First Internet Bank of Indiana Review 2023
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At a glance

CDs
Checking
Savings
MMA
About Bankrate Score
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 CD terms.
Highlights
- ATM Fee Refunds
- Free Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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.

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.

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.
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 minimum deposit to open a CD may be prohibitive to some consumers.
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The free checking account doesn’t reimburse ATM fees.
First Internet Bank of Indiana banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 10/1/2023
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 IndianaAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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.
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 | $5 |
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.
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.
Customers can also send and receive funds with Zelle and pay bills through the bank’s app.
First Internet Bank’s app receives high ratings on the Apple App and Google Play stores.
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.
First 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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