First Internet Bank review (2025): High rates, low fees, and a digital-first approach to banking

Summary: First Internet Bank of Indiana was founded in 1999 and was the first state-chartered, FDIC-insured institution to operate entirely online. First Internet Bank’s suite of products includes personal and business banking products, health savings accounts, and even accounts for kids. Additionally, First Internet Bank ranked among our 10 best online banks of 2025.

First Internet Bank currently offers the following products and bank account options:

First Internet Bank offers two types of checking accounts:

• Interest Checking: This checking account requires a minimum opening deposit of $100 and charges a $10 monthly maintenance fee, which can be waived by maintaining an average daily balance of $500. The account also reimburses ATM fees up to $10 per month.

• Free Checking: This account doesn’t pay interest, but customers will save on a monthly maintenance fee and there’s no daily balance requirement. However, a minimum opening deposit of $25 is required.

First Internet Bank’s free savings account doesn’t charge any monthly maintenance fee and can be opened with $25. FIB does not currently offer a high-yield savings account.

The money market account offered by First Internet Bank has a higher minimum to open at $100. It offers 3.61% APY on balances up to $1,000,000 and 4.42% on balances over that amount.

First Internet Bank’s CD terms range from three to 60-months. There is a $1,000 minimum opening deposit required. If you need to access your funds before the account matures, there is an early withdrawal penalty of up to 360 days’ interest.

First Internet Bank’s health savings account (HSA) is free to open and do not charge a monthly maintenance fee or impose a minimum balance requirement.

For younger savers, First Internet Bank offers a chance to start saving for the future. Parents can open a savings account for their child with a $100 minimum. Once their child turns 18, the savings account will be converted to a free savings account.

First Internet Bank currently offers a cash-back credit card with no annual fee and a 3% cash back rate for gas purchases. All other purchases earn a cash back rate of 1%.

First Internet’s personal loans are currently offering APRs as low as 11.99% with payment terms as long as 60 months.

First Internet offers student loans for undergraduates, graduates, and parents in partnership with Sallie Mae. These loans have no origination fee or prepayment penalty.

Specialty vehicle financing and auto loans

First Internet offers auto loans for new and used vehicles, horse trailers, boats, and recreational vehicles with rates starting at just under 8%. These loans have a minimum loan amount of $10,000.

First Internet also offers business banking products such as a business checking account, money market savings account, regular savings account, and CDs.

Here’s a closer look at the account fees First Internet Bank customers can expect to pay:

There are a few major perks and drawbacks customers should note before banking with First Internet Bank.

• Pros:

  • Competitive interest rates on deposit accounts: The bank offers some of the highest rates available for deposit accounts today, particularly money market accounts and CDs. For savers who want to maximize their savings and grow their balances quickly, these rates could work to their benefit.

  • No monthly fees: First Internet Bank’s most basic savings and checking account options do not charge a monthly maintenance fee. Accounts that do come with a fee offer ways to have it waived.

  • ATM fee reimbursement for some accounts: Interest Checking, Money Market Savings, and/or Regular Savings account holders are automatically enrolled in First Internet’s ATM Surcharge Rebate program which offers up a monthly ATM fee rebate of up to $10.

• Cons:

  • No physical branches: First Internet Bank is an online bank, therefore it doesn’t have physical branches customers can visit.

  • High minimum opening deposits for money market accounts and CDs: The bank’s money market account requires a $100 minimum deposit to open and its CDs require $1,000 to open.

Customer support and mobile banking experience

First Internet Bank support specialists are available via telephone Monday through Friday, from 7:00 a.m. to 9:00 p.m. EST, and on Saturday from 9:00 a.m. to 3:00 p.m. EST.

Customers can also reach out to a support specialist via live chat, email, and mail.

First Internet’s mobile app is available for download on the App Store and Google Play, with an average rating of 4.8 and 4.5, respectively. On the app, users can check account balances, deposit checks, transfer funds between accounts, pay bills, and more.

First Internet Bank notes its commitment to serving the community and the environment in its latest ESG report. In the most recent reporting period First Internet employees logged more than 500 community service hours. It also prides itself on its inclusive lending program, noting that 35% of First Internet’s SBA loans went to minority-owned, female-owned or minority female-owned businesses.

On the environmental front, First Internet has originated 38 loans to governmental entities to assist in financing energy efficiency and renewable energy projects. In addition to those loans, First Internet has taken major steps to make its headquarters more energy efficient through the implementation of electric vehicle charging stations and more energy efficient lighting.

Yes. First Internet Bank is a real, member FDIC-insured institution.

First Internet Bank is headquartered in Fishers, Indiana.

The daily withdrawal limit for ATM withdrawals is $750 per day, although individual ATM owners may have their own limits in place.