A Detailed Review of First Internet Bank of Indiana: Personal Banking Accounts and Services

Are you looking for a bank that offers great personal banking accounts? Then you should check out First Internet Bank of Indiana! This bank has some of the best features and rates ar

ound, and it’s worth considering if you’re in the market for a new bank.

In this article, we’ll take a closer look at First Internet Bank of Indiana and discuss some of its most important features. We’ll also compare its rates to those offered by other banks to help you decide if it’s the right choice for you. So read on to learn more about this excellent banking option!

Let’s start with the First Internet Bank of Indiana facts:


About First Internet Bank of Indiana

First Internet Bank of Indiana is a state-chartered, FDIC-insured institution established in 1999. It is the first bank in the country to offer all of its products and services online.

This Bank offers a full range of personal banking products, including checking, savings, and CD accounts, as well as mortgage, home equity, and personal loan products.

It also offers a variety of business banking products and services and has over $11 billion in assets and is headquartered in Indianapolis, Indiana.

Since First IB is an online bank, it doesn’t have any physical branches. However, it does have a network of more than 55,000 ATMs nationwide. First Internet Bank of Indiana also offers mobile banking and 24/hour customer service.

First Internet Bank of Indiana is a great choice for customers who are looking for a bank that offers a full range of personal and business banking products and services. It is also a good choice for customers who are looking for a bank that is FDIC-insured and offers competitive rates.


Now that we’ve covered some of the First Internet Bank facts, let’s take a look at its banking products and services.

Savings accounts

The First Internet Bank of Indiana offers a solid savings account that has a few great features. The account requires only $25 to open and you will earn interest on your deposited amount. There is also no monthly maintenance fee, so you can keep your money in the account without having to worry about extra costs. However, the APY is not the best in the market, but it is still decent.

The Current APY is 0.25% for a balance above $1.

Additionally, if you use an ATM outside of the First Internet Bank of Indiana network, you will be charged $5 per transaction after 6 free withdrawals. This is something to keep in mind if you frequently use ATMs outside of the First IB network.

However, you will be reimbursed $10 in ATM fees charged per months

Here is the summary of First Internet Bank of Indiana’s savings account:

Particulars Free Saving Account
Saving Account Open At lest $25
APY 0.25%
Interest rate 0.25%
Monthly Maintenance Fees None
Average Daily Balance required None
Free Transaction per months 6
ATM Surcharge Rebate Up to $10 per months

Now let’s see the Pros and Cons:

Pros:

– No monthly maintenance fee

– $25 to open an account

-ATM fees reimbursed.

Cons:

-Not the best Saving APY


Money market accounts

Money market accounts are a type of savings account that offers a higher interest rate than a traditional savings account. To qualify for a money market account, you typically need to maintain a higher average daily balance than you would with a traditional savings account.

First Internet Bank of Indiana offers a money market account with some great features.

First, the minimum deposit to open an account is only $100. This is much lower than many other banks’ requirements for money market accounts. Additionally, First IB offers a competitive APY of 0.50%.

There is also no monthly maintenance fee, so you can keep your money in the account without having to worry about extra costs. However, the First Internet Bank of Indiana requires a $4000 average daily balance to avoid fees, otherwise, you will be charged $5 per month.

This is something to keep in mind if you are thinking about opening a First IB money market account.

Another benefit: First Internet Bank of Indiana will reimburse you up to $10 in ATM fees per month. This is a great benefit if you frequently use ATMs outside of the First IB network.

Here is the Summary of Money Market Account:

Particulars Money Market Account
Account Open At lest $100
APY 0.50%
Interest rate 0.50%
Monthly Maintenance Fees $5
Average Daily Balance required $4,000
Free Transaction per months 6
ATM Surcharge Rebate Up to $10 per months

Now, let’s see the Pros and Cons:

+Pros:

– No monthly maintenance fee

– $100 to open an account

– First Internet Bank of Indiana will reimburse you up to $10 in ATM fees per month.

-Very competitive APY.

-Cons:

– $4000 Average daily balance to avoid fees.


Checking accounts

First Internet Bank of Indiana offers two checking accounts: free checking and interest checking. Let’s take a look at the features of each account.

Free checking

First Internet Bank of Indiana is a great choice for customers who are looking for a bank that offers a full range of personal and business banking products and services.

First IB is also FDIC-insured, has competitive rates, and offers a free checking account with no monthly maintenance fee. First IB’s free checking account requires only $25 to open an account and there is no minimum balance required.

However, it should be noted that First IB’s free checking account does not offer interest. If you are looking for an account that offers interest, you should consider First IB’s interest checking account.

Interest checking

First IB’s interest checking account is a great choice for customers who are looking for an account that offers both a competitive interest rate and a full range of personal and business banking products and services.

