Discover the Truth: First Internet Bank of Indiana Uncovered!

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Check out the First Internet Bank Free Checking Account—perfect for those who enjoy banking online. It’s a fantastic option if you’re after competitive CD rates, but you might want to explore other options if a higher savings rate is your goal.

Overall Bank Review

Pros and Cons

The First Internet Bank Free Savings Account is a fantastic choice, offering no monthly fees and a solid interest rate compared to traditional banks. However, you may find better rates with other high-yield savings accounts.

The First Internet Bank Free Checking Account is a solid choice for those seeking a no-fee checking option. Keep in mind that you can earn interest, but you’ll need to maintain a $500 balance to waive the monthly service fee.

The First Internet Bank CD offers some of the highest interest rates available. They consistently rank among the best for their competitive rates on various certificate terms, making them a strong contender for your savings.

The First Internet Bank Money Market Account is ideal if you can maintain a $4,000 balance to avoid the monthly fee. It offers a competitive interest rate compared to standard savings accounts.

How First Internet Bank Works

First Internet Bank operates entirely online, so there are no physical branches. You can access Plus Alliance ATMs across the country for free, and the bank even refunds up to $10 in out-of-network ATM fees on select accounts.

For customer support, reach out via phone or chat 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 mobile app boasts impressive ratings, with a 4.8 out of 5 stars in the Apple Store and 4.4 out of 5 in the Google Play Store.

All deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.

Trustworthiness and BBB Rating

First Internet Bank has maintained a clean record without any major controversies.

The Better Business Bureau has awarded the bank an A+ rating, indicating effective responses to customer complaints and honesty in advertising.

How First Internet Bank Compares

We’ve compared First Internet Bank to other popular online banks, including Ally Bank and Discover® Bank.

While Ally and Discover offer higher savings rates, First Internet Bank is competitive when it comes to CDs. Your decision may hinge on the type of checking account you prefer—Ally has their Ally Spending Account, whereas First Internet Bank offers a choice between a free checking account or one that earns interest but charges a fee (unless you qualify to waive it).

Discover’s offering includes a Discover® Cashback Debit Account that gives 1% cash back on up to $3,000 in monthly purchases (visit their website for details).

Ally and Discover provide 24/7 customer service, while First Internet Bank offers limited hours.

Why You Should Trust Us: Our Rating Process

We rate bank accounts on a scale of one to five stars. For First Internet Bank’s checking, savings, and money market accounts, we utilized a comprehensive rating methodology. Factors considered vary by account type—for instance, overdraft fees are crucial for checking accounts while interest rates are paramount for savings and money market accounts.

For CDs, we assessed them based on interest rates, opening deposits, early withdrawal penalties, variety, customer support, app ratings, and overall security and ethics.

Our weighted average rating means that we prioritize features like interest rates and fees, given their significant impact on the banking experience.