Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
First Internet Bank of Indiana Free Savings Account
Annual Percentage Yield (APY)
0.80% APY
Minimum Deposit Amount
$25
First Internet Bank of Indiana Free Savings Account
Annual Percentage Yield (APY)
0.80% APY
Minimum Deposit Amount
$25
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
0.80% APY
Minimum Deposit Amount
$25
Pros & Cons
Competitive interest rate
$25 minimum opening deposit
No monthly service fees
Refunds up to $10 per month in out-of-network ATM fees
You may earn a higher rate with other online banks
Interest compounds monthly, not daily
Highlights
Earn the same interest rate regardless of your balance
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
The First Internet Bank of Indiana Free Savings Account doesn’t charge a monthly fee, and it pays a higher interest rate than most brick-and-mortar banks. You will still earn a better rate with other online high-yield savings accounts, though.
First Internet Bank of Indiana Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
First Internet Bank of Indiana Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Pros & Cons
$25 minimum opening deposit
No monthly service fees
No out-of-network ATM fees
Two forms of overdraft protection: line of credit or free sweeping from savings account
Does not reimburse any fees charged by out-of-network ATM providers
$30 overdraft fee
Highlights
Use ATMs in the Plus Alliance ATM Network for free
First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
Member FDIC
Additional Reading
Read our review
The First Internet Bank of Indiana Free Checking Account is a good option for a checking account with no monthly fees. You also may like the Interest Checking Account, which pays interest and refunds up to $10 per month in ATM fees. Just know that you’ll need to keep $500 in your account to waive the $10 monthly fee.
First Internet Bank of Indiana Certificate of Deposit
Annual Percentage Yield (APY)
1.00% to 3.66% APY
Minimum Deposit Amount
$1,000
First Internet Bank of Indiana Certificate of Deposit
Annual Percentage Yield (APY)
1.00% to 3.66% APY
Minimum Deposit Amount
$1,000
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
1.00% to 3.66% APY
Minimum Deposit Amount
$1,000
Pros & Cons
Competitive APY
Standard early withdrawal penalties
$1,000 opening deposit
Interest is compounded monthly, not daily
Highlights
Terms ranging from 3 months to 5 years
90 days interest early withdrawal penalty for 3-month term; 180 days interest for 6-18 month term; 365 days interest for 24-60 month term
Interest is compounded monthly and paid monthly
Member FDIC
Additional Reading
Read our review
First Internet Bank of Indiana pays high interest rates on CDs. They have made several of our best-of lists, including the best 6-month CD rates.
First Internet Bank of Indiana Money Market Account
Annual Percentage Yield (APY)
2.12% to 3.09% APY
Minimum Deposit Amount
$100
First Internet Bank of Indiana Money Market Account
Annual Percentage Yield (APY)
2.12% to 3.09% APY
Minimum Deposit Amount
$100
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
2.12% to 3.09% APY
Minimum Deposit Amount
$100
Pros & Cons
High interest rate
$100 minimum opening deposit
No out-of-network ATM fee, and reimburses up to $10 per month in providers’ fees
Includes an ATM card upon request
$5 monthly service fee
Interest compounds monthly, not daily
No paper checks
Highlights
Earn 2.12% APY on account balances under $1 million
Earn 3.09% APY on account balances over $1 million
To waive $5 monthly service fee, maintain a $4,000 average daily balance
Use ATMs in the Plus Alliance ATM Network for free
First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
You may like the First Internet Bank of Indiana Money Market Account if you can maintain a $4,000 balance, because then you’ll waive the $5 monthly fee. It pays a higher interest rate than the regular savings account.
How First Internet Bank of Indiana works
First Internet Bank of Indiana is an online bank with no physical branches. You have free access to Plus Alliance ATMs around the US, and the bank refunds up to $10 per month in out-of-network ATM fees on several of its accounts.
To contact customer support, call or chat online with a live representative Monday through Friday from 7 a.m. to 9 p.m. ET, and Saturday from 9 a.m. to 3 p.m. ET.
The First Internet Bank of Indiana mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
First Internet Bank of Indiana trustworthiness and BBB rating
First Internet Bank of Indiana does not have any public controversies.
The Better Business Bureau gives the bank an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A strong BBB rating does not guarantee that you’ll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences with First Internet Bank of Indiana, or read online customer reviews.
How First Internet Bank of Indiana compares
We’ve compared First Internet Bank of Indiana to two other online banks: Ally and Discover.
Ally and Discover pay higher interest rates on savings accounts, but for CDs it could be a bit of a toss-up between the three depending on the CD term.
Your choice between the three could come down to which type of checking account you want. Ally has a free checking account that pays interest. With First Internet Bank of Indiana, you’ll have to choose — either a free checking account or one that pays interest but charges a fee (unless you qualify to waive it).
Discover has a free cash-back checking account. You’ll earn 1% cash back on up to $3,000 in purchases each month.
