Last Updated: 04/18/2025
First Internet Bank Money Market Savings Account
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
3.56% - 4.65%(Verified 06/21/2024)
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Minimum Balance to Earn APY
$0
Minimum Opening Deposit
Starting at $100
First Internet Bank Money Market Savings Account Review
First Internet Bank Money Market Savings Account is offered by First Internet Bank, a bank founded in 1999 and based in Indianapolis, IN. First Internet Bank money market savings are available in 50 states and Washington, DC.
Key Takeaways
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.65%, which is much higher than the national average for a money market account.
- No APY minimum balance. There is no minimum amount you have to deposit to start earning interest with this money market account.
- Charges a monthly fee. This account charges a monthly fee of up to $5, but the fee may be waived if you keep a minimum balance of$4,000.
- Small minimum initial deposit. You only need $100 to open an account.
Pros & Cons of First Internet Bank Money Market Savings Account
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First Internet Bank Money Market Savings Account FAQ
Are money market accounts from First Internet Bank federally insured?
Yes, your First Internet Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 are the interest rates for First Internet Bank money market savings rates?
First Internet Bank money market savings offers an APY starting at 3.56% and ranging up to 4.65% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.
| Rates | Amount |
| APY (Annualized Percentage Yield) | 3.56% - 4.65% |
What are the fees for First Internet Bank Money Market Savings Account?
This account charges a monthly maintenance fee of up to $5. You can avoid this fee by maintaining a balance of $4,000.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Service Fee | $0 - $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum balance for First Internet Bank money market savings?
Minimum deposit of $100. You must make an initial deposit of at least $100 to open this account.
Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $4,000.
What features and perks does First Internet Bank money market savings offer?
This account does not seem to offer any of the features and perks we track.
What is the customer service phone number?
The customer service number for this account is (888) 873-3424.
What is the support contact email?
The support contact email for this business credit card is bank@firstib.com.
How to open an account with First Internet Bank
- Visit the First Internet Bank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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