First Internet Bank Review: Top CD Accounts and Online Banking

4.4

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet bank is a pioneer in online banking, offering full-service, low-cost banking with free checking and savings account options.

It’s an ideal choice for customers who want to skip the traditional brick-and-mortar banking experience and bank entirely online. With a wide range of services, including accounts, financial planning and loans, First Internet Bank stands out as a bank to consider for 2026.

If you’re searching for a First Internet Bank review, you likely want to know whether this online bank offers competitive interest rates, low fees and reliable digital banking tools.

First Internet Bank is one of the earliest fully online banks in the United States. Founded in 1999, it operates without physical branches and focuses on high-yield savings accounts, checking accounts, certificates of deposit and loans. Because it avoids the overhead costs of branch networks, the bank can often offer higher interest rates than traditional banks.

Here’s how First Internet Bank works and whether it may fit your banking needs.

First Internet Bank Checking Accounts

First Internet Bank also offers interest-bearing checking accounts. Typical features include:

• Debit card access
• Online bill payment
• Direct deposit
• Mobile banking tools

Checking accounts remain the most widely used banking product in the United States. According to the Federal Reserve, more than 80% of U.S. households maintain a transaction account, including checking accounts.

First Internet Bank keeps it simple by providing two different types of checking accounts. Here are some key takeaways: 

• The Free Checking account is a good starter choice for individuals who keep lower bank balances and want to avoid fees. 
• You only need $25 to open an account, so there is a low opening deposit requirement.
• With the Interest Checking account, you’ll earn an annual percentage yield (APY), but you’ll be charged a $10 monthly maintenance fee.
• This fee can be waived with an average daily balance of $500. Make sure your monthly balance is large enough to offset the monthly fee.

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank Checking Account

Start Banking

Best For

Checking Accounts

CD Accounts

Money Market Accounts

Mobile App

Online Banking

Open With Just $25

First Internet Bank offers two checking accounts with simple features. The Free Checking account has no monthly fees and a low opening deposit, while the Interest Checking account earns APY with a $10 monthly fee that can be waived with a $500 balance.

Fees

$0 to $10

APY

Up to

Min Opening

$25 to $100

Pros

•  Both free and interest-bearing checking account options are available

Cons

• There is no ATM fee reimbursement with Free Checking
• $10 monthly fee for the Interest Checking account unless you maintain a minimum balance of $500

Why We Like First Internet Bank

First Internet Bank’s checking products and services allow you to make deposits, pay bills and conveniently access your money anytime for a better daily banking experience.

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First Internet Bank Savings Accounts

First Internet Bank offers several savings options designed for customers who want to earn interest on deposits. Savings account rates fluctuate depending on interest rate conditions and Federal Reserve policy.

When benchmark interest rates rise, banks often increase the yields they offer on deposit accounts. The Federal Reserve notes that deposit rates tend to follow broader interest rate trends over time.

Savings accounts may include features like:

• Online transfers
• Automatic savings tools
• Mobile account management

First Internet Bank offers only one type of savings account, but it is worth considering. Here are some key factors to consider:  

• There are no monthly service fees.
• The APY is — higher than what many brick-and-mortar banks currently offer.
• The opening balance requirement is only $25.
• You are limited to six withdrawals per month.
• First Internet Bank will provide you with a free debit card and reimburse up to $10 per month in ATM fees.

3.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank Savings Account

Start Banking

Best For

Checking Accounts

CD Accounts

Money Market Accounts

Mobile App

Online Banking

No Monthly Fees

First Internet Bank’s Free Savings account has a low opening deposit and a solid APY. Keep track of your six monthly withdrawals to avoid penalties, and enjoy up to $10 in ATM fee reimbursements.

Fees

No monthly service fee

APY

Min Opening

$25

Pros

• No monthly fees
• Only need $25 to open an account

Cons

• Only six withdrawals per month are allowed before you incur a fee per transaction

Quick Take

The First Internet Bank’s solid interest rate and user-friendly app will help you easily and effectively reach your savings goals. 

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First Internet Bank CD Accounts

If you have a lump sum of money you don’t need to access for a while, a certificate of deposit (CD) can guarantee a fixed interest rate for the term you select.

• First Internet Bank has CD terms ranging from 3 months to 60 months.
• There is a $1,000 minimum required to open an account.

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank CD Account

Start Banking

Best For

Checking Accounts

CD Accounts

Money Market Accounts

Mobile App

Online Banking

Earn Up To

First Internet Bank CD accounts offer competitive APYs with terms ranging from 3 to 60 months. A $1,000 minimum deposit is required, making it a solid, low-risk savings option for those with lump sums to invest.

Fees

Early withdrawal penalties may apply

APY

Up to

Min Opening

$1,000

Pros

• Competitive APYs
• Wide range of term lengths to choose from

Cons

• Opening deposit may be too high for some customers

Why We Like First Internet Bank

First Internet Bank’s CD accounts are a low-risk way to save. They offer high yields and come with a standard minimum opening deposit requirement.

