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 offers two personal checking options: a no-fee Free Checking account and an Interest Checking account for customers who want a modest yield. The bank’s live review positions checking as simple and digital-first, with online and mobile banking, bill pay and deposit access built around customers who are comfortable banking without branches. The biggest draw here is low-cost everyday banking, not premium checking perks.

Here are some key points to know:

• Two account options: one free checking account and one interest-bearing account
• Low barrier to open: minimum opening deposits range from $25 to $100
• Online-first convenience: mobile banking, online banking and bill pay are core features
• Limited premium perks: ATM reimbursement is capped and the better checking option comes with a waivable 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 for Free Checking, $10 for Interest Checking

APY

0.00% for Free Checking, 0.5% for Interest Checking

Min Opening

$25 for Free Checking, $100 for Interest Checking

Pros

• Both free and interest-bearing checking options are available
• Low opening deposit requirement
• Online and mobile banking tools included
• Up to $10 per month in ATM surcharge rebates with Interest Checking

Cons

• No branch access
• Free Checking does not earn interest
• Interest Checking charges a $10 monthly fee unless you keep at least $500 on average in the account

Why We Like First Internet Bank

First Internet Bank’s checking accounts work well for customers who want uncomplicated online banking with low opening requirements. The free option is appealing for basic everyday use, while the interest-bearing account adds a little more value for customers willing to keep at least $500 on deposit.

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First Internet Bank Savings Accounts

First Internet Bank’s Free Savings account is a better fit for straightforward saving than for chasing the highest possible yield. The current GOBankingRates review highlights the account’s low opening deposit, no monthly fee and ATM surcharge rebates, which makes it a practical companion to the bank’s checking account. The bigger upside in First Internet Bank’s deposit lineup is still its money market account, but this savings account is easy to open and maintain.

Here are some key points to know:

• Simple structure: low opening deposit and no monthly maintenance fee
• Modest yield: earns 0.8% APY, which is solid for a basic savings account but below the bank’s money market rate
• Digital convenience: account can be managed entirely online
• Transaction limits matter: excessive withdrawals can trigger 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 $25 needed to open
• Up to $10 per month in ATM surcharge rebates
• Fully digital account management

Cons

• APY is lower than the bank’s money market account
• Limited to six withdrawals or transfers per month, before fees may apply
• No branch banking

Quick Take

This account is a good fit for customers who want a no-fee savings option with a low opening deposit and no unnecessary complexity. It is not the highest-earning account in First Internet Bank’s lineup, but it is easy to use and inexpensive to maintain.

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First Internet Bank CD Accounts

CDs remain one of First Internet Bank’s strongest product categories. The bank currently offers personal CD terms from 3 months to 60 months, with APYs ranging from 3.14% to 3.76% depending on the term. That wide range, combined with a relatively standard $1,000 opening deposit, makes these CDs appealing for savers who want predictable returns without taking market risk.

Here are some key points to know:

• Broad term selection: terms range from 3 months to 60 months
• Competitive short-term rates: the highest listed APY is currently 3.76% on the 6-month CD
• Fixed returns: rates stay locked in for the term
• Higher entry point than checking or savings: you need at least $1,000 to open

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

First Internet Bank offers CD terms from 3 to 60 months, with current APYs ranging from 3.14% to 3.76%.

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

3.14% to 3.76%, depending on term

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 CDs offer one of the stronger combinations of term variety and competitive fixed yields in its deposit lineup. They are especially attractive for savers with a lump sum who want predictable returns and do not need immediate access to the money.

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First Internet Bank Money Market Accounts

First Internet Bank’s Money Market Savings account is one of its most compelling products right now. The bank lists a 3.09% APY for balances of $1 million or less and 3.64% APY for balances above $1 million, which is materially higher than its standard savings account. The trade-off is that the account carries a $5 monthly fee unless you keep an average daily balance of at least $4,000.

Here are some key points to know:

• Higher yield than basic savings: strong option for customers focused on earning more on cash
• Low opening deposit: just $100 to get started
• Waivable monthly fee: requires a $4,000 average daily balance
• Best fit for larger balances: especially attractive for savers who can comfortably stay above the fee-waiver threshold

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 3.09% APY on balances up to $1 million and 3.64% APY on balances above $1 million, with a $100 minimum opening deposit.

Fees

$5 monthly fee, waivable with a $4,000 average daily balance

APY

3.09% on balances of $1 million or less, 3.64% above $1 million

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

This is one of First Internet Bank’s better deposit products for customers who want to earn more on cash while keeping access relatively flexible. As long as you can meet the balance requirement to avoid the monthly fee, it offers a more compelling yield than the bank’s standard savings account.

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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

4.3

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.

Wells Fargo Everyday Checking Account

Read Review

Fees

Fees

Fees

$0 for Free Checking, $10 for Interest Checking

$0 or $15, with options to waive

$5 to $35 waivable monthly fee

APY

APY

APY

0.00% for Free Checking, 0.5% for Interest Checking

N/A

Up to

Min Opening

Min Opening

Min Opening

$25 for Free Checking, $100 for Interest Checking

$0

$25

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

Wells Fargo Savings Account

Read Review

Fees

Fees

Fees

No monthly service fee

$5 monthly, waivable

Up to $12 monthly service fee – can be waived

APY

APY

APY

Up to for Platinum Savings accounts

Min Opening

Min Opening

Min Opening

$25

$0

$25

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

3.5

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.

Wells Fargo CD Account

Read Review

Fees

Fees

Fees

Early withdrawal penalties may apply

No monthly service fee

Early withdrawal penalty may apply

APY

APY

APY

3.14% to 3.76%, depending on term

Up to

Up to

Min Opening

Min Opening

Min Opening

$1,000

$1,000

$2,500 to $5,000

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 27, 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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