First Internet Bank of Indiana Review

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You may like First Internet Bank of Indiana First Internet Bank of Indiana Free Checking Account if you are comfortable with an online-only banking experience. It's a great option for earning some of the best CD rates right now, but you might want to look elsewhere if you're searching for the highest savings rate.

Overall Bank Review

Pros and Cons

First Internet Bank of Indiana Free Savings Account

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

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 First Internet Bank of Indiana First Internet Bank of Indiana Free 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 no monthly service fee.

First Internet Bank of Indiana CD

First Internet Bank of Indiana pays high interest rates on First Internet Bank of Indiana First Internet Bank of Indiana CD. They have made several of our best-of lists, including the best 6-month CD rates.

First Internet Bank of Indiana First Internet Bank of Indiana Money Market Account

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 service fee. It pays a higher interest rate than a regular savings account.

How First Internet Bank of Indiana Works

First Internet Bank of Indiana First Internet Bank of Indiana Free Checking Account 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.

How First Internet Bank of Indiana Compares

We've compared First Internet Bank of Indiana to two other online banks: Ally Bank and Discover® Bank (FDIC Insured) .

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 Ally Ally Spending Account. 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 Discover® Discover® Cashback Debit Account. You'll earn 1% cash back on up to $3,000 in purchases each month (see website for details).

Ally and Discover both have 24/7 customer service, while First Internet Bank of Indiana does not.

Why You Should Trust Us: How We Rated First Internet Bank of Indiana

We rate bank accounts on a scale from one to five stars. For First Internet Bank of Indiana's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.

For the bank's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on  Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
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EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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