First Internet Bank

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 263rd largest bank in the nation. It was established in 1998 and as of December of 2019, it had grown to 229 employees. First Internet Bank's money market rates are 2X the national average, and it has an A health rating.

Related Posts

First Internet Bank 60-Month CD APY Remains Competitive - 5/11/2020

First Internet Bank's nationally available 60-month CD (1.72% APY) has the most competitive CD rate in the product line. Min deposit is $1k, with no stated balance cap.

First Internet Bank Is Closing All IRA Cds On Oct, 1 2020 - 2/26/2020

Here is an email I received from First Internet Bank. The April 1, 2020 date mentioned is probably due to my IRA CD maturing on March 31, 2020. First Internet Bank has made the decision to no longer offer Individual Retirement Account Certificates of Deposit (IRA CDs) and Money Market IRAs. We recognize the importance of your long-term retirement goals and want to ensure that you have ample time to transfer, roll over or withdraw the funds in your existing IRA account(s). Here’s what you can expect moving forward: Beginning immediately, you may transfer, roll over or withdraw your IRA CD/Money Market IRA funds prior to maturity without bank penalty. We encourage you to identify another IRA provider that aligns with your investment strategy and needs. As of April 1, 2020, IRA CDs will no longer renew at maturity. If you have not already taken steps to transfer, roll over or withdraw your IRA CD(s) by the maturity date, we will close the account(s), pay all accrued interest and m

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Great, Secure Online Banking Experience

Posted by: |

I recently opened up a money market account with First Internet Bank. Smooth online account opening process, fast set up and wonderful customer service. Add great rates for being an online bank and it’s a win. I would recommend them to anyone.

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.

Horrible Institution

Posted by: |

My experience with this bank was horrendous. I deposited funds which the institution gladly accepted but then they would not permit me to withdraw the funds. Subsequently they lied to me and told me the funds had been returned when this was not, in fact, the case. This behavior constitutes, at best, gross incompetence, or, perhaps, outright fraud. I have contacted the authorities in an effort to recover my deposit. My advice to anyone contemplating dealing with this institution: Stay Away!

The best online banking experience

Posted by: |

As someone who has been on the Internet for over 20 years, one thing you can't be notice is that there is alot of great stuff to buy online. Whether it is from other online vendors or just trading with other people, there is no shortage of great things I want to buy. If you are like me, you also know how dangerous it is dealing with money online. The ever present identity theft is very real, so having a bank that you can count on is important.

First Internet Bank is the answer to this. You don't have to worry about ID theft and open up a checking account that will let you do online shopping with hassle, and without fear of identity theft.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.78%
Return on Equity - YTD9.93%
Annual Interest Income$147.6MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$4.10B$3.54B
LoansQ4 2019vs Q4 2018$3.00B$2.72B
DepositsQ4 2019vs Q4 2018$3.19B$2.72B
Equity CapitalQ4 2019vs Q4 2018$332.4MM$274.2MM
Loan Loss AllowanceQ4 2019vs Q4 2018$21.8MM$17.9MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$6.7MM$889.00K
Real Estate OwnedQ4 2019vs Q4 2018$2.1MM$2.6MM
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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

0.91%*$250k*-Business Regular Savings
OTHER TIERS: 0.81% Up to $250k
0.70%--Free Savings
0.70%--Tomorrow's Tycoons
0.15%--Health Savings Account

First Internet Bank Money Market Rates

1.01%--Money Market Savings
1.00%--Money Market CESA
0.91%--Business Money Market Savings

First Internet Bank Checking Account Rates

0.65%$500-Interest Checking
0.65%$10k-Small Business Checking

First Internet Bank CD Rates

1.31%$1k-60 Month CD
1.31%$1k-Business 60 Month CD
1.21%$1k-48 Month CD
1.21%$1k-Business 48 Month CD
1.16%$1k-36 Month CD
1.16%$1k-Business 36 Month CD
1.11%$1k-24 Month CD
1.11%$1k-Business 24 Month CD
1.06%$1k-18 Month CD
1.06%$1k-Business 18 Month CD
1.01%$1k-12 Month CD
1.01%$1k-Business 12 Month CD
0.65%$1k-6 Month CD
0.65%$1k-Business 6 Month CD
0.30%$1k-3 Month CD
0.30%$1k-Business 3 Month CD

First Internet Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 11201 Usa Parkway - Fishers, IN 46037

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.