First Internet Bank

Great, Secure Online Banking Experience

Posted by: mw295384 | Oct 8, 2019

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.

Not Secure

Posted by: qqqq1111 | Feb 3, 2019

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.

Terrible Banking Experience - Avoid At All Costs!!!

Posted by: jjmoon | Oct 3, 2019

After a lot of paperwork and multiple documents sent back and forth, I finally opened up a Business Savings Account a year ago with First Internet Bank and funded the account consistently every month with normal deposit amounts ($10k per month). Last week I received an email from Michele P. - Deposit Operations Specialist from FIB, who stated they were closing my account because of "Know Your Customer" standards.

"All Financial institutions are required by federal and state regulations to follow Know Your Customer standards, monitor and understand ongoing customer activity. Therefore periodic reviews are conducted on all accounts. In a recent review of the account activity, we have made the decision to exit the banking relationship."

I asked her to give me a call to discuss or email me with an actual specific reason but she emailed back and stated again the decision had been made and there was nothing to discuss and just copy/pasted the previous blanket corporate statement. I looked up Know You Standards and it's to prevent money laundering and criminal activities!!

I immediately emailed Michele back to try and discuss and to explain to her I have been with the same employer (high profile company) for over 10 years and she could check my employment record but she just ignored my communications. Absolutely terrible customer service and a big warning for anybody else considering going to all the trouble of opening a business savings account with this shady bank. Don't waste your time. Jon



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.76%
Return on Equity - YTD9.69%
Annual Interest Income$109.7MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$4.09B$3.20B
LoansQ3 2019vs Q3 2018$2.90B$2.50B
DepositsQ3 2019vs Q3 2018$3.19B$2.51B
Equity CapitalQ3 2019vs Q3 2018$320.5MM$256.5MM
Loan Loss AllowanceQ3 2019vs Q3 2018$21.7MM$16.7MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$5.8MM$256.00K
Real Estate OwnedQ3 2019vs Q3 2018$2.6MM$5.0MM
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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

1.36%*$250k*-Business Regular Savings
OTHER TIERS: 1.11% Up to $250k
0.75%--Free Savings
0.75%--Tomorrow's Tycoons
0.15%--Health Savings Account

First Internet Bank Money Market Rates

1.81%--Money Market Savings
1.81%--Business Money Market Savings
1.11%--Money Market IRA
1.11%--Money Market CESA

First Internet Bank Checking Account Rates

0.70%$500-Interest Checking
0.70%$10k-Business Amplify Checking

First Internet Bank CD Rates

2.17%$1k-60 Month CD
2.17%$1k-Business 60 Month CD
2.14%$1k-48 Month CD
2.14%$1k-Business 48 Month CD
2.12%$1k-36 Month CD
2.12%$1k-Business 36 Month CD
2.07%$1k-24 Month CD
2.07%$1k-Business 24 Month CD
1.97%$1k-18 Month CD
1.97%$1k-Business 18 Month CD
1.87%$1k-12 Month CD
1.87%$1k-Business 12 Month CD
1.71%$1k-6 Month CD
1.71%$1k-Business 6 Month CD
1.46%$1k-3 Month CD
1.46%$1k-Business 3 Month CD

First Internet Bank IRA Rates

1.41%$1k-48 Month IRA
1.41%$1k-60 Month IRA
1.41%$1k-48 Month CESA
1.41%$1k-60 Month CESA
1.31%$1k-18 Month IRA
1.31%$1k-24 Month IRA
1.31%$1k-36 Month IRA
1.31%$1k-18 Month CESA
1.31%$1k-24 Month CESA
1.31%$1k-36 Month CESA
1.26%$1k-12 Month IRA
1.26%$1k-12 Month CESA

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.