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 terms of CDs.
Highlights
- ATM Fee Refunds
- Free Checking
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
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 February 1999. It is an online bank that serves all 50 states.
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 bank products
First Internet Bank of Indiana savings overview
Free Savings account holders also get reimbursed for up to $10 for 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.
Bankrate Savings rating = 4.7/5
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 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 had a 4.8 rating on the Apple App Store and a 4.4 rating on Google Play at the time of this review.
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.
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.
