First Internet Bank High Yield Savings Account Review

First Internet Bank High Yield Savings Account is offered by First Internet Bank, a bank founded in 1999 and based in Indianapolis, IN. First Internet Bank High Yield Savings Account is available in 50 states (and Washington, DC).

• Very high APY. This account offers an annual percentage yield of up to 1.51%, which is much higher than the average for a checking account.
• $0 monthly Service Charge available. 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.
• $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
• No ATM fees. First Internet Bank High Yield Savings Account does not charge fees on ATM transactions.
• ATM fee reimbursements. This account will reimburse you for ATM fees (see terms and conditions for details).

Pros	Cons
Available in all 50 states. High-interest yield. No charge on incoming domestic or international wire transfers.	No signup bonus. No ATM access to First Internet Bank High Yield Savings Account. Does not come with a debit card Higher than average wire transfer fees. Monthly service charge.

Are savings accounts from First Internet Bank federally insured?

Yes, your First Internet Bank savings 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.

Does First Internet Bank offer a signup bonus?

First Internet Bank High Yield savings account doesn't offer a signup bonus.

What is the minimum initial deposit for First Internet Bank High Yield savings account?

The minimum deposit to open a First Internet Bank High Yield savings account is $100.

First Internet Bank High Yield Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	$4,000
Minimum Opening Deposit	Starting at $100

What APY does First Internet Bank offer?

First Internet Bank High Yield savings account offers an APY of 1.51% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does First Internet Bank High Yield savings account charge?

First Internet Bank High Yield savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $4,000.

• Outgoing domestic bank transfers come with a $20 fee.
• Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• First Internet Bank High Yield savings account charges $3 every time you request a paper statement.

What features and perks does First Internet Bank High Yield savings account offer?

This savings account includes the following features:

• ATM reimbursement - This account provides ATM access and will reimburse you for the ATM fees charged by other networks.
• Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
• Fraud monitoring - First Internet Bank High Yield savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Mobile Banking Services - First Internet Bank High Yield savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to First Internet Bank High Yield savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.