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. As of September 2015, First Internet Bank had $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 0.80% 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
  • Bauer Financial A+/A Rating
  • Savings Interest Rate
    Starting at 0.6%
  • Checking Interest Rate
    Starting at 0.55%
  • CDs
  • Checking
  • IRAs
  • Savings
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