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First Internet Bank of Indiana Review: An Excellent Choice for Checking, Savings, and CDs

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

If you're in the market for a new online bank, First Internet Bank of Indiana is one of the longest-established players in the space. The bank offers competitive checking and savings accounts, as well as CDs with high yields. In this in-depth, expert review, find out if First Internet Bank of Indiana is right for you.

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Member FDIC.

First Internet Bank of Indiana

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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Bottom Line

First Internet Bank of Indiana offers several highly competitive consumer banking products. It offers two different types of both checking and savings accounts designed for customers of all balance sizes, as well as some of the most competitive CD rates on our radar. It doesn't offer consumer loans or credit card products, so it isn't a one-stop financial shop, but it's a solid online bank.

Pros
  • Competitive APYs
  • Variety of deposit accounts
  • ATM fee reimbursement
Cons
  • Doesn't offer loans
  • No ATM network
  • $1,000 minimum for CDs

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is First Internet Bank of Indiana right for you?

First Internet Bank of Indiana can be a good choice if you're looking for online deposit accounts with competitive yields, especially if you want checking and savings accounts with the same institution. It doesn't offer consumer loans or credit cards, so it isn't a one-stop shop for your financial needs.

Savings accounts

Like many online banks, First Internet Bank of Indiana offers high-yield online savings accounts, and there are two different types offered.

Money Market Savings

The Money Market Savings account is the flagship checking account product offered by First Internet Bank of Indiana. It offers a competitive APY for all customers, and one of the best APYs on our radar for high-balance ($1 million or higher) customers. The account has a $5 monthly maintenance fee, but it can be avoided by maintaining an average daily balance of $4,000 or more.

Money market accounts typically combine some of the top features of savings and checking accounts, and this one is no exception. Customers have ATM access to their savings, and First Internet Bank of Indiana will reimburse as much as $10 in ATM fees per month. The account requires at least $100 to get started, but is best suited for customers who keep enough in savings to avoid the monthly fee.

  • In addition to its Money Market Savings account, First Internet Bank of Indiana also offers a Free Savings account that is better suited for customers who don't regularly keep $4,000 or more in their savings account.

    The Free Savings account can be opened with as little as $25 and it has no monthly maintenance fee whatsoever. And just like the Money Market Savings account, the Free Savings account will reimburse you for as much as $10 in ATM fees per month, which is somewhat of a rarity for free savings accounts. The account does pay interest, but it's important to note that the annual percentage yield (APY) from the Free Savings account isn't competitive with what you can find from other online-based financial institutions.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

CD accounts

First Internet Bank of Indiana's savings accounts offer competitive yields, but they aren't guaranteed for any length of time. If you're looking for a fixed yield on money you won't need for a while, the bank's CD accounts could be a good fit for you.

First Internet Bank of Indiana CDs

First Internet Bank of Indiana offers CDs in a variety of terms ranging from three months to five years, with APYs that are quite competitive with the best online banks. They do have some of the harshest early withdrawal penalties -- for example, the penalty for early withdrawal of a 6-month CD is 180 days' interest, which effectively wipes out any interest you could possibly earn during the term.

First Internet Bank of Indiana have a $1,000 minimum opening deposit. CDs automatically renew at maturity, and you have a grace period of 10 days upon maturity to withdraw money from the account.

Checking accounts review

First Internet Bank of Indiana offers online checking accounts, and they come in two different varieties.

Interest Checking

Interest Checking is First Internet Bank of Indiana's flagship checking account. It has a $100 minimum opening deposit and earns interest at a rate that is competitive with other online checking accounts. First Internet Bank of Indiana doesn't have its own ATM network, but it will reimburse account owners for up to $10 in ATM surcharges per month.

The Interest Checking account has a $10 monthly maintenance fee, but it can be avoided by maintaining an average balance of $500 or more.

  • First Internet Bank of Indiana also offers a Free Checking account that, as the name implies, has no monthly maintenance fee and no minimum balance requirement. It does not pay interest, nor does it offer ATM fee reimbursement. However, you can open an account with as little as $25.

Customer experience

First Internet Bank of Indiana has solid customer service reviews from many financial websites, and has an A+ rating from the Better Business Bureau, which implies that it resolves customer issues in a timely manner.

With online banks, it's especially important to make sure that you'll be able to get help if you need it. First Internet Bank of Indiana offers customer support by phone from 7 a.m. to 9 p.m. EST on weekdays and 9 a.m. to 3 p.m. on Saturdays.

First Internet Bank of Indiana relationship benefits

First Internet Bank of Indiana already offers competitive yields on checking, savings, and CD accounts, and as such, there aren't any relationship benefits on these. It also doesn't offer consumer loans, so there aren't any interest rate discounts to discuss -- its lending products are all meant for business customers.

How does First Internet Bank of Indiana compare?

First Internet Bank of Indiana is a solid provider of checking, savings, and CD accounts, but it isn't right for everyone. Here are a couple of alternatives you might want to consider instead.

First Internet Bank of Indiana vs SoFi® Bank

SoFi® Bank is much more of a one-stop financial shop for its customers. In addition to savings, checking, and CD accounts, SoFi® also offers investment accounts, credit cards, personal loans, mortgages, and more. All of its deposit accounts have competitive interest rates and there are solid relationship benefits for customers with more than one financial product with the bank.

First Internet Bank of Indiana vs Ally Bank

Ally Bank's biggest focus is auto lending, which isn't a surprise since it was formerly a part of General Motors. However, in the years since becoming independent, Ally has evolved into a full-featured online bank with checking and savings accounts, investment accounts, and a variety of loan products. All of its products are very competitive, and could be a good choice for people looking for an all-in-one banking relationship.

Other products by First Internet Bank of Indiana

First Internet Bank of Indiana doesn't offer loans (other than to businesses), but there are a couple of other consumer products worth mentioning:

  • Health savings accounts (HSA): Tax-advantaged HSAs for people with qualified health plans that allow money to be invested in interest-bearing accounts.
  • Accounts for kids: First Internet Bank of Indiana offers its Tomorrow's Tycoon savings account designed specifically for children to get started with banking.

FAQs

  • First Internet Bank of Indiana is headquartered in downtown Fishers, Indiana. At that location, it does have lobby hours from 8 a.m. to 5 p.m. on weekdays. However, this is the only physical location for the bank.

  • First Internet Bank of Indiana is an FDIC member bank, which means that deposits are protected to a limit of $250,000 per depositor, per institution. In addition, the bank is over 20 years old and financially stable, making the risk of failure relatively low.