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First Internet Bank of IN

Popular Accounts at this Bank

2.27%5-year CD60 Month CD
2.27%5-year IRA60 Month IRA (Traditional, Roth, CESA)
2.02%4-year CD48 Month CD

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank of IN is the 401st largest bank in the nation. It was established in 1998 and as of March of 2017, it had grown to 200 employees. First Internet Bank of IN's money market rates are 2X the national average, and it has an A health rating.

Related Posts

First Internet Bank Boosts All CD Rates - 2/23/2017

First Internet Bank has raised the rates on its CDs, including the 48-month CD (1.87% APY). Minimum deposit is 1k. Also available as an IRA.

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Reviews (6)

First Internet Bank of Indiana

Posted by: Nikki14 | Oct 2, 2014

I was first introduced to First Internet Bank of Indiana five years ago when the work at home job company I was with suggested I open an account to receive direct deposit payments. I was rather reluctant because I hadn't ever known or had any experience with an internet bank whose only physical location was out of state. Well, five years later and I am so pleased. This bank is amazing. I have the free checking account with a debit card. There are no monthly fees like I have encountered with other banks or quotas to meet as far as a certain number of transactions you must make each month. Sure, there are the typical ATM fees which range from $1.50 to $2.75, but that is still really reasonable. You can even work around that by using the cash back feature at a grocery store when making a purchase with the bank issued debit card. The card does have a Visa logo so it can be used as credit at pretty much all retailers. I've had no issues at all with this bank. Customer service is great. I've only had to call three times during the time I've had the account, but they're personnel is always really professional yet warm and friendly. I would highly encourage anyone looking for an online bank to check this one out. You can also do online bill pay. I haven't used this feature yet, but I may within the next few months.

I've Been Using FIBI Since 2002 And They Have Always Had Outstandingcustomer Service

Posted by: Anonymous | Feb 20, 2010

I've been using FIBI since 2002 and they have always had outstanding customer service.  Need to maintain only a $500 "average" balance during a month to earn interest on money sitting in your acct.  For a rare month when my avg monthly balance was less than $500, the "monthly minimum" fee is ONLY $10, which is far less than at other banks that have higher min account balance requirements.  It's the reason why I don't switch to another bank that pays a slighly higher interest rate -- until the interest rate difference is large, it's just not worth it for me to switch and get my money locked in to higher account balance minimum requirements for a checking account.

Free checking, debit/ATM card, etc. 

Great Bank

Up until recently, I banked strictly online with The First Internet Bank Of Indiana. I had had an account with them since 2006, when I worked online and the company would deposit my earnings directly into my checking account there. I have always loved their customer service, and have never EVER had any issues with them. I would call them right up if I had a question and my questions were never NOT answered, or treated as if they were stupid. The only reason i'm rating them a 4 in everything instead of a 5, is the location aspect. I do most of my banking online, however the fact that the only physical locations for this bank is in Indiana is an issue if you need to go deposit something. You either have to mail them a deposit or do an ACH or Wire Transfer. That can be a big pain. I didn't run into it often, but now that i'm even further away, I decided to just get a local bank account at my local bank. That being said, I still also have my First Internet Bank account and use that as kind of a savings account.

A great interest-bearing checking account

The best thing about this bank is that the checking account bears interest. This is important, because why would you leave money without earning anything on it? I usually have a thousand or two on deposit at any time, originating from the direct deposit from my job, even though there is no minimum deposit amount required. I earn a buck or two every month on this money.

Also, not only are there no minimum deposit requirements, but the bank offers an overdraft line of credit that is attached to the checking account. Need to pay someone today, but your paycheck won't be deposited until next month? No problem! Just go ahead and write that check. You'll never, ever have a bounced check fee at this bank. The interest rate on the loan from the overdraft will be minimal, and you can pay it off as soon as that paycheck clears.

I highly recommend this bank. I've been a customer for at least a dozen years now, and have only had a couple of minor problems in all that time.

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.

