First Internet Bank

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 294th largest bank in the nation. It was established in 1998 and as of March of 2021, it had grown to 256 employees. First Internet Bank's money market rates are 14% higher than the national average, and it has an A health rating.

Related Posts

Review of First Internet Bank Nationally Available CDs - 1/29/2021

First Internet Bank continues to offer its product line (including CDs) to U.S. citizens/resident aliens, 18 years or older, who have a valid Social Security number.

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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.)

Not Secure

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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.

Tardy And Unhelpful To Business Customers

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We applied for First IB’s business money market account in early December due to the good interest rate. First IB got around to opening the account only at the very end of the month. But, once opened, the account was completely useless: it did not allow any money to be transferred. Oh, we could have mailed First IB a check or sent money in by wire from another bank. But we could not transfer anything in using online tools, and if we had made a deposit, we could not have withdrawn anything, period. Over a month later, this was still the case, with no sign of changing. Why? Because First IB does not serve its business customers.

First IB’s "business" accounts run through a web interface designed for personal use, not for businesses. At any other institution, a business account means the business name is what goes on the account. First IB, however, makes you set up the account with First Name and Last Name. An associate explained that business customers are expected to enter the business name in first name field and "Inc" or "LLC" in the Last Name field. Unprofessional. But there's a bigger consequence to this than the unprofessionalism.

First IB’s native money transfer tools only work if the name on the account you are transferring to or from matches the name on the First IB account. So you can’t transfer anything to or from a proper business account at another institution (one that has the business name) – because first name and last name don’t match. You also can’t transfer anything to or from your personal account, since with a business name in the First Name and Last Name fields of the First IB business account, the names don’t match your personal account and First IB blocks the transfer.

When we called to try to determine why transfers were not possible after our account was (finally) opened, only then did First IB inform us that, indeed, with a business account, nothing would transfer in or out because of the name issue. They then informed us we would need their separate ACH service to move money. The ACH service, however, requires a new application. Since a business account is entirely useless without that service, and they know this, why ACH was not part of the original application is a mystery. First IB apparently prefers to wait until frustrated businesses call customer service before informing them that, yes, their new account is useless, and a second application will be necessary to enable transfers.

We lost no time in making the ACH application. First IB, however, lost us plenty of time by not responding to it. The problem, as I was informed after another call to customer service, was that we had requested too high a limit on transfer amount – we are receiving an SBA loan disbursement and have to turn much of that around to make an equipment purchase – and this size of transfer would need the approval of higher levels of management. When would management do the review? First IB would not commit to a date. Probably in a week or so, we were told, no firm commitment. Is there any way we could speed it up? No.

Nearly two weeks later, there was still no action. Another call to customer service. “My associate tells me that he gave it to our manager and it just hasn’t come back yet.” Inspires a lot of confidence there, doesn’t that?

To summarize: a website and account name not designed for businesses; an account whose conditions on transfers First IB knows make it useless to businesses; a second application required to permit transfers that First IB informs you about only after a complaint; tardiness in initially setting up the account, tardiness in processing the ACH application, customer service associates without authority to make things happen and without authority to put you in touch with anyone who can – Too much. First IB lost our business.

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.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.15%
Return on Equity - YTD12.98%
Annual Interest Income$33.3MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$4.19B$4.17B
LoansQ1 2021vs Q1 2020$3.06B$2.92B
DepositsQ1 2021vs Q1 2020$3.25B$3.21B
Equity CapitalQ1 2021vs Q1 2020$382.3MM$334.7MM
Loan Loss AllowanceQ1 2021vs Q1 2020$30.6MM$22.9MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$10.6MM$7.4MM
Real Estate OwnedQ1 2021vs Q1 2020$0$2.1MM
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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

0.40%*-$10mBusiness Regular Savings
OTHER TIERS: 0.25% $10m+
0.25%--Free Savings
0.25%--Tomorrow's Tycoons
0.15%--Health Savings Account

First Internet Bank Money Market Rates

0.50%--Money Market Savings
0.40%*-$10mBusiness Money Market Savings
OTHER TIERS: 0.25% $10m+

First Internet Bank Checking Account Rates

0.30%$500-Interest Checking
0.30%$10k-Small Business Checking

First Internet Bank CD Rates

0.96%$1k-60 Month CD
0.96%$1k-Business 60 Month CD
0.86%$1k-48 Month CD
0.86%$1k-Business 48 Month CD
0.81%$1k-36 Month CD
0.80%$1k-Business 36 Month CD
0.70%$1k-24 Month CD
0.70%$1k-Business 24 Month CD
0.65%$1k-18 Month CD
0.65%$1k-Business 18 Month CD
0.60%$1k-12 Month CD
0.60%$1k-Business 12 Month CD
0.45%$1k-6 Month CD
0.45%$1k-Business 6 Month CD
0.25%$1k-3 Month CD
0.25%$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

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