First Internet Bank of Indiana Review 2024
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At a glance
![First Internet Bank of Indiana logo](https://www.bankrate.com/2021/01/11202415/First-Internet-Bank-of-Indiana-review1.png)
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
First Internet Bank of Indiana is best for consumers who are comfortable completely banking online and those looking for a variety of different accounts. The bank offers two checking accounts, a money market account, a savings account and eight CD terms.
Highlights
- ATM Fee Refunds
- Free Checking
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
![Bank logo](https://www.brimg.net/system/img/inst/6596_hires_logo_2x.png?width=95)
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
![Bank logo](https://www.brimg.net/system/img/inst/11844_hires_logo_2x.png?width=95)
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
![Bank logo](https://www.brimg.net/system/img/inst/2468_hires_logo_2x.png?width=95)
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Overall
First Internet Bank of Indiana has been around since 1998. It is an online bank that serves all 50 states. Depending on the type of account, you can find competitive yields at this bank.
Pros
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Monthly fees on most accounts are either nonexistent or easy to waive.
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Some accounts will reimburse ATM fees up to a limit.
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The bank’s money market account and CDs pay competitive APYs.
Cons
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The money market account requires a $4,000 balance to avoid fees.
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The free checking account doesn’t reimburse ATM fees.
First Internet Bank of Indiana banking products
APY last updated between 8/31 and 9/6.
First Internet Bank of Indiana savings overview
Free Savings account holders also get reimbursed for up to $10 of ATM fees each statement cycle.
Pros
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The savings account doesn’t charge fees.
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The minimum required to open the account is very low.
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Account holders get some ATM fees reimbursed.
Cons
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Higher yields are available elsewhere.
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There’s a six-per-month withdrawal limit.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
First Internet Bank of IndianaAPYAPY last updated between 8/31 and 9/6.APYAPY last updated between 8/31 and 9/6.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
![Bank logo](https://www.brimg.net/system/img/inst/6596_hires_logo_2x.png?width=130)
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | None |
Non-sufficient funds fee | None |
Monthly maintenance fee | $0 - $10 |
Out-of-network ATM fee | None |
Excessive withdrawal fee | None |
Customer experience
Customer service. First Internet Bank of Indiana doesn’t have any branches, but it does have customer service available on the phone from 7 a.m. to 9 p.m. Eastern time during the week and 9 a.m. to 3 p.m. on Saturday. The bank’s website also allows you to chat with relationship bankers.
Mobile app. First Internet Bank’s app receives high ratings on the Apple App and Google Play stores. Customers can send and receive funds with Zelle and pay bills through the app.
Bankrate staff insights
A Bankrate staff member opened a money market account online with First Internet Bank of Indiana and stated, "The sign-up flow was very straightforward and seamless. While the features are not the most flashy – most feeling sort of outdated versus some popular budgeting or credit monitoring platforms – they are user-friendly and accomplish the necessities." The account holder added, "I would recommend this bank and experience for any user that appreciates the simplicity and is mainly looking for the core essentials of a money market or savings account."
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
About First Internet Bank of Indiana
First Internet Bank of Indiana is an online bank that has been around for more than 20 years. First Internet Bank was the first FDIC-insured bank to operate entirely online, according to the bank. It offers checking accounts, a savings account, a money market account and CDs.
How does First Internet Bank of Indiana compare to other banks?
Compare different account types offered by First Internet Bank of Indiana. Annual percentage yields (APYs) shown were updated between Aug. 31, 2024 and Sept. 6, 2024.
Selected bank
First Internet Bank of Indiana savings account
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Bankrate score
3.5
Bankrate Savings rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Charles Schwab Bank savings account
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Bankrate score
3.5
Bankrate Savings rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Aug. 31, 2024 and Sept. 6, 2024.
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0.81% | 0.48% | |
Minimum balance for APY
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$25.00 | $0.00 | |
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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$405 | $240 | |
First Internet Bank’s Free Savings requires a $25 minimum deposit to open, but doesn’t charge a monthly fee. Customers won’t grow their savings too much with this account, since the APY is very low. But customers do get up to $10 in rebates for ATM surcharge fees each month. | Charles Schwab Bank’s Investor Savings account requires no minimum balance, charges no monthly service fees and provides unlimited ATM fee rebates worldwide. Ways to add funds to the account include setting up direct deposit, making transfers from other bank accounts or making a mobile check deposit — although there’s no way to deposit cash into the account. The account pays an APY that’s below average, as many other online banks offer much higher savings yields. | |
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N/A
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N/A
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APY offering:
0.81%
2/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$25.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
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APY offering:
0.48%
2/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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First Internet Bank of Indiana FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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