First Internet Bank of Indiana Review 2025
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At a glance
Overview
First Internet Bank of Indiana is best for consumers who are comfortable completely banking online. And as the digital bank has a wide variety of deposit products, it may be a good option for those looking to consolidate their finances under one roof. Depending on the account, yields can be hit or miss.
Highlights:
ATM Fee Refunds Free CheckingHighlights:
CDs
Checking
Savings
MMA
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.
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 = 4.1/5
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.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
First Internet Bank of Indiana has been around and FDIC insured since 1998. It's completely online and serves all 50 states. You can find a number of competitive yields at First Internet — depending on the type of account you're after.
Pros
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There are no monthly fees for the savings and non-interest checking accounts.
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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 certificates of deposit (CDs) pay annual percentage yields (APYs) that are above national averages.
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.
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First Internet Bank of Indiana bank products
First Internet Bank of Indiana Free Savings account
Pros
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The savings account doesn’t charge monthly maintenance fees.
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The minimum required to open the account is low.
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Account holders get some ATM fees reimbursed.
Cons
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The yield is very low.
First Internet Bank of Indiana’s Free Savings account requires $25 to open and doesn’t charge monthly maintenance fees. The APY is low, however, and you can easily find much higher rates at other online banks by shopping around.
The savings account comes with an ATM card, and the bank reimburses up to $10 of ATM surcharges each statement cycle.
Rate history for FIBI's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
First Internet Bank of Indiana certificates of deposit
Pros
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First Internet Bank pays above-average yields on its CDs.
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There’s a wide range of terms available.
Cons
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Lower minimum deposit requirements at other online banks can be found elsewhere.
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Early withdrawal penalties for terms of two years or longer are harsh.
First Internet Bank offers eight CD terms, all paying very APYs that are higher than national averages. All CDs require a minimum of $1,000 to open, which is manageable compared to some banks — but could limit some customers who have less money to deposit.
The terms range from three months to five years, so there are plenty of options based on how long you can keep your funds tied up. Just make sure you can keep your funds in for the entire term. Compared with other banks, the early withdrawal penalties are steep for terms two years and up.
Rate history for FIBI's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
First Internet Bank of Indiana Money Market Savings account
Pros
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Only $100 is needed to open the account.
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Account holders get some ATM fees reimbursed.
Cons
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Account holders must maintain a $4,000 minimum balance to avoid the $5 monthly fee.
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Checks can’t be written from the account.
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You need to deposit at least $1 million to earn the top yield.
First Internet Bank of Indiana’s Money Market Savings account pays a tiered APY that’s somewhat competitive — but it’s not top-notch unless your balance is above $1 million. Only $100 is needed to open the account, although you’ll need a relatively high minimum balance to avoid the monthly maintenance fee.
The account comes with ATM access — and refunds some ATM surcharges. But you’ll need to look elsewhere if you prefer a money market account that comes with check-writing privileges.
First Internet Bank of Indiana Free Checking account
Pros
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There’s no monthly fee on the Free Checking account.
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The account can be opened with as little as $25.
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First Internet Bank doesn't charge overdraft or out-of-network ATM fees.
Cons
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The Free Checking account doesn’t reimburse ATM fees.
First Internet Bank of Indiana’s Free Checking is a non-interest-bearing account that could work well for anyone who doesn’t need extra bells and whistles. It requires a small minimum opening deposit and doesn’t charge a monthly maintenance fee. ATM surcharge reimbursements aren’t provided.
The Interest Checking account requires $100 to open. If you maintain at least a $500 daily balance, the account pays a small amount of interest and waives the $10 monthly service fee. When considering such an account, keep in mind you can find a much higher APY on many high-yield savings accounts, some of which don’t require any minimum balance and don't charge a monthly service fee.
Editorial insight
First Internet Bank of Indiana’s free checking account can be a viable option for anyone looking for a basic account to pay bills or write checks without monthly maintenance fees. If you’re looking to keep both your checking account and a high-yield savings account at the same bank, you’ll need to look elsewhere, however, because First Internet’s savings account earns a lackluster APY.
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 Nov. 27, 2025 and Dec. 3, 2025.
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Selected bank
First Internet Bank of Indiana savings account
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
Bankrate score
3.0
Bankrate Savings rating = 3.0/5 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. |
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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 Nov. 27, 2025 and Dec. 3, 2025.
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| 0.80% | 0.15% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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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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| $400 | $75 | |
| 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’s Bank Investor Savings account offers a paltry APY, which customers earn on any balance. Although the yield leaves much to be desired, the account doesn’t charge a monthly fee nor does it come with a minimum balance requirement. And customers get unlimited ATM fee rebates worldwide. | |
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N/A
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APY offering:
0.80%
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.
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Bankrate does not currently track additional product details for this bank.
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Bankrate does not currently track additional product details for this bank.
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Bank fees
| Fee | Amount |
|---|---|
| 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.
The above images were last updated on April 3, 2025.
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.
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.
