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First Internet Bank Free Savings Account

in Savings Accounts

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First Internet Bank Free Savings Account

Unaffiliated

in Savings Accounts

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Overview

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 $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?

Checking

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.

Savings

First Internet Bank offers customers three savings accounts: Free Savings, Regular Savings, and Money Market Savings.

Free Savings has no 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
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...

Availability

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

Feature Breakdown

List of Fees
Paper Statement Fee
$3
Returned Deposit Fee (Domestic)
$20
Wire Transfer Fee - Domestic (Outgoing)
$20
Wire Transfer Fee - International (Outgoing)
$50
Bauer Financial A+/A Rating
 
Bank Account Features
  • Automatic Savings
  • Bauer Financial A+/A Rating
  • Check Images with Statement
  • Fraud Monitoring
  • Interest Bearing Account
  • Mobile Banking
  • Mobile Check Deposit
  • Nationwide ATM Network
  • No ATM Fees
  • No Monthly Maintenance Fee
Percentage
APY
0.4%
  0% 6%

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First Internet Bank Savings Accounts

Product

Reviews

Monthly Fee

APY

APY Minimum Balance

First Internet Bank High Yield Savings Account
Monthly Fee $0 - $2     $0 $25
APY 0.6% APY
APY Minimum Balance N/A APY Minimum Balance