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The bottom line: You may like First Internet Bank of Indiana if you are comfortable with an online-only banking experience. It's a great option for earning high interest rates on CDs, but you might want to look elsewhere if you're searching for the highest savings rate.
Compare First Internet Bank of Indiana products
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First Internet Bank of Indiana Free Savings Account
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First Internet Bank of Indiana Free Checking Account
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First Internet Bank of Indiana CD
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First Internet Bank of Indiana Money Market Account
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Editor's Rating
4.25/5
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Annual Percentage Yield (APY)
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Minimum Deposit
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Editor's Rating
4.5/5
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Annual Percentage Yield (APY)
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Minimum Deposit
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Editor's Rating
4/5
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Annual Percentage Yield (APY)
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Minimum Deposit
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Editor's Rating
4.25/5
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Annual Percentage Yield (APY)
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3.56% or 4.65% (vary by daily balance)
Minimum Deposit
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Learn more
On First Internet Bank of Indiana's website
Compare top savings rates
Overall bank review
| Feature | Insider rating (out of 5) |
| Savings | 4.25 |
| Checking | 4.5 |
| CD | 4 |
| Money market account | 4.25 |
| Trustworthiness | 5 |
| Total | 4.5 |
Pros and cons
| Pros | Cons |
Pays high interest rates Free checking and savings account options Refunds up to $10/month in ATM fees for several accounts Free overdraft protection
| - No physical branches
- Compounds interest monthly, not daily
- You may earn a higher savings interest rate elsewhere
|
First Internet Bank of Indiana Free Savings Account
4.25/5
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Annual Percentage Yield (APY)
0.80%
On First Internet Bank of Indiana's website
First Internet Bank of Indiana Free Savings Account
On First Internet Bank of Indiana's website
Details
Annual Percentage Yield (APY)
0.80%
Editor's Rating
4.25/5
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Pros & Cons
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Highlights
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Additional Reading
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The First Internet Bank of Indiana Free Savings Account doesn't charge a monthly fee, and it pays a solid interest rate compared to brick-and-mortar banks. You will still earn a better rate with other online high-yield savings accounts, though.
First Internet Bank of Indiana Free Checking Account
4.5/5
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Annual Percentage Yield (APY)
On First Internet Bank of Indiana's website
First Internet Bank of Indiana Free Checking Account
On First Internet Bank of Indiana's website
Details
Annual Percentage Yield (APY)
Editor's Rating
4.5/5
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Pros & Cons
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Highlights
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Additional Reading
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The First Internet Bank of Indiana Free Checking Account is a good option for a checking account with no monthly fees. You also may like the Interest Checking Account, which pays interest and refunds up to $10 per month in ATM fees. Just know that you'll need to keep $500 in your account to waive the $10 monthly fee.
First Internet Bank of Indiana CD
4/5
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Annual Percentage Yield (APY)
3.04% to 5.06%
Minimum Deposit Amount
$1,000
on FIB's website. Member FDIC.
First Internet Bank of Indiana CD
on FIB's website. Member FDIC.
Details
Annual Percentage Yield (APY)
3.04% to 5.06%
Minimum Deposit Amount
$1,000
Editor's Rating
4/5
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Pros & Cons
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Highlights
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Additional Reading
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First Internet Bank of Indiana pays high interest rates on CDs. They have made several of our best-of lists, including the best 6-month CD rates.
First Internet Bank of Indiana Money Market Account
4.25/5
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Annual Percentage Yield (APY)
3.56% or 4.65% (vary by daily balance)
$5 monthly service fee (with options to waive)
First Internet Bank of Indiana Money Market Account
Details
$5 monthly service fee (with options to waive)
Annual Percentage Yield (APY)
3.56% or 4.65% (vary by daily balance)
Editor's Rating
4.25/5
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Pros & Cons
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Highlights
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Additional Reading
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You may like the First Internet Bank of Indiana Money Market Account if you can maintain a $4,000 balance, because then you'll waive the $5 monthly fee. It pays a higher interest rate than a regular savings account.
How First Internet Bank of Indiana works
First Internet Bank of Indiana is an online bank with no physical branches. You have free access to Plus Alliance ATMs around the US, and the bank refunds up to $10 per month in out-of-network ATM fees on several of its accounts.
To contact customer support, call or chat online with a live representative Monday through Friday from 7 a.m. to 9 p.m. ET, and Saturday from 9 a.m. to 3 p.m. ET.
The First Internet Bank of Indiana mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
First Internet Bank of Indiana trustworthiness and BBB rating
First Internet Bank of Indiana does not have any public controversies.
The Better Business Bureau gives the bank an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A strong BBB rating does not guarantee that you'll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences with First Internet Bank of Indiana, or read online customer reviews.
How First Internet Bank of Indiana compares
We've compared First Internet Bank of Indiana to two other online banks: Ally and Discover.
Ally and Discover pay higher interest rates on savings accounts, but for CDs First Internet Bank of Indiana will likely offer more competitive rates.
Your choice between the three could come down to which type of checking account you want. Ally has a free checking account that pays interest. With First Internet Bank of Indiana, you'll have to choose — either a free checking account or one that pays interest but charges a fee (unless you qualify to waive it).
Discover has a free cash-back checking account. You'll earn 1% cash back on up to $3,000 in purchases each month.
Ally and Discover both have 24/7 customer service, while First Internet Bank of Indiana does not.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).
She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at
[email protected].
Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
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Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
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