At a glance

4.3

Bankrate Score

CDs

Checking

Savings

MMA

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

Compare offers

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/19/2024

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.

$0

Min. balance for APY

View offer

Promoted offer: No fees. Easy deposits and quick withdrawals.

Member FDIC

Savings Account

4.30

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/19/2024

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.

$1

Min. balance for APY

View offer

Promoted offer:

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/19/2024

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.

$0

Min. balance for APY

View offer

Promoted offer: It only takes about 5 minutes to open a fee-free account.

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

Monthly fees on most accounts are either nonexistent or easy to waive.
Some accounts will reimburse ATM fees up to a limit.
The bank’s money market account and CDs pay competitive APYs.

Cons

The money market account requires a $4,000 balance to avoid fees.
The minimum deposit to open a CD may be prohibitive to some consumers.
The free checking account doesn’t reimburse ATM fees.

First Internet Bank of Indiana banking products

3.5

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.81%

2/5

Minimum balance to earn interest:

$25.00

5/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fee:

$0.00

5/5

Access to funds:

Great

5/5

FEATURES

0.81% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 4/19/2024

$25 minimum deposit to open

First Internet Bank of Indiana savings overview

First Internet Bank of Indiana offers an account called Free Savings. This savings account requires only $25 to open and earn interest, and there’s no monthly maintenance fee. The APY is low; you can easily find much higher rates by shopping around.

Free Savings account holders also get reimbursed for up to $10 of ATM fees each statement cycle.

Pros

The savings account doesn’t charge fees.
The minimum required to open the account is very low.
Account holders get some ATM fees reimbursed.

Cons

Higher yields are available elsewhere.
There’s a six-per-month withdrawal limit.

Rate history for First Internet Bank of Indiana'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

APY

National average APY

How do we get this data?

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

APY

National average APY

How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/19/2024

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.

$0

Min balance for APY

View offer

Promoted offer: No fees. Easy deposits and quick withdrawals.

4.6

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

5.31% - 1 yr

5/5

Minimum deposit:

$1,000.00

4/5

Range of term lengths:

3 mos – 5 yrs

5/5

Early withdrawal penalty:

Average

3/5

Offer no-penalty or bump-up CDs:

No

0/5

Offer IRA CDs:

No

0/5

FEATURES

4.14% – 5.31% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 4/19/2024

$1,000 minimum deposit to open

3 months – 5 years

First Internet Bank of Indiana CD overview

First Internet Bank offers eight terms of CDs, all paying very competitive APYs. The terms range from three months to five years. All CDs require a minimum of $1,000 to open one; that’s manageable compared to some banks but could limit some customers who have less money to deposit.

Pros

First Internet Bank pays competitive yields on its CDs.
There’s a wide range of term lengths available.

Cons

The minimum deposit to open a CD may be prohibitive to some consumers.

Rate history for First Internet Bank of Indiana'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

APY

National average APY

Term length

How do we get this data?

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

APY

National average APY

Term length

How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

CD

4.90

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/19/2024

Bankrate CD 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.

$500

Min. deposit

1 yr

Term

View offer

Promoted offer:

3.8

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

3.77%

4/5

Minimum balance to earn interest:

$100.00

5/5

Monthly service fee:

$5.00

4/5

Minimum balance to avoid fee:

$4,000.00

2/5

Check writing:

No

3/5

Debit/ATM access:

Subpar

2/5

First Internet Bank of Indiana money market overview

First Internet Bank of Indiana offers its Money Market Savings account, which pays a very competitive APY, but you need a daily balance of at least $1 million to get the highest yield. Customers can open the account with just $100. There is a $5 monthly fee, though it’s waived with an average daily balance of $4,000.

Account holders get up to $10 of monthly ATM surcharges refunded as well. Check writing is not available with this account, however.

Pros

Only $100 is needed to open the account.
It pays a very competitive APY.
Account holders get some ATM fees reimbursed.