First IB’s interest checking account requires only $100 to open an account and there is no minimum balance required. Additionally, First IB offers a competitive APY of 0.30%.

It should be noted that First IB’s interest checking account has a $500 average daily balance requirement to avoid its $10 monthly maintenance fee. First IB will also reimburse you up to $10 in ATM fees per month.

Here is the Summary of First Internet Bank of Indiana’s Interest Checking Account:

  • Minimum Deposit: $100
  • Current APY: 0.30%
  • Monthly Maintenance Fee: $0
  • Average Daily Balance to avoid fees: $500 First Internet Bank of Indiana will reimburse you up to $10 in ATM fees per month.

Now, let’s see the Pros and Cons:

+Pros:

  • No monthly maintenance fee.
  • Vey Small opening deposits required.
  • First Internet Bank of Indiana will reimburse you up to $1 in ATM fees per month.
  • Competitive APY.

-Cons:

  • $500 Average daily balance required to avoid a monthly maintenance fee.
  • ATM costs are not reimbursed by the free checking account.

First Internet Bank of Indiana Certificate of Deposits

The bank offers some of the most competitive yields on its CDs. The CD’s term ranges from three months to five years. . The CDs are compounded and credited every month.

The bank offers fantastic rates and terms on its CDs. customers can open a CD for as little as $1000 and the CD will be automatically renewed.

Here are the present First Internet Bank CD rates:

As you can see, First Internet Bank of Indiana offers some of the most competitive yields on its CDs.

However, there is an early withdrawal penalty between 90 and 360 days’ worth of interest depending on the CD term.

For those looking for a great way to grow their money, First Internet Bank of Indiana is a great option.

Now let’s take a look at the Pros and Cons of CDs:

+Pros:

  • First Internet Bank of Indiana offers some of the most competitive yields on its CDs.
  • The CD’s term ranges from three months to five years.
  • The CDs are compounded and credited every month.

Cons:

  • There is an early withdrawal penalty between 90 and 360 days’ worth of interest depending on the CD term.

Other products and services of First Internet Bank of Indiana

First Internet Bank offers a wide range of personal and business banking products and services. In addition to checking, Certificates of Deposit (CDs) and savings accounts, the bank also offers:

  • Credit Cards
  • Home Loans
  • Personal Loans
  • Business Loans
  • Health Savings Accounts (HSAs)
  • Auto and recreational vehicle financing
  • Fixed and adjustable-rate mortgages
  • FHA loans
  • VA loans
  • Jumbo loans
  • Home equity lines of credit (HELOCs)
  • Mortgage refinancing
  • IRAs
  • Coverdell Education Savings accounts
  • Tomorrow’s Tycoon children’s savings accounts

First Internet Bank of Indiana has something for everyone. Whether you are looking for a personal loan, business loan, or mortgage, First Internet Bank has a wide range of products and services to meet your needs.


Alternative of First Internet Bank of Indiana

There are many alternatives to this bank. Some of the most popular alternatives are:

  • Chase
  • Wells Fargo
  • Bank of America

When it comes to personal banking, This bank offers a wide range of products and services. However, there are many other great banks to consider. If you are looking for an alternative to First Internet Bank of Indiana, be sure to check out Chase, Wells Fargo, or Bank of America.

First Internet Bank of Indiana Vs Chase

Now that we have taken a detailed look at FIB and its products, services, and rates, let’s compare it to one of its biggest competitors – Chase.

When it comes to savings accounts, First Internet Bank of Indiana offers a much higher APY than Chase. First Internet Bank savings accounts APY is 0.25% while Chase’s is only 0.01%.

First Internet Bank of Indiana also has a higher APY on its CDs. First Internet Bank of CDs APY ranges from 0.96% to 0.30% while Chase’s CD APY is only 0.05%.

First Internet Bank of Indiana requires a $500 minimum balance to avoid a monthly maintenance fee while Chase only requires $300. First Internet Bank also has an early withdrawal penalty between 90 and 360 days’ worth of interest depending on the CD term.

All in all, First Internet Bank of Indiana is a great option for those looking for high-yield savings accounts and CDs.

However, if you are required to access a large number of branches or ATMs, First Internet Bank of Indiana might not be the best option for you, then consider Chases.

First Internet Bank of Indiana Vs Wells Fargo

When it comes to finding a bank that fits your needs, it can be difficult to know where to start. There are so many options out there, and each one offers different interest rates, fees, and perks.

When it comes to savings accounts, First Internet Bank of Indiana offers a much higher interest rate than Wells Fargo. In fact, their APY is 0.25% compared to Wells Fargo’s measly 0.01%.

