First Internet Bank High Yield Certificate of Deposit

First Internet Bank High Yield Certificate of Deposit Review

First Internet Bank High Yield Certificate of Deposit are offered by First Internet Bank, a bank founded in 1999 and based in Indianapolis, IN. First Internet Bank High Yield Certificate of Deposit are available in 50 states (and Washington, DC).

Key Takeaways

• Only one CD type available. First Internet Bank CD only offers traditional CD accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.96%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. First Internet Bank CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of First Internet Bank High Yield Certificate of Deposit

First Internet Bank High Yield Certificate of Deposit FAQ

Are CD from First Internet Bank federally insured?

Yes, your First Internet Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #34607). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does First Internet Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.

What rates does First Internet Bank offer on its CDs?

First Internet Bank CD offers an APY starting at 0.425% and ranging up to 0.96%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with First Internet Bank?

First Internet Bank CD require a minimum deposit of $1,000 to open an account.

What is the grace period for First Internet Bank CD?

There is a 10-day grace period for First Internet Bank CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does First Internet Bank charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

First Internet Bank does not charge an early withdrawal fee.