First Internet Bank of Indiana(2023)Review

Do you like to bank online? If so, you’ll want to check out the First Internet Bank of Indiana. This bank has been in business since 1999 and has become one of the most popular online banks in the country. In this review, we’ll take a look at the First Internet Bank of Indiana and see what it has to offer.

So before we dive in, let’s take a look at some facts about First Internet Bank of Indiana.

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Facts about Internet Bank of Indiana

First Internet Bank of Indiana is headquartered in Indianapolis, IN. As of June 2021, the bank had assets of more than $2.87 billion and deposits of more than $2.29 billion. The bank has over 256 employees and operates over 30 branches in the state of Indiana.

The Bank has an A+ rating from the Better Business Bureau (BBB) and is a member of the FDIC.

First Internet Bank of Indiana offers a wide array of banking products and services, including checking and savings accounts, CDs, money market accounts, credit cards, mortgages, and more. The bank also offers online and mobile banking services.

Now that we have some basic information about the bank, let’s take a closer look at some of the products and services it has to offer.

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First Internet Bank of Indiana Saving Accounts

The First Internet Bank of Indiana is another solid option for those looking to open an account. You can get started with just $25, and you won’t pay any monthly fees!

The interest rates aren’t the best out there but they’re still good enough that it’s worth considering this bank.

The First Internet Bank of Indiana currently offers a rate of 0.25% for balances above $1, but beware that if you use an ATM outside their network (i.e., at any other financial institution), then there will be additional charges worth $5 per transaction after 6 free withdrawals.

The best thing about the First Internet Bank of Indiana is its high rates and low fees. There’s never been a better time to open an account! Plus you’ll get $10 back each month if use ATMs outside our network- that covers almost all your costs right there 😉.

Here is the summary of First Internet Bank of Indiana’s savings account:

Particulars	Free Saving Account
Saving Account Open	At lest $25
APY	0.25%
Interest rate	0.25%
Monthly Maintenance Fees	None
Average Daily Balance required	None
Free Transaction per months	6
ATM Surcharge Rebate	Up to $10 per months

Now let’s see the Pros and Cons:

+Pros:

• No monthly fees
• $25 to open an account
• High-interest rates
• Low ATM fees

-Cons:

• Not the best customer service
• Not the best Saving APY

I think the First Internet Bank of Indiana is a great choice for those looking to bank online. The Pros definitely outweigh any cons, and we highly recommend this institution!

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Money market accounts

A money market account is a type of savings account that typically pays a higher interest rate in exchange for higher balances.

First Internet Bank of Indiana offers an account that has some great features, such as the $100 minimum deposit and competitive APYs.

It’s important to note there are still fees associated with this bank even though they come at low rates; you have a balance requirement of 4000 dollars on average daily balance to avoid the monthly fee of 5 dollars.

First Internet Bank of Indiana’s money market account is a great option for those looking to save money and earn a higher interest rate.

Here is the Summary of Money Market Account:

Particulars	Money Market Account
Account Open	At lest $100
APY	0.50%
Interest rate	0.50%
Monthly Maintenance Fees	$5
Average Daily Balance required	$4,000
Free Transaction per months	6
ATM Surcharge Rebate	Up to $10 per months

Now, let’s take a look at some of the Pros and Cons:

+Pros:

• $100 minimum deposit
• Competitive APYs
• Low monthly fees

+Cons:

• Balance requirement of $4,000 on average daily balance to avoid monthly fee

The First Internet Bank of Indiana’s money market account is a great choice for those looking to save money and earn a higher interest rate. The Pros definitely outweigh any cons, and we highly recommend this institution!

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Checking Accounts

There are two types of checking accounts available from First Internet Bank of Indiana (First IB). The first is a traditional Free checking account, while the second is an interest-bearing account.

Free checking account

Are you looking for a bank that offers a full range of personal banking products and services? First Internet Bank of Indiana is a great choice, as it is FDIC-insured and offers competitive rates.

Plus, there’s no monthly maintenance fee on their free checking account – all you need is $25 to open an account.

Keep in mind though that this account doesn’t offer interest, so if that’s something you’re looking for, consider their interest checking account.

Interest checking

If you’re looking for a checking account that offers both great rates and plenty of features, First IB’s interest checking account is a great choice. There’s no minimum balance required and you can open an account with as little as $100. Plus, you’ll get a competitive APY of 0.30%.

