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First Internet Bank Free Savings Account Unaffiliated

First Internet Bank Free Savings Account

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Highlights
Monthly Fee $0
APY (Annual Percentage Yield) 0.35%
Minimum Balance to Earn APY N/A

First Internet Bank Free Savings Account Review

First Internet Bank Free Savings Account is offered by First Internet Bank, founded in 1999 and based in Indianapolis, IN. First Internet Bank Free Savings Account is available in 51 states across the USA.

Key Takeaways
  • Higher than average APY. First Internet Bank Free Savings Account has an annual percentage yield of up to 0.35%, which is higher than the national average interest rate on savings accounts.
First Internet Bank Free Savings Account Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card
  • Not FDIC-insured.
  • Higher than average wire transfer fees.
First Internet Bank Free Savings Account FAQ

Are savings accounts from First Internet Bank federally insured?

No, your First Internet Bank savings accounts are not insured by a federal insurance agency. This means that if First Internet Bank were to fall into financial difficulties, your deposits are not covered by a government backed insurance fund like the FDIC or NCUSIF.

Does First Internet Bank offer a signup bonus?

First Internet Bank Free Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for First Internet Bank Free Savings Account?

The minimum deposit to open a First Internet Bank Free Savings Account is $25.
First Internet Bank Free Savings Account Minimums
Description
Minimum Opening Deposit Starting at $25

What APY does First Internet Bank offer?

First Internet Bank Free Savings Account offers an APY of 0.35% (APY stands for annual percentage yield, rates may change).

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 Free Savings Account charge?

First Internet Bank Free Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • 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 Free Savings Account charges $3 every time you request a paper statement.

What features and perks does First Internet Bank Free Savings Account offer?

This savings account includes the following features:

Can you set up a direct deposit to First Internet Bank Free 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.

What is the customer support email for First Internet Bank Free Savings Account?

The customer support email for First Internet Bank Free Savings Account is bank@firstib.com.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

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

Feature Breakdown

Minimum Opening Deposit Starting at $25
Monthly Fee $0
Paper Statement Fee $3
Returned Deposit Fee (Domestic) $20
Wire Transfer Fee - Domestic (Outgoing) $20
Wire Transfer Fee - International (Outgoing) $50
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
Bauer Financial A+/A Rating
Account Features
  • No ATM Fees
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • ATM Reimbursement
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Member FDIC
APY (Annual Percentage Yield) 0.35%

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