If you’re looking for a checking account that offers interest, First Internet Bank of Indiana is the way to go. Their APY is 0.30%, whereas Chase’s is only 0.01%. However, it’s important to note that free checking accounts at FIB’s do not offer interest.

When it comes to CDs, First Internet Bank of Indiana offers a much higher interest rate than Chase. Their APY is 0.96% compared to Chase’s 0.02%.

All in all, First Internet Bank is the clear winner when it comes to interest rates. However, it’s important to do your own research to see if this is the right bank for you. Be sure to read the fine print and compare all of the fees before making your final decision.

First Internet Bank of Indiana Vs. Bank of America 

When it comes to choosing a bank, there are a lot of factors to consider. Two of the biggest banks in the country are First Internet Bank of Indiana and Bank of America. Both have their pros and cons, so how do you know which one is right for you?

Here’s a detailed comparison of First Internet Bank of Indiana and Bank of America:

This bank offers a higher interest rate on savings accounts than Bank of America. In fact, their APY is 0.25% compared to Bank of America’s measly 0.01%.

If you’re looking for a checking account that offers interest, First Internet Bank of Indiana is the way to go. Their APY is 0.30%, whereas Bank of America’s is only 0.01%. However, it’s important to note that free checking accounts at First Internet Bank do not offer interest.

When it comes to CDs, First Internet Bank of Indiana offers a much higher interest rate than Bank of America. Their APY is 0.96% compared to Bank of America’s 0.07%.

So, which bank is right for you? It depends on your financial needs and goals. If you’re looking for a bank with higher interest rates, First Internet Bank is the way to go. However, if you prefer the convenience of a large nationwide bank, Bank of America might be a better fit.

The following is a comparison chart of First Internet Bank vs. Bank of America vs. Chase vs. Wells Fargo:

A Detailed Review of First Internet Bank of Indiana
A Detailed Review of First Internet Bank of Indiana

Customer Experience

First Internet Bank of Indiana has an A+ rating in trustworthiness from the Better Business Bureau. A good BBB grade indicates First Internet Bank commitment to handling customer complaints in a prompt, professional manner.

However, a strong BBB rating is not the only measure of customer experience. So what does First Internet Bank of Indiana customers say about their experience?

WalletHub.com is a personal finance website that includes customer reviews of financial institutions. First Internet Bank has an average rating of 3.8/5 stars based on over 221 customer reviews.

Some customer reviews praise First Internet Bank of Indiana for great customer service, while others complain about the bank’s CDs.

To get a better idea of First Internet Bank of Indiana’s customer experience, check out the reviews on WalletHub.com for yourself. And remember, when you’re choosing a bank, it’s important to consider more than just the BBB rating.

I have checked the mobile app rating from First Internet Bank in App Store and Google Play, the rating is good.

The First Internet Bank mobile app has a rating of 4.8/5 stars in the App Store and 4.4/5 stars in Google Play.

The App Store rating is higher than the Google Play rating, which is to be expected since First Internet Bank is an online bank and most Americans have iPhones.

The First Internet Bank of Indiana mobile app has mostly positive reviews, with customers praising the app for its ease of use and security features.

If you’re considering First Internet Bank , be sure to check out the mobile app rating to get an idea of the customer experience.

Now that you know more about this banks, let’s take, how to open an account with First Internet Bank of Indiana


Pros and Cons Explained

Here are the First Internet Bank pros and cons, so you can decide if First Internet Bank of Indiana is the right bank for you:

+Pros

  • Higher interest rates on savings accounts and CDs: First Internet Bank offers some of the highest interest rates you’ll find.
  • First Internet Bank of Indiana’s customer experience is good: First Internet Bank of India has a strong rating with the Better Business Bureau and mostly positive customer reviews.
  • Good mobile app rating: The First Internet Bank mobile app has a high rating in both the App Store and Google Play.
  • Reimburse ATM fees: First Internet Bank will reimburse you for any ATM fees you incur.

-Cons

  • This is an online bank: First Internet Bank of Indiana does not have any physical branches, so you’ll need to be comfortable banking online.
  • First Internet Bank doesn’t offer interest on checking accounts: If you’re looking for a bank that offers interest on your checking account,

Verdict: First Internet Bank of Indiana is a good choice for online banking?

A Detailed Review of First Internet Bank of Indiana: Personal Banking Accounts and Services

If you're looking for a good interest rate and don't mind banking online, First Internet Bank of Indiana is a great choice. And if you're looking for a bank with good customer reviews, First Internet Bank of Indiana also delivers. If you prefer to bank at a physical location or want a checking account that earns interest, however, First Internet Bank may not be the right bank for you.

Editor's Rating:
4.6

But no matter what your needs are, we hope this article has helped make your decision easier. Thanks for reading!

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