First Internet Bank is the 273rd largest bank in the nation. It was established in 1998 and as of December of 2023, it had grown to 286 employees. First Internet Bank's money market rates are 12X the national average, and it has an A health rating.
Related Posts
5/11 - Money Market Now At 5.20% APY For Balances Above $1M
2/26/20 - First Internet Bank Is Closing All IRA Cds On Oct, 1 2020
12/27/18 - First Internet Bank Raises All CD Rates
10/18/18 - First Internet Bank Ups All CD Rates
9/2/18 - Rates Have Gotten Better BUT Crazy EWP
4/23/18 - First Internet Bank Raises 12-Month CD Rate
3/25/18 - CD Rates Have Gone Up For All Terms; 6 Months 1.76% APY
3/14/18 - First Internet Bank's 12-Month CD APY Raised
1/19/18 - First Internet Bank Increases All CD Rates
11/15/17 - First Internet Bank Raises Short-Term CD Rates Again
9/29/17 - First Internet Bank Continues To Raise Short-Term CD Rates
9/28/17 - Short-Term CD Rate Increases At First Internet Bank
6/30/17 - First Internet Bank Raises All CD Rates Yet Again
6/7/17 - First Internet Bank Ups Rates On Short-Term CDs
2/23/17 - First Internet Bank Boosts All CD Rates
2/11/16 - First Internet Bank Raises Rates On All Its CDs
3/11/15 - First Internet Bank Raises Rate On 60-month CD - Nationally Available
9/25/14 - First Internet Bank Of IN Joins The 5-Year CD 2.00% Club!
2/20/10 - Also, Another Reason I Haven't Switched Yet Is That Fibidoesn'trequire"Transactions" Such Asa
5/22/06 - 5.27% 6-Month / 5.43% 12-Month CD at First Internet Bank
7 Year Customer
I've had all good experiences with First Internet. One note, I get tired of idiotic reviews...if an institution cannot verify you to open an account, your credit score is irrelevant! And....those of us who want a rating on a bank, want to know if they handled money properly and followed their word. Customer service comes in there as well. But your difficulties being verified....is a personal problem...no matter how great your credit is. So don't be an idiot...post stuff that others want to know, not stuff only you mommy cares about.
Reasonable Interest, But Some Annoying Features
First IB's online money market account pays a pretty good interest rate (although there are certainly other banks that do better than it, the account is in the top 20 or 25 available).
There are, however, three features of the account that make it less appealing:
1. Low transaction limitations: There are $500 limits for inbound and outbound transfers, possibly increasing to $5k with an account open for a longer period of time.
2. Relatively short window for account inactivity fees to start. After twelve months of no new deposits or withdrawals, the account is subject to a $5/month dormant account fee. If you use a money market as a place to park funds, this short window could offset some of the yield you receive from the bank.
3. A charge for an outbound ACH initiated at the bank. To withdraw funds from the bank, there is a $5 fee per withdrawal (or 1% of the maximum amount of $500).
One can work around the above by initiating deposits and withdrawals from another account, so it may be worth the hassle.
Customer service was forthright and friendly in discussing these account features. In addition, all of the above information is disclosed clearly on the website. In short, a reasonable secondary account for those who need or want one and for those willing to do a bit of extra work.
Not Secure
FIBI rates are good, but I took higher rate with another bank - Ally because FIBI Customer service is arrogant and cannot hide their disdain for my questions related to problems with site. I could not send docs with secure system so they said to mail it - not convenient. Ally Customer service is good and rates are close enough.
I Filed A Complaint With The CFPB
I'm over 50 and have perfect credit. I applied for a one-year CD on 1/25/2023. Almost immediately, I got back a response that was extremely vague, denying my application (to deposit a significant amount of money). There was no reason cited, except "Our decision was based in whole or in part on information obtained in a report from the
consumer reporting agencies listed below." 4 agencies were listed. I have a good credit report with all of them. I called, and although the guy was not rude, neither was he helpful. Looking for the reason, without knowing what the reason is, is like looking for a needle in a hay stack. Applying was a fair amount of trouble, requiring making copies of my and my wife's driver's licenses, etc. Steam is coming out of my ears.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34607 |
| Year Established | 1998 |
| Employees | 286 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.31% |
| Return on Equity - YTD | 3.42% |
| Annual Interest Income | $239.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $5.15B$4.53B |
| Loans | Q4 2023vs Q4 2022 | $3.82B$3.49B |
| Deposits | Q4 2023vs Q4 2022 | $4.08B$3.46B |
| Equity Capital | Q4 2023vs Q4 2022 | $444.2MM$440.6MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $38.8MM$31.7MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $7MM$2.8MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $375K$0 |
Always verify rates and promotions with the bank or credit union. We are not First Internet Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
First Internet Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.90% | - | - | Business Regular Savings | |
| 0.81% | - | - | Free Savings | |
| 0.81% | - | - | Tomorrow's Tycoons | |
| 0.15% | - | - | Health Savings Account |
First Internet Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 5.48%* | $1m* | - | Money Market Savings | ||
| OTHER TIERS: 3.77% → Up to $1m | |||||
| 5.48%* | $5m* | - | Business Money Market Savings | ||
| OTHER TIERS: 3.46% → Up to $5m | |||||
First Internet Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.50% | $500 | - | Interest Checking | |
| 0.50% | $10k | - | Small Business Checking |
First Internet Bank CD Rates
First Internet Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 8701 E. 116th St. - Fishers, IN 46038