Backed Out...CD Info Learned

Posted by: analog670 | Mar 7, 2016

FIBI CD account comments only. First, they charge 5 dollars for all out ACH. This 60 dollars a year fee lowers their 2.27% APY, subtract 60 and recompute your real APY. The monthly interest payouts are Direct Deposite and hence ACH. All ACH out is 5 dollars per transaction. After 3 days, I got an email reply on how to write the funding check. You write the check out to FIBI on the Pay To The Order Of line. Thus, not your name as it appears on the account. Legally, you've signed your money away to them. You write for deposite only on the back. And put your SS number on the memo line. As a temporary account number. To wire (instead of check), you get their routing number, and the email said to list your SS as the temp account number for the bank wire.
Monthly compounding. Daily accrual. For CDs the online is simply a view only balance viewer. This is basically a phone bank, and to withdraw any money for a CD requires a phone rep. Like CIT.
You start the application online, yet it makes you print it out and mail the application and check via the mail (or wire for check). This is as far as I got. They are A rated BBB and the complaints are all about home lending not CDs. Its an old world style mail in bank, with phone service for CDs. If you've got a week of time, and you may even dig this way of business, that's how it works.
I would definately establish a phone relationship with them and verify all details. Their business accounts show the CD application, and all sorts of items like old statements you have to mail. I assume that had I completed the consumer CD online application it would have resulted in the same. A mound of paperwork sent in the mail instead of an online application that creates an account. I assume that after they get the large package in the mail, they create an account and give you the email log in details. I chickened out.


Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.72%
Return on Equity - YTD8.78%
Annual Interest Income$17.4MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$2.05B$1.52B
LoansQ1 2017vs Q1 2016$1.44B$1.06B
DepositsQ1 2017vs Q1 2016$1.58B$1.25B
Equity CapitalQ1 2017vs Q1 2016$162.7MM$112.1MM
Loan Loss AllowanceQ1 2017vs Q1 2016$11.9MM$9.2MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$3.4MM$367.00K
Real Estate OwnedQ1 2017vs Q1 2016$4.5MM$4.5MM
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Always verify rates and promotions with the bank or credit union. We are not First Internet Bank of IN; 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 of IN Savings Account Rates

1.00%*$250k*-Business Regular Savings
OTHER TIERS: 0.80% Up to $250k
0.60%--Regular Savings
0.60%--Tomorrow's Tycoons
0.40%--Free Savings
0.15%--Health Savings Account
0.15%--Commercial Health Savings

First Internet Bank of IN Money Market Rates

1.00%*$250k*-Money Market Savings
OTHER TIERS: 0.80% Up to $250k
1.00%*$250k*-Business Money Market Savings
OTHER TIERS: 0.80% Up to $250k
1.00%*$250k*-Money Market IRA
OTHER TIERS: 0.80% Up to $250k
1.00%*$250k*-Money Market Roth IRA
OTHER TIERS: 0.80% Up to $250k
1.00%*$250k*-Money Market CESA
OTHER TIERS: 0.80% Up to $250k

First Internet Bank of IN Checking Account Rates

0.55%$500-Interest Checking

First Internet Bank of IN CD Rates

2.27%$1k-60 Month CD
2.27%$1k-Business 60 Month CD
2.02%$1k-48 Month CD
2.02%$1k-Business 48 Month CD
1.81%$1k-36 Month CD
1.81%$1k-Business 36 Month CD
1.62%$1k-24 Months CD
1.62%$1k-Business 24 Month CD
1.44%$1k-18 Month CD
1.44%$1k-Business 18 Month CD
1.36%$1k-12 Month CD
1.36%$1k-Business 12 Month CD
1.06%$1k-6 Month CD
1.06%$1k-Business 6 Month CD
0.85%$1k-3 Month CD
0.85%$1k-Business 3 Month CD

First Internet Bank of IN IRA Rates

2.27%$1k-60 Month IRA
2.02%$1k-48 Month IRA
1.81%$1k-36 Month IRA
1.62%$1k-24 Month IRA
1.44%$1k-18 Month IRA
1.36%$1k-12 Month IRA

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