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First Internet Bank of Indiana Review 2022

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 3.9 stars out of 5

MMA

Rating: 4.5 stars out of 5

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Overview

First Internet Bank of Indiana is best for those looking for a variety of different accounts. It offers two checking accounts, a money market account, a savings account and eight terms of CDs.

Highlights

  • ATM Fee Refunds
  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

First Internet Bank of Indiana has been around since February 1999. It is an online bank that serves all 50 states.

Pros

  • Checkmark

    Monthly fees on most accounts are either nonexistent or easy to waive.

  • Checkmark

    Some accounts will reimburse ATM fees up to a limit.

  • Checkmark

    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 bank products

3.9
Rating: 3.9 stars out of 5
Bankrate Score

First Internet Bank of Indiana savings overview

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

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

Pros

  • Checkmark

    The savings account doesn’t charge fees.

  • Checkmark

    The minimum required to open the account is very low.

  • Checkmark

    Account holders get some ATM fees reimbursed.

Cons

  • Higher yields are available elsewhere.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

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.

The bank is part of the Plus ATM network, giving customers access to more than 1 million ATMs worldwide. Customers can also send and receive with Zelle and pay bills through the bank’s app.

First Internet Bank’s app had a 4.8 rating on the Apple App Store and a 4.4 rating on Google Play.

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.

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.