First Internet Bank

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 270th largest bank in the nation. It was established in 1998 and as of June of 2019, it had grown to 215 employees. First Internet Bank's money market rates are 5X the national average, and it has an A 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.

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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.

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.

Tardy And Unhelpful To Business Customers

Posted by: NJW | Feb 10, 2019

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.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.75%
Return on Equity - YTD9.53%
Annual Interest Income$71.9MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$3.96B$3.11B
LoansQ2 2019vs Q2 2018$2.87B$2.38B
DepositsQ2 2019vs Q2 2018$3.06B$2.46B
Equity CapitalQ2 2019vs Q2 2018$313.8MM$244.4MM
Loan Loss AllowanceQ2 2019vs Q2 2018$20.0MM$16.1MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$5.4MM$285.00K
Real Estate OwnedQ2 2019vs Q2 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

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

First Internet Bank Money Market Rates

2.02%--Money Market Savings
2.02%--Business Money Market Savings
2.02%--Money Market IRA
2.02%--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

2.41%$1k-60 Month CD
2.41%$1k-Business 60 Month CD
2.38%$1k-48 Month CD
2.38%$1k-Business 48 Month CD
2.34%$1k-36 Month CD
2.34%$1k-Business 36 Month CD
2.32%$1k-24 Month CD
2.32%$1k-Business 24 Month CD
2.27%$1k-18 Month CD
2.27%$1k-Business 18 Month CD
2.22%$1k-12 Month CD
2.22%$1k-Business 12 Month CD
2.02%$1k-6 Month CD
2.02%$1k-Business 6 Month CD
1.92%$1k-3 Month CD
1.92%$1k-Business 3 Month CD

First Internet Bank IRA Rates

2.10%$1k-60 Month IRA
2.07%$1k-48 Month IRA
2.04%$1k-36 Month IRA
2.02%$1k-24 Month IRA
1.97%$1k-18 Month IRA
1.92%$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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