An interest-bearing small business checking account with unlimited transactions.
You’ll also earn 0.5% APY, but you’ll need to maintain a balance of $10,000 or more in your account.
And although it doesn’t have an ATM network, you’ll get ATM reimbursements for any fee you may incur from the ATM owner up to $10 a month. Its major con is that there are no physical branches, but if you don’t typically need to bank in person this might not be a deal breaker.
Plus, you have many other contact options you might need: You have the option to call, start a live chat or send First Internet Bank an email.
finder.com's rating: 4.5 / 5.0
★★★★★
The First Internet Bank Small Business Checking account is a solid option for small businesses. It has no monthly service fees, minimum opening deposit and minimum balance requirements, so you can focus more on your company and worry less about your bank account. But unlike the intimate, small business approach, it offers no in-person customer support.
| Annual Percentage Yield (APY) | 0.50% on balances of $10,000+ |
| Fee | $0 per month |
| Minimum deposit to open | $0 |
| ATMs | Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network |
| ATM transaction fee | $0 |
| ATM fee rebates | Get reimbursed up to $10 per month in ATM fees |
| Out-of-network ATM fee | $0 |
| Foreign transaction fee | 2% |
| Overdraft fee | $30 |
Sign up for the account online on your computer or mobile device. Here’s what the process looks like on a computer:
To open a First Internet Bank Small Business Checking account on behalf of your business, you’ll need to meet these requirements:
The application will require the following information:
There are several standout features for this First Internet Bank Small Business Checking account:
Be aware of these drawbacks before opening an account:
Take a look at a few other business checking accounts by comparing monthly service fees, minimum opening deposits and ATMs.
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.
A Commercial Checking account has several more features than a Small Business Checking account:
You can speak to a First Internet Bank representative by:
First Internet Bank Small Business Checking is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Kimberly Finder
Writer
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