
How do I order checks?
New customers automatically get their first order of checks for free. You can request more checks through Online Banking.