First Internet Bank


Overview / Commentary
317-532-7900
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank is the 305th largest bank in the nation. It was established in 1998 and as of June of 2022, it had grown to 302 employees. First Internet Bank's money market rates are 9X the national average, and it has a B+ health rating.

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 x.com 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.

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.

This Bank Is Awful!!! Stay Away At All Costs!

Posted by: |

This bank is absolute garbage! They pre-approved us for a loan and then after dragging their feet for 8 weeks, they came back and said "we're sorry for pre-approving you for the loan, we didn't know how to admit the fact that we couldn't provide the original terms that we pre-approve you at, would it be possible for us to change the original terms of the agreement?" It's the most unprofessional experience we've had with a bank (and trust me we use many loans for our transactions). Would highly recommend anyone stay away from them and not even waste their time, there are so many more reliable banks out there that it's not even worth the headache.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #34607
Year Established1998
Employees302
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.17%
Return on Equity - YTD11.34%
Annual Interest Income$72.1MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$4.09B$4.20B
LoansQ2 2022vs Q2 2021$3.08B$2.96B
DepositsQ2 2022vs Q2 2021$3.19B$3.23B
Equity CapitalQ2 2022vs Q2 2021$429.7MM$396.6MM
Loan Loss AllowanceQ2 2022vs Q2 2021$29.2MM$28.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$3.2MM$9.3MM
Real Estate OwnedQ2 2022vs Q2 2021$0$1.3MM
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%--Business Regular Savings
0.80%--Free Savings
0.80%--Tomorrow's Tycoons
0.15%--Health Savings Account

First Internet Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.87%*$1m*-Money Market Savings
OTHER TIERS: 3.04% $100 - $1m
3.87%*$5m*-Business Money Market Savings
OTHER TIERS: 2.53% Any amount

First Internet Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--Interest Checking
0.50%$10k-Small Business Checking

First Internet Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.59%$1k-12 Month CD
4.59%$1k-Business 12 Month CD
4.49%$1k-24 Month CD
4.49%$1k-Business 24 Month CD
4.44%$1k-36 Month CD
4.44%$1k-48 Month CD
4.44%$1k-Business 36 Month CD
4.44%$1k-Business 48 Month CD
4.44%$1k-18 Month CD
4.44%$1k-Business 18 Month CD
4.39%$1k-60 Month CD
4.39%$1k-Business 60 Month CD
4.07%$1k-6 Month CD
4.07%$1k-Business 6 Month CD
2.02%$1k-3 Month CD
2.02%$1k-Business 3 Month CD
Locations

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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