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First Internet Bank of Indiana Review 2022

Published May 2022 by Matthew Goldberg

AT A GLANCE
4.6

Bankrate Score

bank-logo

ATM fee refunds

Free Checking

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.

  • Checking
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    4.8
  • CDs
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    4.7
  • MMAs
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    4.5
  • Savings
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    3.25 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    4.6

    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

    • 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.

    What we don't

    • 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.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Upgrade

    Member FDIC

    Checking account

    0.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    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.

    What we like

    • Both accounts require small opening deposits.

    • The interest checking account pays a decent APY.

    • There’s no fee on free checking; the fee is easily waived for interest checking.

    What we don't

    • The free checking account doesn’t reimburse ATM fees.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    3.25 % APY

    1yr

    Term

    $ 0

    Min. deposit

    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.

    What we like

    • First Internet Bank payus competitive yields on its CDs.

    • There’s a wide range of term lengths available.

    What we don't

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

    Money market accounts

    4.5

    Bankrate Score

    First Internet Bank of Indiana offers its Money Market Savings account, which pays a very competitive APY. 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.

    What we like

    • Only $100 is needed to open the account.

    • It pays a very competitive APY.

    • Account holders get some ATM fees reimbursed.

    What we don't

    • Account holders must maintain a $4,000 balance to avoid the fee.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • The savings account doesn’t charge fees.

    • The minimum required to open the account is very low.

    • Account holders get some ATM fees reimbursed.

    What we don't

    • Higher yields are available elsewhere.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth