Review of First Internet Bank: Advantages, Disadvantages, and Other Options

First Internet Bank: A Comprehensive Review

First Internet Bank, established in 1999 by David Becker, was one of the pioneers of online-only banking. Offering a range of financial products, including business loans, the focus of this review is on their deposit account offerings.

For business owners, First Internet Bank provides an interest-bearing checking account with a 0.50% APY for balances over $10,000, along with unlimited transactions and cash flow analysis tools. They also offer Business Money Market Savings and Business Regular Savings accounts with competitive APYs and fee structures.

Individual savers can benefit from a Money Market Savings account with a 3.77% APY for balances under $1 million, and a Free Savings account with a 0.81% APY. Additionally, the bank offers an interest-bearing checking account with a 0.50% APY and a range of Certificates of Deposit (CDs) with attractive rates.

While some accounts come with monthly fees, most can be waived by maintaining a specific daily balance. Other fees, such as paper statement fees and wire transfer fees, may apply based on usage.

First Internet Bank is FDIC-insured, ensuring funds are protected up to $250,000 per account type. Customer reviews on Trustpilot, Google Play Store, and Apple App Store are generally positive, indicating a pleasant banking experience.

In comparison to other online banks like Ally Bank and CIT Bank, First Internet Bank offers competitive rates but may require higher balances to access the best rates. For savers willing to lock in their funds with CDs, First Internet Bank could be a worthwhile choice.

Overall, First Internet Bank provides a range of attractive financial products for both individuals and businesses, making it a strong contender in the online banking space.