Cons

Account holders must maintain a $4,000 balance to avoid the fee.
Checks can’t be written from the account.
You need a very high balance to get the highest yield.
There’s a six-per-month withdrawal limit.

4.8

Bankrate Score

Compare top checking rates

First Internet Bank of Indiana checking overview

First Internet Bank of Indiana offers two checking accounts: free checking and interest checking.

Free checking, the account scored for this review, requires $25 to open. It earns no interest and doesn’t qualify for ATM fee reimbursements, but there’s no monthly maintenance fee.

The interest checking requires $100 to open. It pays a decent APY, especially for a checking account. There’s a $10 monthly fee, but it’s waived when account holders maintain a $500 daily balance. This account does qualify for ATM fee reimbursements, up to $10 per statement cycle.

Both accounts offer a free first order of checks, free incoming wire transfers and access to Zelle.

Pros

Both accounts require small opening deposits.
The interest checking account pays a decent APY.
There’s no fee on free checking.

Cons

The free checking account doesn’t reimburse ATM fees.
You need at least a daily average of $500 in your Interest Checking account to waive the $10 monthly service fee.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Banking services provided by Coastal Community Bank, Member FDIC

Checking Account

5.00

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/19/2024

$0

To open

$0

To avoid fees

View offer

Compare more: Bankrate's best CD rates

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

Find out: Tips to avoid common bank fees

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.

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?

First Internet Bank of Indiana vs. Live Oak Bank

As online-only banks, neither First Internet nor Live Oak Bank have physical branches. However, First Internet Bank offers more types of deposit accounts when compared to Live Oak, which only offers one savings account and a handful of CD options. First Internet Bank offers these options plus multiple checking account options and a money market account.

Thus, if you’re looking to bring your banking under one roof, First Internet Bank is likely a better choice over LIve Oak.

This noted, Live Oak has a much higher APY on its savings account than First Internet Bank. So, if you’re just in the market for an online high-yield savings account, Live Oak may be the better option.

Learn more: Best online banks

First Bank of Indiana FAQs

First Internet Bank is best for consumers comfortable banking completely online. Those looking to bring all of their banking under one roof may find First Internet Bank to be a good choice, but it should be noted that not all of the bank’s accounts offer competitive yields.
Yes. First Internet Bank was first established in 1998 and has been FDIC-insured since. Customers have coverage up to the amount allowed by law: $250,000 per customer, per account.
First Internet Bank is owned by First Internet Bancorp.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.

Date	First Internet Bank of Indiana APY	National average APY
04/16/2024	0.81%	0.58%
04/09/2024	0.81%	0.58%
04/02/2024	0.81%	0.58%
03/26/2024	0.81%	0.57%
03/19/2024	0.81%	0.57%
03/12/2024	0.81%	0.57%
03/05/2024	0.81%	0.57%
02/27/2024	0.80%	0.58%
02/20/2024	0.80%	0.58%
02/13/2024	0.80%	0.58%
02/06/2024	0.80%	0.58%
01/30/2024	0.80%	0.58%
01/23/2024	0.80%	0.58%
01/16/2024	0.80%	0.58%
01/09/2024	0.80%	0.58%
01/02/2024	0.80%	0.58%
12/26/2023	0.80%	0.57%
12/12/2023	0.80%	0.57%
12/05/2023	0.80%	0.57%
11/28/2023	0.80%	0.60%
11/21/2023	0.80%	0.60%
11/14/2023	0.80%	0.60%
11/07/2023	0.80%	0.60%
10/31/2023	0.80%	0.58%
10/24/2023	0.80%	0.58%
10/17/2023	0.80%	0.58%
10/10/2023	0.80%	0.58%
10/03/2023	0.80%	0.58%
09/26/2023	0.80%	0.57%
09/19/2023	0.80%	0.57%
09/12/2023	0.80%	0.57%
09/05/2023	0.80%	0.57%
08/29/2023	0.80%	0.54%
08/22/2023	0.80%	0.54%
08/15/2023	0.80%	0.54%
08/08/2023	0.80%	0.54%
08/01/2023	0.80%	0.54%
07/25/2023	0.80%	0.54%
07/18/2023	0.80%	0.54%
07/11/2023	0.80%	0.54%
07/04/2023	0.80%	0.54%
06/27/2023	0.80%	0.49%
06/20/2023	0.80%	0.49%
06/13/2023	0.80%	0.49%
06/06/2023	0.80%	0.49%
05/30/2023	0.80%	0.46%
05/23/2023	0.80%	0.46%
05/16/2023	0.80%	0.46%
05/09/2023	0.80%	0.46%
05/02/2023	0.80%	0.46%
04/25/2023	0.80%	0.43%