However, it’s worth noting that the interest checking account does have a $500 average daily balance requirement to avoid the $10 monthly maintenance fee. And, if you’re ever charged ATM fees by another bank, First IB will reimburse you up to $10 per month.

Now, let’s see the Pros and Cons:

+Pros:

• FDIC-insured
• No monthly maintenance fee on their free checking account
• Competitive rates
• Vey Small opening deposits required.

+Cons:

• The interest checking account has a $500 average daily balance requirement to avoid the $10 monthly maintenance fee.
• ATM costs are not reimbursed by the free checking account.

Overall, First Internet Bank of Indiana is a great choice for those looking for personal banking products and services. They offer competitive rates, are FDIC-insured, and have no monthly maintenance fee on their free checking account. So, if you’re looking for a new bank, First IB is definitely worth considering.

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Certificate of Deposits (CDs)

A CD is a type of savings account that offers a fixed rate of interest for a specified period. CDs are insured by the FDIC up to $250,000 per depositor, making them a safe and secure way to grow your money.

First Internet Bank of Indiana offers several CD options, including:

3-Month CD: 0.25%% APY

6-Month CD: 0.45% APY

12-Month CD: 0.60% APY

18-Month CD: 0.65% APY

24-Month CD: 0.70% APY

36-Month CD: 0.81% APY

48-Month CD: 0.86% APY

60-Month CD: 0.96% APY

Rates are accurate as of 27/03/2022 and are subject to change at any time.

As you can see, First IB offers some of the most competitive yields on its CDs. The CD’s term ranges from three months to five years. The CDs are compounded and credited every month, making them a great way to grow your money.

To open a CD account with First Internet Bank of Indiana, you’ll need a minimum deposit of $1,000. The account will be automatically renewed at maturity, so you don’t have to worry about renewing it yourself.

However, there are some fees to be aware of. If you withdraw your money before the CD matures, you’ll be charged a penalty equal to 90 and 360 days’ worth of interest depending on the CD term.

Overall, First IB’s CDs are a great way to grow your money. They offer competitive yields and are FDIC-insured, making them a safe and secure investment. Just be sure to read the terms and conditions carefully before opening an account to avoid any penalties.

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Other products and services

First Internet Bank of Indiana offers a wide range of personal banking products and services, including:

• Savings accounts
• Money market accounts
• IRAs
• Credit cards
• Personal loans
• Mortgage refinancing
• Home equity lines of credit
• Auto loans
• Student loans
• Small business
• Tomorrow’s Tycoon children’s savings accounts
• Coverdell Education Savings accounts

First Internet Bank of Indiana has something for everyone. Whether you’re looking for a savings account, a personal loan, or a credit card, they have a wide range of products and services to meet your needs.

Plus, their online and mobile banking platforms are easy to use and offer all the features you need to manage your finances on the go.

Now, We have checked all the products and their features that First Internet Bank of Indiana offers. Let’s see how First Internet Bank of Indiana compares to other banks.

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Competitor of First Internet Bank of Indiana

First Internet Bank of Indiana is a great choice for those looking for personal banking products and services. However, there are many other banks to choose from.

Here’s how First IB compares to some of its competitors:

• Chase
• Wells Fargo
• Bank of America

Let’s start with the biggest bank in America: Chase.

First Internet Bank of Indiana Vs Chase

Indiana’s First Internet Bank offers much higher APYs on savings and CD accounts than Chase. For example, First Internet Bank’s APY on a savings account is 0.25% while Chase’s is only 0.01%. And, First Internet Bank of Indiana offers CDs with APYs ranging from 0.96% to 0.30%, while Chase’s CD APY is only 0.05%.

First Internet Bank of Indiana requires a $500 minimum balance to avoid a monthly maintenance fee, while Chase only requires $300. Additionally, First Internet Bank has an early withdrawal penalty between 90 and 360 days’ worth of interest depending on the CD term.

So, if you’re looking for a high-yield savings account or CD, First Internet Bank of Indiana is definitely worth considering.

However, if you need easy access to branches and ATMs, Chase might be a better option for you.

First Internet Bank of Indiana Vs. Bank of America 

When it comes to finding a bank that fits your needs, it can be difficult to know where to start. However, First Internet Bank of Indiana offers many great options when it comes to interest rates, fees, and perks.

