First Internet Bank Do More Business Checking Account Review

What we like about Do More Business Checking

First Internet Bank is one of the first online banks. As an FDIC Member, its deposit accounts are insured up to the typical amount of $250,000 per depositor.

The bank itself offers many products and services, including personal checking and savings, as well as business-centered services, including checking, savings and SBA loans. The Do More Business Checking account isn’t its only business account. It also offers the Commercial Checking account designed for mid- and large-sized businesses.

No monthly fees

The Do More Business Checking account is easy to open and maintain with no monthly fees, opening deposit or balance requirements — which is rare. Many business checking accounts, especially those from large banks, charge monthly fees.

Earns interest

Most checking accounts don’t earn APY, but this one does. The Do More Business Checking account earns 0.5% APY if you maintain an average daily balance of $10,000 or more. The national average rate on an interest-checking account is 0.07%, so First Internet Bank’s account offers a much higher rate than average.

Unlimited transactions and Cash Flow Analysis

The Do More Business Checking account has unlimited transactions, which is nice. Some large banks may charge you for exceeding a certain number of transactions.

You’ll also get Cash Flow Analysis, which you can sync with popular accounting software such as QuickBooks, Xero and FreshBooks. This feature helps you manage net profit, track expenses, generate automated forecasts, monitor payroll expense ratios and track cash flow.

Where it falls short

Businesses that primarily handle cash transactions may prefer a bank with physical branches. First Internet Bank accepts cash deposits at ATMs, but if you deposit large amounts frequently, that might be easier at a bank with tellers.

Extra fees to watch out for

While the account doesn’t charge monthly fees, there are a few fees to be on the lookout for. For example, there’s a $3 paper statement fee, but that can be easily waived by opting in to estatements.

Also worth calling out is that First Internet Bank charges $15 for all incoming wire transfers, both domestic and international. This fee isn’t common, as most banks don’t charge to receive a domestic wire.

Additionally, there’s a $5 monthly dormant fee, also known as an inactivity fee. There isn’t much information about how to avoid this fee or what counts as an inactive account. If we had to guess, based on inactivity schedules from other banks, this fee may apply to accounts with no activity or deposits for 30 to 90 days.

Do More Business Checking fees and access

Compare First Internet Bank Do More Business Checking to other accounts

Narrow down top business accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.

{"userFilters":[{"config":{"MULTISELECT":true,"VALUES":"Earns interest,No monthly fee,Bonus offer,Free ATM access,Online only,Early direct deposit,Crypto account "},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.ACCOUNT_FEATURES"},"dataType":"TEXT","label":"Account features","order":null},{"config":{"MULTISELECT":true,"VALUES":"Cash by teller,Cash by ATM,Check by teller,Check by ATM,Mobile\/remote check deposit,Bank transfer,Wire transfer,Direct deposit,Fiat currencies,Cryptocurrencies,Cash by participating retailer"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.DEPOSIT_METHODS"},"dataType":"TEXT","label":"Deposit methods","order":null},{"config":{"MULTISELECT":true,"VALUES":"Alabama,Alaska,Arizona,Arkansas,California,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Idaho,Illinois,Indiana,Iowa,Kansas,Kentucky,Louisiana,Maine,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Missouri,Montana,Nebraska,Nevada,New Hampshire,New Jersey,New Mexico,New York,North Carolina,North Dakota,Ohio,Oklahoma,Oregon,Pennsylvania,Rhode Island,South Carolina,South Dakota,Tennessee,Texas,Utah,Vermont,Virginia,Washington,West Virginia,Wisconsin,Wyoming"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.STATE_AVAILABILITY"},"dataType":"TEXT","label":"States serviced","order":null},{"config":{"MULTISELECT":true,"VALUES":"Personal,Business,Student,Kids"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.USER_TYPE"},"dataType":"TEXT","label":"Account type","order":null}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":",","filterBoundsMap":{"product.DETAILS.ACCOUNT_FEATURES":null,"product.DETAILS.DEPOSIT_METHODS":null,"product.DETAILS.STATE_AVAILABILITY":null,"product.DETAILS.USER_TYPE":null}},"prefilled":false,"experimental":false}

5 of 16

Updated regularlyShare

Product	Finder Score	Fee	Annual Percentage Yield (APY)	FDIC Insured Amount	Software Integrations	Account management	Bank transfer fee	Bonus Offer
Promoted Finder score 8.8 Great Airwallex	Finder score 8.8 Great	$0 per month	N/A	Up to $250,000	Amazon, Quickbooks, Zapier, Shopify, Xero, Hubspot and more	Online, App, Phone	$0	Go to site More info Compare product selection Compare	loading
Promoted Finder score 9 Excellent Found	Finder score 9 Excellent	From $0 per month	1.50% on balances of $0 to $20,000	Up to $250,000	QuickBooks, Stripe, Cash App, PayPal, Square, etc.	Online, App, Phone	$0	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.4 Great Novo Business	Finder score 8.4 Great	$0 per month	N/A	Up to $250,000	Quickbooks, Stripe, Square, Xero, and more	Online, App, Phone	$0	Go to site More info Compare product selection Compare	loading
Finder score 8 Great North One Business Banking	Finder score 8 Great	From $0 per month	3.00% on balances of $0 to $250,000 2.50% on balances of $0 to $250,000	Up to $250,000	PayPal, Stripe, Square, Etsy, Airbnb, Amazon and more	Online, App, Phone	$0	Go to site More info Compare product selection Compare	loading
Finder score 9.4 Excellent Revolut Business	Finder score 9.4 Excellent	From $10 per month	N/A	Up to $250,000	Xero, FreeAgent, Zapier, Slack, Google Workspace, QuickBooks, HR programs and more	Online, App, Phone	$0	Go to site More info Compare product selection Compare	loading

loading

Load More

Showing 5 of 16 results

Compare other products

We currently don't have that product, but here are others to consider:

How we picked these

How we calculate Business Checking Finder Scores

Read full methodology

What different scores mean

9+

Excellent

These are the best business checking accounts that are likely to have the lowest fees, smallest opening deposits, unlimited transactions and low wire transfer fees.

7+

Great

These accounts may have low service fees, a number of free transactions and low wire transfer fees, but may not offer the most perks.

5+

Standard

These business accounts are likely to charge a monthly fee, may have transaction fees or costly wire transfer fees, but are still typical business accounts.

0+

Basic

These business checking accounts are likely to have costly service fees, may not accept cash deposits, have costly wire transfer fees and lack extra perks the best accounts offer.

First Internet customer reviews and ratings

For being one of the oldest online banks, First Internet Bank doesn’t have a ton of customer feedback on traditional platforms like the Better Business Bureau (BBB) or Trustpilot. The majority of First Internet’s Trustpilot reviews are about its lending services, with some citing poor experiences with specific loan officers and a long underwriting process, but a few customers report positive experiences.

We headed to app stores for more customer insight and were happy to see high ratings. Nearly all the ratings on the Apple App Store are 5-star. Happy customers say the app functions smoothly, the accounts are solid and the mobile check deposit feature works well.

Frequently asked questions

Is First Internet Bank a real bank?

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

How long has First Internet Bank been around?

Founded in Indiana in 1999, First Internet Bank was the first fully online bank in the state.