First Internet Bank

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 279th largest bank in the nation. It was established in 1998 and as of June of 2020, it had grown to 249 employees. First Internet Bank's money market rates are 36% higher than the national average, and it has an A health rating.

Related Posts

First Internet Bank 60-Month CD APY Remains Competitive - 5/11/2020

First Internet Bank's nationally available 60-month CD (1.72% APY) has the most competitive CD rate in the product line. Min deposit is $1k, with no stated balance cap.

First Internet Bank Is Closing All IRA Cds On Oct, 1 2020 - 2/26/2020

Here is an email I received from First Internet Bank. The April 1, 2020 date mentioned is probably due to my IRA CD maturing on March 31, 2020. First Internet Bank has made the decision to no longer offer Individual Retirement Account Certificates of Deposit (IRA CDs) and Money Market IRAs. We recognize the importance of your long-term retirement goals and want to ensure that you have ample time to transfer, roll over or withdraw the funds in your existing IRA account(s). Here’s what you can expect moving forward: Beginning immediately, you may transfer, roll over or withdraw your IRA CD/Money Market IRA funds prior to maturity without bank penalty. We encourage you to identify another IRA provider that aligns with your investment strategy and needs. As of April 1, 2020, IRA CDs will no longer renew at maturity. If you have not already taken steps to transfer, roll over or withdraw your IRA CD(s) by the maturity date, we will close the account(s), pay all accrued interest and m

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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.)

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.

I Had A Technical Issue

Posted by: |

I created a new account this year. Their support agents are very attentive, but I encountered a tech issue yesterday. A past fund transfer were missing, so I had to login to PayPal what that for and when that occurred. I hope this will not happen again.

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.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.62%
Return on Equity - YTD7.8%
Annual Interest Income$70.5MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$4.32B$3.96B
LoansQ2 2020vs Q2 2019$2.99B$2.87B
DepositsQ2 2020vs Q2 2019$3.41B$3.06B
Equity CapitalQ2 2020vs Q2 2019$339.3MM$313.8MM
Loan Loss AllowanceQ2 2020vs Q2 2019$24.5MM$20.0MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$8.2MM$5.4MM
Real Estate OwnedQ2 2020vs Q2 2019$2.1MM$2.6MM
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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

0.50%*-$10mBusiness Regular Savings
OTHER TIERS: 0.35% $10m+
0.45%--Tomorrow's Tycoons
0.35%--Free Savings
0.15%--Health Savings Account

First Internet Bank Money Market Rates

1.00%--Money Market CESA
0.60%--Money Market Savings
0.50%*-$10mBusiness Money Market Savings
OTHER TIERS: 0.35% $10m+

First Internet Bank Checking Account Rates

0.40%$500-Interest Checking
0.40%$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
0.75%$1k-24 Month CD
0.75%$1k-Business 24 Month CD
0.70%$1k-18 Month CD
0.70%$1k-Business 18 Month CD
0.65%$1k-12 Month CD
0.65%$1k-Business 12 Month CD
0.55%$1k-6 Month CD
0.55%$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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