For example, their savings account offers an APY of 0.25%, which is much higher than Wells Fargo’s measly 0.01%. And if you’re looking for a checking account with interest, First Internet Bank of Indiana is the way to go – their APY is 0.30%, compared to Chase’s measly 0.01%.

However, it’s important to note that free checking accounts at FIB do not offer interest. So if you’re looking for a checking account that offers interest, you’ll have to pay a monthly fee.

When it comes to CDs, First Internet Bank of Indiana once again offers a much higher interest rate than Chase – their APY is 0.96% compared to Chase’s measly 0.02%.

In conclusion, First Internet Bank is the clear winner when it comes to interest rates. However, it’s important to do your own research before making your final decision. Be sure to read the fine print and compare all of the fees before making your decision.

First Internet Bank of Indiana Vs. Bank of America 

If you’re looking for a high-yield savings account, First Internet Bank of Indiana is the way to go.

They offer an APY (annual percentage yield) of 0.25%, which is much higher than the rate offered by Bank of America. If you’re looking for a checking account that offers interest, First Internet Bank is also the better choice; their APY is 0.30%, compared to Bank of America’s measly 0.01%.

However, it’s important to note that free checking accounts at First Internet Bank do not offer interest.

When it comes to CDs (certificates of deposit), First Internet Bank of Indiana offers a much higher interest rate than Bank of America. Their APY is 0.96% compared to Bank of America’s 0.07%.

So, if you’re looking for a bank with higher interest rates, First Internet Bank of Indiana is the way to go. However, if you prefer the convenience of a large nationwide bank, Bank of America might be a better fit.

Which bank should you choose? Compare the pros and cons of First Internet Bank of Indiana, Bank of America, Chase, and Wells Fargo.

Below are images comparing the key features discussed in this Review.

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Customer Review

The Better Business Bureau has given First Internet Bank of Indiana an A+ rating for trustworthiness, indicating the bank’s commitment to prompt, professional customer service. However, a strong BBB rating is not the only measure of customer experience. So what does First Internet Bank of Indiana customers say about their experience?

WalletHub.com is a personal finance website that includes customer reviews of financial institutions. First Internet Bank has an average rating of 3.8/5 stars based on over 221 customer reviews.

Some customer reviews praise First Internet Bank of Indiana for great customer service, while others complain about the bank’s CDs.

To get a better idea of First Internet Bank of Indiana’s customer experience, check out the reviews on WalletHub.com for yourself. And remember, when you’re choosing a bank, it’s important to consider more than just the BBB rating.

App Store rating

The First Internet Bank mobile app has a rating of 4.8/5 stars in the App Store and 4.4/5 stars in Google Play.

The ratings are slightly different, but both are high ratings. This could be because the bank is online, and most Americans have iPhones.

The reviews are positive, with people liking the ease of use and security features.

If you want to check out the experience of using First Internet Bank, read the ratings in the App Store and Google Play.

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Pros and Cons Explained

First Internet Bank of Indiana is a great choice if you’re looking for higher interest rates. However, there are some things to keep in mind before you make your final decision.

Here are some pros and cons of First Internet Bank of Indiana to help you make your decision:

+Pros:

• Higher interest rates on savings: First Internet Bank of Indiana offers an APY (annual percentage yield) of 0.25%, which is much higher than the rate offered by most banks.
• Higher interest rates on checking: First Internet Bank also offers a higher interest rate on checking accounts than most banks. Their APY is 0.30%, compared to the average bank’s 0.01%.
• Free checking accounts: First Internet Bank offers free checking accounts with no minimum balance requirements.
• No monthly fees: First Internet Bank doesn’t charge any monthly fees.

-Cons:

• This is an online bank: First Internet Bank is an online bank, which means you can’t visit a physical branch. This could be a problem if you like to talk to someone in person about your finances or if you need to deposit cash.
• No Interest on Free checking accounts: Although First Internet Bank offers high-interest rates on savings and CDs, they do not offer interest on their checking accounts.

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Conclusion: Is First Internet Bank of Indiana the right bank for you?

Overall, First Internet Bank of Indiana is a great choice for anyone who wants high-interest rates and no monthly fees.

Do you use First Internet Bank of Indiana? What do you think of their customer service? Let us know in the comments below.

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Here are some of the frequently asked questions about First Internet Bank of Indiana.