First Internet Bank Free Savings Account

First Internet Bank Free Savings Account Review

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

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 average interest rate for savings accounts.
• $0 monthly fee. This account does not charge any monthly account fees.
• No ATM fees. First Internet Bank Free Savings Account does not charge fees on ATM transactions.
• ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).

First Internet Bank Free Savings Account Pros & Cons

Pros	Cons
Available in all 50 states. Interest-yielding account.	No signup bonus. Does not come with a debit card Higher than average wire transfer fees.

First Internet Bank Free Savings Account FAQ

Are savings accounts from First Internet Bank federally insured?

Yes, your deposits 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 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 Free Savings Account 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:

• 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 Free 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 Free 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 Free Savings Account?

Yes, you can typically set up a direct deposit to this account. 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.