First Internet Bank of Indiana Review 2025
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At a glance
Overview
First Internet Bank of Indiana is best for consumers who are comfortable completely banking online. And as the digital bank has a wide variety of deposit products, it may be a good option for those looking to consolidate their finances under one roof. Depending on the account, yields can be hit or miss.
Highlights:
ATM Fee Refunds Free CheckingHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 = 4.6/5
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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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.
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.
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.
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.
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.
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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 free checking account doesn’t reimburse ATM fees.
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First Internet Bank of Indiana bank products
First Internet Bank of Indiana Free Savings account
Pros
-
The savings account doesn’t charge fees.
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The minimum required to open the account is low.
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Account holders get some ATM fees reimbursed.
Cons
-
The yield is very low.
Rate history for FIBI'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 certificates of deposit
Pros
-
First Internet Bank pays competitive yields on its CDs.
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There’s a wide range of term lengths available.
Cons
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Lower minimum deposit requirements at other online banks can be found elsewhere.
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Early withdrawal penalties for terms of two years or longer are harsh.
Rate history for FIBI'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 Money Market Savings account
Pros
-
Only $100 is needed to open the account.
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It pays a very competitive APY.
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Account holders get some ATM fees reimbursed.
Cons
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Account holders must maintain a $4,000 balance to avoid the $5 monthly fee.
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Checks can’t be written from the account.
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You need to deposit at least $1 million to earn the top yield.
First Internet Bank of Indiana Free Checking account
Pros
-
There’s no monthly fee on the Free Checking account.
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The account can be opened with $25.
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First Internet Bank charges few fees, including no overdraft or out-of-network ATM fees.
Cons
-
The Free Checking account doesn’t reimburse ATM fees.
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Many online-only banks don’t require minimum opening deposits.
How does First Internet Bank of Indiana compare to other banks?
Compare different account types offered by First Internet Bank of Indiana. Annual percentage yields (APYs) shown were updated between May 12, 2025 and May 18, 2025.
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Selected bank
First Internet Bank of Indiana savings account
Bankrate score
3.5
Bankrate Savings rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Charles Schwab Bank savings account
Bankrate score
3.0
Bankrate Savings rating = 3.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 12, 2025 and May 18, 2025.
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| 0.81% | 0.15% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $405 | $75 | |
| First Internet Bank’s Free Savings requires a $25 minimum deposit to open, but doesn’t charge a monthly fee. Customers won’t grow their savings too much with this account, since the APY is very low. But customers do get up to $10 in rebates for ATM surcharge fees each month. | Charles Schwab’s Bank Investor Savings account offers a paltry APY, which customers earn on any balance. Although the yield leaves much to be desired, the account doesn’t charge a monthly fee nor does it come with a minimum balance requirement. And customers get unlimited ATM fee rebates worldwide. | |
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APY offering:
0.81%
2/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
0.15%
1/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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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 |
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.
The above images were last updated on April 3, 2025.
Bankrate staff insights
A Bankrate staff member opened a money market account online with First Internet Bank of Indiana and stated, "The sign-up flow was very straightforward and seamless. While the features are not the most flashy – most feeling sort of outdated versus some popular budgeting or credit monitoring platforms – they are user-friendly and accomplish the necessities." The account holder added, "I would recommend this bank and experience for any user that appreciates the simplicity and is mainly looking for the core essentials of a money market or savings account."
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
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.
First Internet Bank of Indiana customer reviews
First Internet Bank of Indiana has 46 reviews
Dive into community reviews below and see what others think about First Internet Bank of Indiana .
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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