First Internet Bank of Indiana Review 2020

Published June 2020 by Matthew Goldberg

AT A GLANCE
3.8
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Bankrate Score

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Credit Card Cash

ATM fee refunds

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.

  • CDs
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    3.5
  • Savings
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    4.4
  • Checking
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    3.8
  • MMAs
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    3.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    3.8

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    Bankrate Score

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

    What we like

    • The online bank has been around for more than 20 years.

    • First Internet Bank won’t charge you for ATM withdrawals.

    • First Internet Bank offers a variety of accounts.

    What we don't

    • First Internet Bank doesn’t have any branches.

    • First Internet Bank reimburses $10 per month for ATM fees charged by other banks. But after that, you’ll be charged those additional fees.

    CD rates

    3.5

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    First Internet Bank offers eight terms of CDs. The terms range from three months to five years.

    What we like

    • First Internet Bank offers a variety of traditional CD terms.

    • First Internet Bank clearly lists early withdrawal penalties on its website.

    What we don't

    • An early withdrawal from a First Internet Bank CD ranges from 90 days of interest for a three-month CD to 360 days for CDs two years or longer.

    • First Internet Bank doesn’t offer a no-penalty CD.

    Savings accounts

    4.4

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    Bankrate Score

    The Free Savings account requires only $25 to open it. The account gives you up to $10 per month in ATM surcharge rebates and it doesn’t charge a monthly fee.

     

    What we like

    • The Free Savings account doesn’t have a monthly maintenance fee.

    • First Internet Bank reimburses up to $10 in ATM fees per month and doesn’t charge you for using an ATM in the U.S.

    • Minimum deposit required is low.

    What we don't

    • A fee applies if an ATM transaction occurs internationally.

    • There are savings accounts that earn higher APYs available.

    Checking accounts

    3.8

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    First Internet Bank offers two checking accounts: Interest Checking and Free Checking.

    The Interest Checking account offers both interest and up to $10 per month in ATM surcharge rebates.

    The Free Checking doesn’t offer interest and also doesn’t have ATM surcharge reimbursements.

    It's not clear on its website how many free ATMs the bank makes available to customers.

    What we like

    • You only need $25 to open the Free Checking account or $100 to open the Interest Checking account.

    • The Free Checking account doesn’t have a monthly service fee.

    • The Interest Checking account lets you earn interest and get up to $10 of ATM surcharge rebates per month.

    • Your first order of checks is free.

    What we don't

    • You’ll need to keep at least $500 in the Interest Checking account to avoid the $10 monthly maintenance fee.

    • The Free Checking account doesn’t earn interest.

    Money market accounts

    3.8

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    Bankrate Score

    First Internet Bank has a Money Market Savings account that offers a competitive APY. The account also has an ATM card and doesn’t charge a fee for incoming wire transfers.

    The Money Market Savings also refunds up to $10 of monthly ATM surcharges.

    It is not clear whether the bank offers check-writing privileges. The bank didn't respond to Bankrate's email requesting this information.

    What we like

    • An ATM card is available for the Money Market Savings Account.

    • You only need $100 to open the Money Market Savings Account.

    What we don't

    • You need to keep an average daily balance of $4,000 to avoid the $5 monthly fee.

    • Other accounts may offer a higher ATM surcharge rebate or better ATM benefits.

    Bank experience

    As of late May, First Internet Bank’s app has a 4.8 rating on the Apple App Store and a 4.65 rating on Google Play. First Internet Bank doesn’t have any branches. It does have customer service available on the phone from 7 a.m. to 9 p.m. EST during the week and 9 a.m. to 3 p.m. EST on Saturday.

    The bank’s website also allows you to chat with relationship bankers.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.