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  First Internet Bank Money Market Savings Account

First Internet Bank Money Market Savings Account

in Money Market Accounts from First Internet Bank · fdic

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First Internet Bank Money Market Savings Account

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in Money Market Accounts from First Internet Bank · Member FDIC

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Highlights
APY (Annual Percentage Yield) 1.81% - 2.02%
APY Minimum Balance $0
Minimum Opening Deposit N/A

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 Account is available in 50 states (and Washington, DC).

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 2.02%, 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 service fee of up to $5, but the fee is waived if you keep a minimum balance of $4,000.
Pros & Cons of First Internet Bank Money Market Savings Account
Pros Cons
  • Available in all 50 states.
  • High-interest yield.
  • Does not offer mobile check deposits.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not provide a debit card.
  • Not FDIC-insured.
  • Monthly service charge.
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 #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 are the interest rates for First Internet Bank money market savings rates?

First Internet Bank money market savings offers an APY starting at 1.81% and ranging up to 2.02% (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.

First Internet Bank money market savings Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 1.81% - 2.02%

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.

First Internet Bank will charge you a $5 fee if you exceed your maximum number of monthly transactions.

First Internet Bank Money Market Savings Account Fees
Fees Amount
Monthly Fee up to $5
Paper Statement Fee N/A
Excess Transaction Fee $5

What is the minimum balance for First Internet Bank money market savings?

No minimum initial deposit. First Internet Bank does not require a minimum initial deposit to open an 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 business card 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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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

APY Minimum Balance $0
Minimum Balance to Avoid Monthly Fee Starting at $4,000
Monthly Fee $0 - $5
APY (Annual Percentage Yield) 1.81% - 2.02%

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