Date	First Internet Bank of Indiana APY	National average APY
04/16/2024	4.55%	1.42%
04/09/2024	4.55%	1.42%
04/02/2024	4.55%	1.42%
03/26/2024	4.55%	1.43%
03/19/2024	4.55%	1.43%
03/12/2024	4.61%	1.43%
02/27/2024	4.61%	1.42%
02/20/2024	4.59%	1.42%
02/13/2024	4.59%	1.42%
02/06/2024	4.59%	1.42%
01/30/2024	4.59%	1.43%
01/23/2024	4.59%	1.43%
01/16/2024	4.59%	1.43%
01/09/2024	4.59%	1.43%
01/02/2024	4.59%	1.43%
12/26/2023	4.59%	1.43%
12/12/2023	4.59%	1.43%
12/05/2023	4.59%	1.43%
11/28/2023	4.59%	1.45%
11/21/2023	4.59%	1.45%
11/14/2023	4.59%	1.45%
11/07/2023	4.59%	1.45%
10/31/2023	4.59%	1.46%
10/24/2023	4.59%	1.46%
10/17/2023	4.59%	1.46%
10/10/2023	4.59%	1.46%
10/03/2023	4.59%	1.46%
09/26/2023	4.59%	1.43%
09/19/2023	4.59%	1.43%
09/12/2023	4.59%	1.43%
09/05/2023	4.59%	1.43%
08/29/2023	4.59%	1.38%
08/22/2023	4.59%	1.38%
08/15/2023	4.59%	1.38%
08/08/2023	4.59%	1.38%
08/01/2023	4.59%	1.38%
07/25/2023	4.59%	1.35%
07/18/2023	4.59%	1.35%
07/11/2023	4.59%	1.35%
07/04/2023	4.59%	1.35%
06/27/2023	4.59%	1.33%
06/20/2023	4.49%	1.33%
06/13/2023	4.49%	1.33%
06/06/2023	4.49%	1.33%
05/30/2023	4.49%	1.30%
05/23/2023	4.49%	1.30%
05/16/2023	4.49%	1.30%
05/09/2023	4.49%	1.30%
05/02/2023	4.49%	1.30%
04/25/2023	4.49%	1.30%

First Internet Bank of Indiana Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

First Internet Bank of Indiana banking products

First Internet Bank of Indiana savings overview

Pros

Cons

Rate history for First Internet Bank of Indiana's Savings account

First Internet Bank of Indiana CD overview

Pros

Cons

Rate history for First Internet Bank of Indiana's CD accounts

First Internet Bank of Indiana money market overview

Pros

Cons

First Internet Bank of Indiana checking overview

Pros

Cons

Bank fees

Customer experience

About First Internet Bank of Indiana

How does First Internet Bank of Indiana compare to other banks?

First Internet Bank of Indiana vs. Live Oak Bank

First Bank of Indiana FAQs

Who is First Internet Bank of Indiana best for?

Is First Internet Bank of Indiana safe?

Who owns First Internet Bank of Indiana?

Review methodology

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