Ally and Discover both have 24/7 customer service, while First Internet Bank of Indiana does not.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
First Internet Bank of Indiana Free Savings Account
Annual Percentage Yield (APY)
0.80% APY
Minimum Deposit Amount
$25
First Internet Bank of Indiana Free Savings Account
Annual Percentage Yield (APY)
0.80% APY
Minimum Deposit Amount
$25
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
0.80% APY
Minimum Deposit Amount
$25
Pros & Cons
Competitive interest rate
$25 minimum opening deposit
No monthly service fees
Refunds up to $10 per month in out-of-network ATM fees
You may earn a higher rate with other online banks
Interest compounds monthly, not daily
Highlights
Earn the same interest rate regardless of your balance
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
The First Internet Bank of Indiana Free Savings Account doesn’t charge a monthly fee, and it pays a higher interest rate than most brick-and-mortar banks. You will still earn a better rate with other online high-yield savings accounts, though.
First Internet Bank of Indiana Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
First Internet Bank of Indiana Free Checking Account
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$25
Pros & Cons
$25 minimum opening deposit
No monthly service fees
No out-of-network ATM fees
Two forms of overdraft protection: line of credit or free sweeping from savings account
Does not reimburse any fees charged by out-of-network ATM providers
$30 overdraft fee
Highlights
Use ATMs in the Plus Alliance ATM Network for free
First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
Member FDIC
Additional Reading
Read our review
The First Internet Bank of Indiana Free Checking Account is a good option for a checking account with no monthly fees. You also may like the Interest Checking Account, which pays interest and refunds up to $10 per month in ATM fees. Just know that you’ll need to keep $500 in your account to waive the $10 monthly fee.
First Internet Bank of Indiana Certificate of Deposit
Annual Percentage Yield (APY)
1.00% to 3.66% APY
Minimum Deposit Amount
$1,000
First Internet Bank of Indiana Certificate of Deposit
Annual Percentage Yield (APY)
1.00% to 3.66% APY
Minimum Deposit Amount
$1,000
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
1.00% to 3.66% APY
Minimum Deposit Amount
$1,000
Pros & Cons
Competitive APY
Standard early withdrawal penalties
$1,000 opening deposit
Interest is compounded monthly, not daily
Highlights
Terms ranging from 3 months to 5 years
90 days interest early withdrawal penalty for 3-month term; 180 days interest for 6-18 month term; 365 days interest for 24-60 month term
Interest is compounded monthly and paid monthly
Member FDIC
Additional Reading
Read our review
First Internet Bank of Indiana pays high interest rates on CDs. They have made several of our best-of lists, including the best 6-month CD rates.
First Internet Bank of Indiana Money Market Account
Annual Percentage Yield (APY)
2.12% to 3.09% APY
Minimum Deposit Amount
$100
First Internet Bank of Indiana Money Market Account
Annual Percentage Yield (APY)
2.12% to 3.09% APY
Minimum Deposit Amount
$100
On First Internet Bank of Indiana’s website
On First Internet Bank of Indiana’s website
Deposit Details
Annual Percentage Yield (APY)
2.12% to 3.09% APY
Minimum Deposit Amount
$100
Pros & Cons
High interest rate
$100 minimum opening deposit
No out-of-network ATM fee, and reimburses up to $10 per month in providers’ fees
Includes an ATM card upon request
$5 monthly service fee
Interest compounds monthly, not daily
No paper checks
Highlights
Earn 2.12% APY on account balances under $1 million
Earn 3.09% APY on account balances over $1 million
To waive $5 monthly service fee, maintain a $4,000 average daily balance
Use ATMs in the Plus Alliance ATM Network for free
First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
You may like the First Internet Bank of Indiana Money Market Account if you can maintain a $4,000 balance, because then you’ll waive the $5 monthly fee. It pays a higher interest rate than the regular savings account.
How First Internet Bank of Indiana works
First Internet Bank of Indiana is an online bank with no physical branches. You have free access to Plus Alliance ATMs around the US, and the bank refunds up to $10 per month in out-of-network ATM fees on several of its accounts.
To contact customer support, call or chat online with a live representative Monday through Friday from 7 a.m. to 9 p.m. ET, and Saturday from 9 a.m. to 3 p.m. ET.
The First Internet Bank of Indiana mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
First Internet Bank of Indiana trustworthiness and BBB rating
First Internet Bank of Indiana does not have any public controversies.
The Better Business Bureau gives the bank an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A strong BBB rating does not guarantee that you’ll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences with First Internet Bank of Indiana, or read online customer reviews.
How First Internet Bank of Indiana compares
We’ve compared First Internet Bank of Indiana to two other online banks: Ally and Discover.
Ally and Discover pay higher interest rates on savings accounts, but for CDs it could be a bit of a toss-up between the three depending on the CD term.
Your choice between the three could come down to which type of checking account you want. Ally has a free checking account that pays interest. With First Internet Bank of Indiana, you’ll have to choose — either a free checking account or one that pays interest but charges a fee (unless you qualify to waive it).
Discover has a free cash-back checking account. You’ll earn 1% cash back on up to $3,000 in purchases each month.
Ally and Discover both have 24/7 customer service, while First Internet Bank of Indiana does not.
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