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Compare First Internet Bank of Indiana products
First Internet Bank of Indiana Free Savings Account
First Internet Bank of Indiana Free Checking Account
First Internet Bank of Indiana CD
First Internet Bank of Indiana Money Market Account
Refunds up to $10 per month in out-of-network ATM fees
Cons
You may earn a higher rate with other online banks
Interest compounds monthly, not daily
Highlights
More Information
Earn the same interest rate regardless of your balance
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
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.
Two forms of overdraft protection: line of credit or free sweeping from savings account
Cons
Does not reimburse any fees charged by out-of-network ATM providers
$30 overdraft fee
Highlights
More Information
Use ATMs in the Plus Alliance ATM Network for free
First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
Member FDIC
Additional Reading
Read our review
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 Money Market Account
Start saving
FIB, Member FDIC
Details
Fees
$5 monthly service fee (with options to waive)
Annual Percentage Yield (APY)
3.66% or 5.20% (vary by daily balance)
Minimum Deposit Amount
$100
Editor’s Rating
4.25/5
4.25 out of
5 Stars
Pros & Cons
Pros
High interest rate
$100 minimum opening deposit
No out-of-network ATM fee, and reimburses up to $10 per month in providers’ fees
Includes an ATM card upon request
Cons
$5 monthly service fee
Interest compounds monthly, not daily
No paper checks
Highlights
More Information
Earn 3.66% APY on account balances of $1 million or less
Earn 5.20% APY on account balances over $1 million
To waive $5 monthly service fee, maintain a $4,000 average daily balance
Use ATMs in the Plus Alliance ATM Network for free
First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
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.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , 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 seven 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 ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He
Compliance Associate
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.
First Internet Bank of Indiana Free Checking Account
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