First Internet Bank of Indiana Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
First Internet Bank of Indiana is best for consumers who are comfortable completely banking online and those looking for a variety of different accounts. The bank offers two checking accounts, a money market account, a savings account and eight CD terms.
Highlights
- ATM Fee Refunds
- Free Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Overall
First Internet Bank of Indiana has been around since 1998. It is an online bank that serves all 50 states. Depending on the type of account, you can find competitive yields at this bank.
Pros
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Monthly fees on most accounts are either nonexistent or easy to waive.
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Some accounts will reimburse ATM fees up to a limit.
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The bank’s money market account and CDs pay competitive APYs.
Cons
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The money market account requires a $4,000 balance to avoid fees.
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The minimum deposit to open a CD may be prohibitive to some consumers.
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The free checking account doesn’t reimburse ATM fees.
First Internet Bank of Indiana banking products
APY last updated between 5/6 and 5/12.
First Internet Bank of Indiana savings overview
Free Savings account holders also get reimbursed for up to $10 of ATM fees each statement cycle.
Pros
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The savings account doesn’t charge fees.
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The minimum required to open the account is very low.
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Account holders get some ATM fees reimbursed.
Cons
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Higher yields are available elsewhere.
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There’s a six-per-month withdrawal limit.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
First Internet Bank of IndianaAPYAPY last updated between 5/6 and 5/12.APYAPY last updated between 5/6 and 5/12.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | None |
Non-sufficient funds fee | None |
Monthly maintenance fee | $0 - $10 |
Out-of-network ATM fee | None |
Excessive withdrawal fee | None |
Customer experience
Customer service. First Internet Bank of Indiana doesn’t have any branches, but it does have customer service available on the phone from 7 a.m. to 9 p.m. Eastern time during the week and 9 a.m. to 3 p.m. on Saturday. The bank’s website also allows you to chat with relationship bankers.
Mobile app. First Internet Bank’s app receives high ratings on the Apple App and Google Play stores. Customers can send and receive funds with Zelle and pay bills through the app.
About First Internet Bank of Indiana
First Internet Bank of Indiana is an online bank that has been around for more than 20 years. First Internet Bank was the first FDIC-insured bank to operate entirely online, according to the bank. It offers checking accounts, a savings account, a money market account and CDs.
How First Internet Bank of Indiana compares to other banks
Compare different account types offered by First Internet Bank of Indiana. Annual percentage yields (APYs) shown were updated between May 6, 2024 and May 12, 2024.
Selected bank
First Internet Bank of Indiana savings account
Bankrate score
3.5
Bankrate Savings rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Charles Schwab Bank savings account
Bankrate score
3.5
Bankrate Savings rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
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0.81% | 0.48% | |
Minimum balance for APY
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$25.00 | $0.00 | |
Estimated earnings
Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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$203 | $120 | |
First Internet Bank of Indiana offers an account called Free Savings. This savings account requires only $25 to open and earn interest, and there’s no monthly maintenance fee. The APY is low; you can easily find much higher rates by shopping around. Free Savings account holders also get reimbursed for up to $10 of ATM fees each statement cycle. | Charles Schwab Bank’s Investor Savings account requires no minimum balance, charges no monthly service fees and provides unlimited ATM fee rebates worldwide. Ways to add funds to the account include setting up direct deposit, making transfers from other bank accounts or making a mobile check deposit — although there’s no way to deposit cash into the account. The account pays an APY that’s below average, as many other online banks offer much higher savings yields. | |
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N/A
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APY offering:
0.81%
2/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$25.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
0.48%
2/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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First Internet Bank of Indiana vs. Live Oak Bank
As online-only banks, neither First Internet nor Live Oak Bank have physical branches. However, First Internet Bank offers more types of deposit accounts when compared to Live Oak, which only offers one savings account and a handful of CD options. First Internet Bank offers these options plus multiple checking account options and a money market account.
Thus, if you’re looking to bring your banking under one roof, First Internet Bank is likely a better choice over LIve Oak.
This noted, Live Oak has a much higher APY on its savings account than First Internet Bank. So, if you’re just in the market for an online high-yield savings account, Live Oak may be the better option.
First Bank of Indiana FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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