Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 308th largest bank in the nation. It was established in 1998 and as of September of 2018, it had grown to 205 employees. First Internet Bank's money market rates are 5X the national average, and it has a B+ health rating.

Related Posts

First Internet Bank Raises All CD Rates - 12/27/2018

First Internet Bank has added between 16-22 bps to its CD rates, including the 12-month CD (2.89% APY). Minimum opening deposit is $1k, with no stated balance cap.

First Internet Bank Ups All CD Rates - 10/18/2018

First Internet Bank has added 10-16 bps to its CD rates, including the 12-month CD (2.68% APY). Minimum opening deposit is $1k, with no stated balance cap.

Rates Have Gotten Better BUT Crazy EWP - 9/2/2018

Term APY Early Withdrawal Penalty 3 Months--1.60% 1.61% 90 days interest 6 Months--2.05% 2.07% 180 days interest 12 Months--2.50% 2.53% 180 days interest 18 Months--2.60% 2.63% 180 days interest 24 Months--2.70% 2.73% 360 days interest 36 Months--2.80% 2.83% 360 days interest 48 Months--2.90% 2.94% 360 days interest 60 Months--3.15% 3.20% 360 days interest

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The best online banking experience

Posted by: sidneybarr | Feb 7, 2018

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.

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.

Website Isn't Full Service, Clunky; Security Concerns

Posted by: leyley115 | May 10, 2018

I opened a CD with them. First the good: 1. Good rates. 2. The process of funding the CD happened quickly (2 days faster than another bank we've used) and the funds showed up in my CD account the same day they were withdrawn from my outside savings account.

Now the bad: 1. Outgoing ACH transfers cost $5 each (many banks are free). 2. You can't verify or manage joint ownership and beneficiary designations from the website - the information just isn't there. You have to call on the phone for this information and they will email documents which you must complete, and then fax, email, or snail mail them back. 3. Security questions can be obscure (like the date of your last auto loan or lease, which can be hard to produce if it was decades ago, etc.) If you miss a security question, you must wait for an account verification specialist to contact you and the process of opening an account becomes more complicated. 4. Once you've opened a CD, you cannot open a second CD from your online account without also opening a checking or savings account (this was verified with account representative over the phone). If you do not wish to open checking and/or savings with them, you must go through the online application process all over again.

Now for the truly bizarre: If you decide to complete a second application, partway through the process it recognizes that you are an existing customer and pulls up all the identity information from your other account (FULL SSN, FULL Drivers License #, DOB's, etc) and populates the personal information screens. Great, so you don't have to enter the information twice, but after it displays all your personal information THEN it asks the security questions! Sadly, I missed one of the security questions (about auto loans) and was booted, but not before all of mine and my husband's personal information was displayed. The lesson here: Any fraudster that fails the security questions has already been given your Social Security Number, Drivers License #, DOB, address, phone numbers, everything!

Happy Customer

Posted by: elizayork | Nov 21, 2017

I have been with FirstIB for some years now. I have not ever had a problem with them. My direct deposits are always within a day or two of making and I can use my checking account whenever it is convenient for me. The best thing I like about my checking account is that I don't have to worry about overdraft fees. For instance, I am only able to spend what is in my account and if there is not anything in there, then I can't go over in my account. That is a plus for me. I think I will be continuing on with my business with FirstIB. Another good thing about FirstIB is that you can receive discounts from vendors/stores when you make purchases and also there was not a fee or small deposit to be made to create an account.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.94%
Return on Equity - YTD11.66%
Annual Interest Income$83.8MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$3.20B$2.63B
LoansQ3 2018vs Q3 2017$2.50B$1.90B
DepositsQ3 2018vs Q3 2017$2.51B$2.03B
Equity CapitalQ3 2018vs Q3 2017$256.5MM$218.5MM
Loan Loss AllowanceQ3 2018vs Q3 2017$16.7MM$14.1MM
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$256.00K$2.7MM
Real Estate OwnedQ3 2018vs Q3 2017$5.0MM$5.1MM
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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

1.41%*$250k*-Business Regular Savings
OTHER TIERS: 1.16% Up to $250k
0.75%--Regular Savings
0.75%--Tomorrow's Tycoons
0.60%--Free Savings
0.15%--Health Savings Account

First Internet Bank Money Market Rates

2.02%*$250k*-Money Market Savings
OTHER TIERS: 1.81% Up to $250k
2.02%*$250k*-Business Money Market Savings
OTHER TIERS: 1.81% Up to $250k
2.02%*$250k*-Money Market IRA
OTHER TIERS: 1.81% Up to $250k
1.81%--Money Market CESA

First Internet Bank Checking Account Rates

0.70%$500-Interest Checking

First Internet Bank CD Rates

3.30%$1k-60 Month CD
3.30%$1k-Business 60 Month CD
3.20%$1k-48 Month CD
3.20%$1k-Business 48 Month CD
3.05%$1k-36 Month CD
3.05%$1k-Business 36 Month CD
3.03%$1k-24 Month CD
3.03%$1k-Business 24 Month CD
2.90%$1k-18 Month CD
2.90%$1k-Business 18 Month CD
2.83%$1k-12 Month CD
2.83%$1k-Business 12 Month CD
2.45%$1k-6 Month CD
2.45%$1k-Business 6 Month CD
2.07%$1k-3 Month CD
2.07%$1k-Business 3 Month CD

First Internet Bank IRA Rates

3.30%$1k-60 Month IRA
3.20%$1k-48 Month IRA
3.05%$1k-36 Month IRA
3.03%$1k-24 Month IRA
2.90%$1k-18 Month IRA
2.83%$1k-12 Month IRA

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

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