First Internet Bank

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 299th largest bank in the nation. It was established in 1998 and as of March of 2022, it had grown to 288 employees. First Internet Bank's money market rates are 2X the national average, and it has an A health rating.

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: |

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.

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.)

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 - YTD1.23%
Return on Equity - YTD12.09%
Annual Interest Income$36.0MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$4.22B$4.19B
LoansQ1 2022vs Q1 2021$2.89B$3.06B
DepositsQ1 2022vs Q1 2021$3.26B$3.25B
Equity CapitalQ1 2022vs Q1 2021$429.6MM$382.3MM
Loan Loss AllowanceQ1 2022vs Q1 2021$28.3MM$30.6MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$6.2MM$10.6MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
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First Internet Bank Savings Account Rates

0.70%--Business Regular Savings
0.25%--Free Savings
0.25%--Tomorrow's Tycoons
0.15%--Health Savings Account

First Internet Bank Money Market Rates

1.00%--Money Market Savings
0.70%--Business Money Market Savings

First Internet Bank Checking Account Rates

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

First Internet Bank CD Rates

3.09%$1k-60 Month CD
3.09%$1k-Business 60 Month CD
2.84%$1k-48 Month CD
2.84%$1k-Business 48 Month CD
2.58%$1k-36 Month CD
2.58%$1k-Business 36 Month CD
2.32%$1k-24 Month CD
2.32%$1k-Business 24 Month CD
2.07%$1k-18 Month CD
2.07%$1k-Business 18 Month CD
1.92%$1k-12 Month CD
1.92%$1k-Business 12 Month CD
0.90%$1k-6 Month CD
0.90%$1k-Business 6 Month CD
0.35%$1k-3 Month CD
0.35%$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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