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First Internet Bank Money Market Accounts

Money market accounts provide you with the ability to access your funds while earning interest. Here’s everything you need to know about First Internet Bank’s Money Market Savings account: 

• First Internet Bank’s Money Market Savings account has an APY of for balances lower than $1 million.
• For balances over $1 million, you earn APY. 
• You need to maintain at least $4,000 per month to avoid the $5 maintenance fee.
• A $100 minimum opening balance is required.
• You’ll get up to $10 per month in ATM fee reimbursements.
• You are limited to six transfers or withdrawals per month with this account. 

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank Money Market Account

Start Banking

Best For

Checking Accounts

CD Accounts

Money Market Accounts

Mobile App

Online Banking

ATM Fee Reimbursement

First Internet Bank’s Money Market Savings account offers a competitive APY for balances under $1 million, with up to $10 monthly ATM fee reimbursements.

Fees

$5

APY

Up to

Min Opening

$100

Pros

• ATM fee reimbursement is available for some transactions
• Competitive APY
• Low minimum opening deposit requirement

Cons

• High balance requirement to earn the highest yield
• Must maintain a balance of $4,000 to waive the monthly fee

Why We Like First Internet Bank

First Internet Bank’s Money Market Savings account earns more for your money with a APY, which is six times the national average.

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Banking Experience

If you’re at ease with handling all your banking online, you’ll be pleased with what First Internet Bank has to offer. Even if you’re just getting started with online banking, the process should be pretty simple to follow.

Online banks often focus on a limited number of accounts and services. First Internet Bank is a full-service financial institution providing a variety of bank accounts, retirement planning, mortgages, loans and business banking.

Mobile and Digital Experience

First Internet Bank makes banking easy with its simple and user-friendly mobile app and website. The website loads quickly and is easy to navigate, with a helpful search bar to find information fast.

The mobile banking app and website are simply designed and easy to follow. View your account information in real-time, deposit checks, transfer funds, pay bills and even use the app on your Apple Watch.

First Internet Bank has a highly-rated mobile app:

• Google Play: Rating of 4.1 out of 5 stars
• App Store: Rating of 4.7 out of 5 stars

For security, your information can only be accessed when your phone is unlocked, and the bank uses encryption to keep your personal details safe.

Comparable Banking Options

Take a look at how First Internet Bank compares to similar banks.

Checking

Savings

CDs

SELECTED BANK

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank Checking Account

Start Banking

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase Checking Accounts

Read Review

MOST COMPARABLE

Fees

Fees

$0 to $10

$0 or $15, with options to waive

APY

APY

Up to

N/A

Min Opening

Min Opening

$25 to $100

$0

SELECTED BANK

3.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank Savings Account

Start Banking

MOST COMPARABLE

Chase Savings Accounts

Read Review

MOST COMPARABLE

Fees

Fees

No monthly service fee

$5 monthly, waivable

APY

APY

Min Opening

Min Opening

$25

$0

SELECTED BANK

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Internet Bank CD Account

Start Banking

MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase CD Accounts

Read Review

MOST COMPARABLE

Fees

Fees

Early withdrawal penalties may apply

No monthly service fee

APY

APY

Up to

Up to

Min Opening

Min Opening

$1,000

$1,000

First Internet Bank vs. Wells Fargo

Wells Fargo has thousands of locations, raising the odds that there is a physical branch near you. In contrast, First Internet Bank is online only and best for customers who prefer a DIY approach to banking. 

First Internet Bank vs. Chase Bank

Chase is well known for its suite of quality credit cards that range in function from travel to rewards to cash back. First Internet Bank only offers account holders one cash-back credit card. However, First Internet Bank’s accounts earn a significantly higher yield than the Chase savings account offers.

First Internet Bank vs. Bank of America

Both banks provide a variety of services, including bank accounts, loans and mortgages. Bank of America, Member FDIC, is one of the largest lenders in the country when it comes to auto loans, mortgages and more. If you foresee needing a home mortgage or other type of loan in the future, banking with Bank of America could give you access to more loan options, including relationship interest rates.

Final Take

This First Internet Bank review shows the bank can be a strong option for customers who want higher savings rates and a fully digital banking experience. Savers comfortable managing accounts online may benefit from the bank’s competitive deposit products.

However, customers who prefer in-person banking or extensive branch networks may prefer traditional banks. First Internet Bank works best for customers who prioritize interest rates and digital account management.

Before opening an account, compare savings rates, fees and account features across multiple banks to ensure you’re choosing the option that best supports your financial goals.

Cynthia Bowman contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 6, 2026. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine the Best Money Market Accounts of 2026, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 6, 2026.

To determine rankings for the Best CD Accounts of 2026, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 6, 2026.

To determine rankings for the Best Checking Accounts of 2026, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factor (1), (2 and (5) weighed 0.5 times, and Factor (4) weighed 1.5 times. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 6, 2026.

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