First Internet Bank

Overview / Commentary
8701 E. 116th St.
Fishers, IN 46038

First Internet Bank is the 279th largest bank in the nation. It was established in 1998 and as of June of 2023, it had grown to 279 employees. First Internet Bank has an A health rating.

Related Posts

First Internet Bank 12-Month CD Is Now A Rate Leader - 7/8/2023

First Internet Bank has boosted the APY of its nationally available 12-month CD to a rate-leading level. Minimum opening deposit is $1k, with no stated balance cap.

Money Market Now At 5.20% APY For Balances Above $1M - 5/11/2023

This may now be the highest nationally available MM rate, though obviously it requires a very high balance.

Money Market Savings, 4.39% APY, But ... - 12/19/2022

The Money Market Savings has a 4.39% APY, but it applies to daily balances of $1m+. Daily balances below $1m earn 3.04% APY.

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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 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

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.

CD Application Denied

Posted by: |

My credit score is over 800, yet I was denied to open a CD account! What a waste of my time.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.19%
Return on Equity - YTD2.04%
Annual Interest Income$110.2MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$4.94B$4.09B
LoansQ2 2023vs Q2 2022$3.64B$3.08B
DepositsQ2 2023vs Q2 2022$3.87B$3.19B
Equity CapitalQ2 2023vs Q2 2022$437.4MM$429.7MM
Loan Loss AllowanceQ2 2023vs Q2 2022$36.1MM$29.2MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$2.5MM$3.2MM
Real Estate OwnedQ2 2023vs Q2 2022$106.00K$0

Rates for First Internet Bank are currently being reviewed.


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

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