The First Internet Bank was one the first state-chartered banks to operate without physical branches. It was founded by David B. Becker in 1998 and has its headquarters in Fishers, Indiana. First Internet Bank has over $1.2 billion in assets, $908 million in deposits and 154 employees. Bauer Financial gives it a four-star rating and it has an A+ BBB rating.
What Are First Internet Bank’s Checking and Savings Accounts Like?
First Internet Bank has two checking accounts available: Interest Checking and Free Checking.
Interest Checking has a $100 minimum deposit to open an account and a $10 monthly maintenance fee. Customers can waive the fee by maintaining a $500 daily balance. The account pays an interest of 0.55% APY, provides $10 a month in ATM surcharge rebates, and the first order of checks is free.
Free Checking has a $25 minimum deposit to open the account and no monthly fee. However, the account does not pay interest. As with the Interest Checking account, it includes a free first order of checks, unlimited online and mobile banking, and unlimited bill payments.
Both accounts charge a $30 fee for non-sufficient funds, overdraft, and uncollected fees. Printed copies of checks cost $5 and each printed state copy costs $3. There is no cost for accessing images of checks through online and mobile banking or receiving statements electronically.
First Internet Bank offers customers three savings accounts: Free Savings, Regular Savings, and Money Market Savings.
Free Savings has not monthly service fee and a minimum deposit to open the account of just $25. The account pays a 0.40% APY and allows up to six debit transactions a month. It also includes an ATM card, but it does not pay rebates for ATM surcharges.
Regular Savings has a $100 minimum deposit to open the account and a $2 monthly fee for customers who don’t maintain a daily balance of $1,000. It also includes an ATM card and $10 a month in ATM surcharge rebates.
Money Market Savings has a $100 minimum deposit to create the account and a $5 monthly service fee for customers with a daily balance below $4,000. The account pays an APY of up to 2.02% and up to $10 a month in ATM surcharge rebates.
What Are The Advantages And Disadvantages Of First Internet Bank’s Savings and Checking Accounts?
We love this about First Internet Bank:
- No-Fee Accounts
- Competitive rates
- Low monthly service fee
- Easy to waive the maintenance fee
- ATM surcharge rebates
We don’t like this about First Internet Bank:
- Low-interest rates
- Minimum deposits
- Small ATM network
Other Services by First Internet Bank
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia