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First Internet Bank Money Market Savings account review

An account with an admirable APY for balances at or below $10 million.

The First Internet Bank Money Market Savings account offers a competitive interest rate at 0.5% and a low but waivable $5 monthly fee. But its ATM card is only available to sole proprietors.’s rating: 3.8 / 5.0




$5 per month



Minimum deposit to open


Annual percentage yield (APY)0.50%
Fee$5 per month
To waive the feeOr $4,000 average daily balance to avoid fee
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$5

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The First Internet Bank Money Market Savings account is best for sole proprietors because you’ll get access to all of the features this account has to offer. For instance, although this account comes with an ATM card, it’s only available to sole proprietors. But you’ll need to find a surcharge-free ATM or you’ll be stuck with the third-party ATM fees.

Whether or not you’re a sole proprietor, take advantage of its competitive 0.5% APY as long as you keep a balance of $10 million or less. Otherwise your APY drops to .

But its $5 monthly maintenance fee can quickly eat into your earned interest if you don’t keep a daily balance of at least $4,000.

How do I open a First Internet Bank Money Market Savings account?

Sign up for a ​​First Internet Bank Money Market Savings account in eight steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Under Business Banking, choose Get started.
  3. Hover over Deposits and choose Savings and CDs.
  4. Select Open an account.
  5. Verify that you meet the criteria to open a new account.
  6. Confirm the banking product you’re applying for and hit Add to Cart and then Next.
  7. Enter your email address and phone number.
  8. Input your business’ information and follow the prompts to complete the application.


To open a First Internet Bank Money Market Savings account for your business, you’ll need to meet these requirements:

  • At least 18 years old
  • Legal US resident
  • US-based business
  • A signer authorized to open accounts for the business

Required information

  • Names and government-issued ID of all signers who are authorized to open accounts on behalf of your company
  • Names of all beneficial owners — someone with a minimum 25% stake in the business or runs the company
  • Legal documents for the business

2 benefits of a First Internet Bank Money Market Savings account

A Small Business Money Market Savings account from First Internet Bank comes with these perks:

  • Competitive APY. While it’s not the strongest interest rate we’ve seen for a money market savings account, 0.5% APY on balances $10 million or below is still impressive.
  • Cash deposits. Unlike most online-only banks, First Internet Bank allows you to deposit cash into any ATM that accepts cash deposits, including Visa Plus ATMs. Your deposit may be subject to a temporary hold by the ATM owner.

5 things to look out for

Be mindful of the following downsides of a First Internet Bank Money Market Savings account.

  • Monthly fee. Expect to pay $5 a month to maintain this account unless you have a daily balance of at least $4,000.
  • Minimum opening deposit. You’ll need at least $100 to get started with a First Internet Bank Money Market Savings account.
  • ATM card. Like most money market savings accounts, you’ll get an ATM card. But it’s only available to sole proprietors, such as self-employed individuals and independent contractors. And unlike the Small Business Checking account, you won’t get ATM reimbursements for third-party ATM fees.
  • Interest rate-drop on high balances. Your APY drops from 0.5% to when your daily balance exceeds $10 million.
  • No physical branches. If you need help with your small business savings account, you’ll need to reach out through email, live chat and phone.

If your business isn’t a sole proprietorship, such as an LLC or corporation, and you want access to your cash at an ATM, you’ll need to consider another small business savings account.

First Internet Bank‘s ATM network and fees

First Internet Bank doesn’t have its own brand network of ATMs, so you can withdraw cash at any domestic ATM and First Internet Bank won’t charge you an ATM fee. But you’ll be responsible if the ATM owner charges you a fee.

We also spoke to a customer representative who told us that the Visa Plus ATM network is a free option for First Internet Bank customers.

Compare First Internet Bank Money Market Savings with other savings accounts

Browse a few other business savings accounts by comparing their monthly service fees, ATM access and interest.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.

Compare up to 4 providers

How do I deposit or withdraw my money?

Access your cash from a First Internet Bank Money Market Savings account in multiple ways:

Funding options

  • ACH transfer
  • Direct deposit
  • Wire transfer
  • Remote check deposit
  • Mailed checks using its prepaid envelopes
  • Cash deposits to any ATM that accepts it

Withdraw options

  • ACH transfer
  • ATM withdrawal for sole proprietors
  • Wire transfer

How to contact First Internet Bank about my savings account?

Get in touch with a First Internet Bank customer service rep by:

  • Live chatting with a Relationship Banker.
  • Calling 888-873-3424 weekdays 7 a.m. to 9 p.m. EST and Saturdays 9 a.m. to 3 p.m. EST.
  • Emailing or sending a secure email on the First Internet Bank’s Contact us page.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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