First Internet Bank


7 Year Customer

Posted by: |

I've had all good experiences with First Internet. One note, I get tired of idiotic reviews...if an institution cannot verify you to open an account, your credit score is irrelevant! And....those of us who want a rating on a bank, want to know if they handled money properly and followed their word. Customer service comes in there as well. But your difficulties being verified....is a personal problem...no matter how great your credit is. So don't be an idiot...post stuff that others want to know, not stuff only you mommy cares about.

Reasonable Interest, But Some Annoying Features

First IB's online money market account pays a pretty good interest rate (although there are certainly other banks that do better than it, the account is in the top 20 or 25 available).

There are, however, three features of the account that make it less appealing:
1. Low transaction limitations: There are $500 limits for inbound and outbound transfers, possibly increasing to $5k with an account open for a longer period of time.
2. Relatively short window for account inactivity fees to start. After twelve months of no new deposits or withdrawals, the account is subject to a $5/month dormant account fee. If you use a money market as a place to park funds, this short window could offset some of the yield you receive from the bank.
3. A charge for an outbound ACH initiated at the bank. To withdraw funds from the bank, there is a $5 fee per withdrawal (or 1% of the maximum amount of $500).

One can work around the above by initiating deposits and withdrawals from another account, so it may be worth the hassle.

Customer service was forthright and friendly in discussing these account features. In addition, all of the above information is disclosed clearly on the website. In short, a reasonable secondary account for those who need or want one and for those willing to do a bit of extra work.

Not Secure

Posted by: |

FIBI rates are good, but I took higher rate with another bank - Ally because FIBI Customer service is arrogant and cannot hide their disdain for my questions related to problems with site. I could not send docs with secure system so they said to mail it - not convenient. Ally Customer service is good and rates are close enough.

Unprofessional And Shady

Posted by: |

I know it is legit bank, however, the application process of new CD accounts seems to tell a different story. During the process, I was asked some basic questions to verify my identity, which is understandable, as well as uploaded my ID and use my camera to take a selfie, which is beyond necessary in my opinion. So when I was asked to provide my fund information (bank account number), I thought I was already in the process of transferring the money to this new CD account. I moved my money from an interest-earning savings account to my checking account so the money will come through. To my surprise, the next day, I received a denial email. It is a template they use to send to everyone. They did not include any information to explain why my application was denied. I have a perfect over 800 credit score so that's not the reason. They use "Our decision was based in whole or in part on information obtained in a report from the consumer reporting agencies listed below." as the reason which is too vague. If it wasn't for this non-sense letter, I would have pursued and reached out to them to get further information. As a potential customer, I provided all the information you requested and entrusted you with my personal data, yet you didn't bother to give one or two sentences explanation that is just for me. "Copy and paste" is the worse you can do when it comes to customer services, especially for an online bank.

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Health

Health Grade Components

Overall
FDIC Certificate #34607
Year Established1998
Employees295
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.51%
Return on Equity - YTD6.04%
Annual Interest Income$68.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$5.32B$4.71B
LoansQ1 2024vs Q1 2023$3.89B$3.59B
DepositsQ1 2024vs Q1 2023$4.28B$3.64B
Equity CapitalQ1 2024vs Q1 2023$446.4MM$437.5MM
Loan Loss AllowanceQ1 2024vs Q1 2023$40.9MM$36.9MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$9MM$5.4MM
Real Estate OwnedQ1 2024vs Q1 2023$375K$106K
Rates
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Always verify rates and promotions with the bank or credit union. We are not First Internet Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

First Internet Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$0-Business Regular Savings
0.81%$0-Free Savings
0.81%$0-Tomorrow's Tycoons
0.15%$0-Health Savings Account

First Internet Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.48%*$1m*-Money Market Savings
OTHER TIERS: 3.77% $0 - $1m
5.48%*$5m*-Business Money Market Savings
OTHER TIERS: 3.46% $0 - $5m

First Internet Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$500-Interest Checking
0.50%$10k-Small Business Checking

First Internet Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.26%$1k-12 Month CD
5.26%$1k-Business 12 Month CD
5.13%$1k-6 Month CD
5.13%$1k-Business 6 Month CD
4.98%$1k-18 Month CD
4.98%$1k-Business 18 Month CD
4.76%$1k-24 Month CD
4.76%$1k-Business 24 Month CD
4.61%$1k-36 Month CD
4.61%$1k-Business 36 Month CD
4.50%$1k-60 Month CD
4.50%$1k-Business 60 Month CD
4.45%$1k-48 Month CD
4.45%$1k-Business 48 Month CD
4.14%$1k-3 Month CD
4.14%$1k-Business 3 Month CD
Locations

First Internet Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 8701 E. 116th St. - Fishers, IN 46038

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.