First Internet Bank is the 305th largest bank in the nation. It was established in 1998 and as of June of 2022, it had grown to 302 employees. First Internet Bank has a B+ health rating.
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2/26 - First Internet Bank Is Closing All IRA Cds On Oct, 1 2020
10/18/18 - First Internet Bank Ups All CD Rates
9/2/18 - Rates Have Gotten Better BUT Crazy EWP
4/23/18 - First Internet Bank Raises 12-Month CD Rate
3/25/18 - CD Rates Have Gone Up For All Terms; 6 Months 1.76% APY
3/14/18 - First Internet Bank's 12-Month CD APY Raised
1/19/18 - First Internet Bank Increases All CD Rates
11/15/17 - First Internet Bank Raises Short-Term CD Rates Again
9/29/17 - First Internet Bank Continues To Raise Short-Term CD Rates
9/28/17 - Short-Term CD Rate Increases At First Internet Bank
6/30/17 - First Internet Bank Raises All CD Rates Yet Again
6/7/17 - First Internet Bank Ups Rates On Short-Term CDs
2/23/17 - First Internet Bank Boosts All CD Rates
2/11/16 - First Internet Bank Raises Rates On All Its CDs
3/11/15 - First Internet Bank Raises Rate On 60-month CD - Nationally Available
9/25/14 - First Internet Bank Of IN Joins The 5-Year CD 2.00% Club!
2/20/10 - Also, Another Reason I Haven't Switched Yet Is That Fibidoesn'trequire"Transactions" Such Asa
5/22/06 - 5.27% 6-Month / 5.43% 12-Month CD at First Internet Bank
Over A Decade Of Good Experience
Just registered on this site and saw a bunch of low reviews here for my primary bank of 13 years, so I figured I'd share my perspective.
I've rarely used customer support, so I can't speak to that (which may be why my experience is better than others).
I signed up for high checking interest in 2007, and although that rate declined over the years, it is still very competitive, and especially doesn't require any debit card usage or other requirements that other banks demand to get a good rate.
Also appreciate the ATM fee rebate.
Have never had any issues, despite this being a relatively unknown bank. (This is after the heyday of online-only banking, when I rotated through banks like x.com looking for great rates.)
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
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.
I Filed A Complaint With The CFPB
I'm over 50 and have perfect credit. I applied for a one-year CD on 1/25/2023. Almost immediately, I got back a response that was extremely vague, denying my application (to deposit a significant amount of money). There was no reason cited, except "Our decision was based in whole or in part on information obtained in a report from the
consumer reporting agencies listed below." 4 agencies were listed. I have a good credit report with all of them. I called, and although the guy was not rude, neither was he helpful. Looking for the reason, without knowing what the reason is, is like looking for a needle in a hay stack. Applying was a fair amount of trouble, requiring making copies of my and my wife's driver's licenses, etc. Steam is coming out of my ears.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34607 |
| Year Established | 1998 |
| Employees | 302 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.17% |
| Return on Equity - YTD | 11.34% |
| Annual Interest Income | $72.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $4.09B$4.20B |
| Loans | Q2 2022vs Q2 2021 | $3.08B$2.96B |
| Deposits | Q2 2022vs Q2 2021 | $3.19B$3.23B |
| Equity Capital | Q2 2022vs Q2 2021 | $429.7MM$396.6MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $29.2MM$28.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $3.2MM$9.3MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$1.3MM |