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First Internet Bank of IN

Popular Accounts at this Bank

2.30%5-year CD60 Month CD
1.66%18-month CD18 Month CD
1.57%1-year CD12 Month CD

Overview / Commentary
11201 Usa Parkway
Fishers, IN 46037

First Internet Bank of IN is the 364th largest bank in the nation. It was established in 1998 and as of June of 2017, it had grown to 196 employees. First Internet Bank of IN's money market rates are 3X the national average, and it has an A health rating.

Related Posts

First Internet Bank Raises All CD Rates Yet Again - 6/30/2017

First Internet Bank has raised rates on all its CDs: 6-month (1.37% APY), 12-month (1.52% APY), 18-month (1.66% APY), 24-month (1.81% APY). Minimum deposit is $1k.

First Internet Bank Ups Rates On Short-Term CDs - 6/7/2017

First Internet Bank has raised the rates on its 12-month CD (1.47% APY) and 18-month CD (1.56% APY). The minimum deposit is $1k, with no stated balance cap.

First Internet Bank Boosts All CD Rates - 2/23/2017

First Internet Bank has raised the rates on its CDs, including the 48-month CD (1.87% APY). Minimum deposit is 1k. Also available as an IRA.

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First Internet Bank is a Great Way to Bank

I started using First Internet Bank (FirstIB) in 2014 because of reading about their free checking account program. They were so quick and easy to setup and use online that I also opened a free savings account. Their free accounts only require having a $100 balance in order to remain free. They have free transfers between accounts, free online bill-paying, and an easy to use iScan check deposit system which allows me to simply scan my paycheck and upload the image in order to deposit it to my account. I have never had any problems with them and will probably use them forever. They pay .60% interest on their savings account and .80% on a money market account. Their customer service has been very friendly and willing to quickly answer any questions I've had since joining.

Internet Only Banking at it's Best!

I banked with First Internet bank of Indiana (FIB) while I was in High School and College and enjoyed the experience overall. I had both a checking and savings account with FIB. The perks of the checking (0.5+%) and savings accounts were higher interest rates than the competitors at the time. One additional perk I enjoyed was having access to free checks as well as getting ATM fees refunded. Customer service was always great, with quick turn around on both mailed in check deposits and phone based deposits. The one incident I had of fraudulent activity was quickly and professionally handled. Fees were reasonable, i had both the free checking at one point as well as the interest checking which was roughly $5-10/month. Overall i enjoyed banking with First Internet Bank, and I think that their history as having been one of the earlier banks in onto the online banking train serves them well in the marketplace.

Easy online banking

Originally became aware of them through a freelance job I was working. We received a card from them through this bank for deposits. I liked them so much after the job ended I upgraded to a full checking account. Deposits were always on time, and the few times I did have a problem the customer service reps fixed everything in no time. A business day tops. Making cash and check deposits was the hardest part, and why I ended up leaving them for something local. You had to physically mail checks and such for deposit, which took quite a while. As I started receiving more payments this way, having an online only account was no longer feasible for me. If you do direct deposit only though, and just need to pay bills and withdrawal money from and ATM, they're very good.

Reasonable Interest, But Some Annoying Features

First IB's online money market account pays a pretty good interest rate (although there are certainly other banks that do better than it, the account is in the top 20 or 25 available).

There are, however, three features of the account that make it less appealing:
1. Low transaction limitations: There are $500 limits for inbound and outbound transfers, possibly increasing to $5k with an account open for a longer period of time.
2. Relatively short window for account inactivity fees to start. After twelve months of no new deposits or withdrawals, the account is subject to a $5/month dormant account fee. If you use a money market as a place to park funds, this short window could offset some of the yield you receive from the bank.
3. A charge for an outbound ACH initiated at the bank. To withdraw funds from the bank, there is a $5 fee per withdrawal (or 1% of the maximum amount of $500).

One can work around the above by initiating deposits and withdrawals from another account, so it may be worth the hassle.

Customer service was forthright and friendly in discussing these account features. In addition, all of the above information is disclosed clearly on the website. In short, a reasonable secondary account for those who need or want one and for those willing to do a bit of extra work.



Health Grade Components

FDIC Certificate #34607
Year Established1998
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.78%
Return on Equity - YTD9.79%
Annual Interest Income$37.5MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$2.38B$1.70B
LoansQ2 2017vs Q2 2016$1.72B$1.15B
DepositsQ2 2017vs Q2 2016$1.75B$1.40B
Equity CapitalQ2 2017vs Q2 2016$182.0MM$136.5MM
Loan Loss AllowanceQ2 2017vs Q2 2016$13.2MM$10.0MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$3.4MM$5.6MM
Real Estate OwnedQ2 2017vs Q2 2016$4.5MM$4.5MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

First Internet Bank of IN Savings Account Rates

1.16%*$250k*-Business Regular Savings
OTHER TIERS: 0.90% Up to $250k
0.60%--Regular Savings
0.60%--Tomorrow's Tycoons
0.40%--Free Savings
0.15%--Health Savings Account
0.15%--Commercial Health Savings

First Internet Bank of IN Money Market Rates

1.16%*$250k*-Money Market Savings
OTHER TIERS: 0.90% Up to $250k
1.16%*$250k*-Business Money Market Savings
OTHER TIERS: 0.90% Up to $250k
1.16%*$250k*-Money Market IRA
OTHER TIERS: 0.90% Up to $250k

First Internet Bank of IN Checking Account Rates

0.55%$500-Interest Checking

First Internet Bank of IN CD Rates

2.30%$1k-60 Month CD
2.30%$1k-Business 60 Month CD
2.07%$1k-48 Month CD
2.07%$1k-Business 48 Month CD
1.94%$1k-36 Month CD
1.94%$1k-Business 36 Month CD
1.81%$1k-24 Months CD
1.81%$1k-Business 24 Month CD
1.66%$1k-18 Month CD
1.66%$1k-Business 18 Month CD
1.57%$1k-12 Month CD
1.57%$1k-Business 12 Month CD
1.32%$1k-6 Month CD
1.32%$1k-Business 6 Month CD
1.00%$1k-3 Month CD
1.00%$1k-Business 3 Month CD

First Internet Bank of IN IRA Rates

2.30%$1k-60 Month IRA
2.07%$1k-48 Month IRA
1.94%$1k-36 Month IRA
1.81%$1k-24 Month IRA
1.66%$1k-18 Month IRA
1.57%$1k-12 Month IRA

First Internet Bank of IN is an Internet only bank and does not have branch locations. Its headquarters is located at 11201 Usa Parkway - Fishers, IN 46037