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First Internet Bank of Indiana Review 2024

Updated January 2, 2024
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.6 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 3.5 stars out of 5

MMA

Rating: 4.3 stars out of 5

About Bankrate Score

Overview

First Internet Bank of Indiana is best for consumers who are comfortable completely banking online and those looking for a variety of different accounts. The bank offers two checking accounts, a money market account, a savings account and eight CD terms.

Highlights

  • ATM Fee Refunds
  • Free Checking
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • 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 banking products

3.5
/5
Rating: 3.5 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
0.80%
Rating: 2 stars out of 5
2/5
Info
Minimum balance to earn interest:
$25.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$25.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

FEATURES

Invest Rate
0.80% APY
Info
Loan
$25 minimum deposit to open

First Internet Bank of Indiana savings overview

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

Free Savings account holders also get reimbursed for up to $10 of 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.

  • There’s a six-per-month withdrawal limit.

  • 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
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

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.

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.

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

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.