Review
Updated
Fact Checked
Nathan Alderman
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.
First Internet Bank of Indiana
Rating image, 3.50 out of 5 stars.
3.50/5
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.
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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
First Internet Bank of Indiana savings account review
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.
Free Savings
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.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
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
= Fair = Poor |
up to 4.60%
Rate info
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
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
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
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
= Fair = Poor |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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First Internet Bank of Indiana 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.
Rates as of May 14, 2024
APY = Annual Percentage Yield
First Internet Bank of Indiana CD
Bottom Line
First Internet Bank of Indiana offers some highly competitive CD rates, but there are certainly some potential drawbacks, such as the $1,000 minimum.
MINIMUM DEPOSIT $1,000
| 3 Mo. APY | 6 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|
| 4.14% | 5.18% | 5.31% | 5.04% | 4.82% | 4.66% | 4.50% | 4.55% |
Compare CD rates
First Internet Bank of Indiana offers some highly competitive CD rates, but there are certainly some potential drawbacks, such as the $1,000 minimum. When deciding on a bank to open a CD, it's important to shop around to make sure you get the best fit for you.
Rates as of May 14, 2024
APY = Annual Percentage Yield
| Offer |
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|---|---|---|---|---|
| Account | First Internet Bank of Indiana CD | Discover® Bank CD | Marcus by Goldman Sachs High Yield CD | LendingClub CD |
| 3 Mo. | 4.14% | 2.00% | -- | -- |
| 6 Mo. | 5.18% | 4.25% | 4.80% | 5.00% |
| 9 Mo. | -- | 4.25% | 4.90% | -- |
| 1 Yr. | 5.31% | 4.70% | 4.90% | 5.15% |
| 1.5 Yr. | 5.04% | 4.40% | 4.60% | 5.00% |
| 2 Yr. | 4.82% | 4.00% | 4.20% | 4.50% |
| 30 Mo. | -- | 3.75% | -- | -- |
| 3 Yr. | 4.66% | 3.75% | 4.15% | 4.30% |
| 4 Yr. | 4.50% | 3.75% | 4.05% | -- |
| 5 Yr. | 4.55% | 3.75% | 4.00% | 4.00% |
| 6 Yr. | -- | -- | 3.90% | -- |
| 7 Yr. | -- | 3.75% | -- | -- |
| 10 Yr. | -- | 3.75% | -- | -- |
| Min. Deposit | $1,000 | $2,500 | $500 | $2,500 |
| Early Withdrawal Penalty | -- | Yes | Yes | -- |
| Next Steps |
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First Internet Bank of Indiana 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.
Free Checking
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.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
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
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.50 out of 5 stars.
4.50/5
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
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings 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
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
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
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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First Internet Bank of Indiana customer service and 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.
Alternatives to First Internet Bank of Indiana
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.
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.
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.
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.
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.
Our bank and credit union methodology
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 The Motley Fool Ascent rates bank accounts.
FAQs
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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.
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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.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent 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 ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, 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.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool 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 The Ascent'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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