First Internet Bank Review 2021: Full Service Online Banking From an Early Adopter

GOBankingRates Score

Our Take: First Internet Bank of Indiana claims to be the first financial institution to provide online banking. It has years of experience providing full-featured, low-cost banking services customers are happy with.
  • Breadth of Products
  • Mobile App and Digital Experience
  • Opening Deposit Requirements
  • Fees
How did we calculate this?


  • Free checking and savings accounts
  • Interest-bearing checking available
  • Full list of banking services including checking, savings, money markets, individual retirement accounts, CD accounts, loans and credit cards


  • No physical branches
  • Customer service representatives are not available around the clock

About First Internet Bank

First Internet Bank was founded in 1999 in Indiana. According to First Internet’s website, it was the first online bank insured by the Federal Deposit Insurance Corp. Years of experience in the online banking field means you have access to a full range of banking services, including checking, savings, business accounts, CD accounts, loans and mortgages.

In its yearly rankings, GOBankingRates has named it as one of the Best Online Banks of 2021. Additionally, GOBankingRates has named First Internet Bank as one of the Best Savings Accounts, Best Checking Accounts, Best CD Accounts as well as Money Market Accounts of 2021.

First Internet Bank Products

A typical positive First Internet Bank review from a customer remarks on the number of banking services available. First Internet Bank of Indiana is an online one-stop shop for your personal finance needs. 

Product Features
Checking Account
  • Up to $10 per month in ATM fees reimbursed
  • A free checking account with a $25 opening balance requirement
  • Interest-earning checking with $100 minimum opening balance requirement to earn 0.30% annual percentage yield
Savings Account
  • Free savings account with a $25 opening balance requirement 
  • Earns 0.25% APY
  • Up to $10 per month in ATM fees reimbursed
Money Market Account
  • Earns 0.50% APY
  • $5 monthly maintenance fee
  • Up to six transactions per month allowed
CD Accounts
  • Eight terms between three and 60 months 
  • 0.25% to 0.95% APY
  • $1,000 minimum opening deposit
Personal Loans
  • Auto and recreational vehicle loans, student loans and personal loans
  • Available in all 50 states
Credit Cards
  • Cash-back credit card
  • No annual fee
  • 3% cash back on gas and 1% on everything else
Home Loans
  • Mortgages
  • Home-equity loans and lines of credit
  • Construction loans

Take a closer look at First Internet Bank of Indiana‘s most popular everyday banking products.

First Internet Bank Checking Accounts Review

First Internet Bank keeps it simple by providing two different types of checking accounts: Free Checking and Interest Checking. Free Checking is a good starter choice for individuals who keep lower bank balances and want to avoid fees. You’ll only need $25 to open an account compared to Interest Checking’s $100. 

When evaluating which account to choose, consider that you’ll earn interest with Interest Checking, but you’ll be charged a $10 monthly maintenance fee. Make sure your monthly balance is large enough to offset the fee.


  • Easy-to-use website and banking app
  • High yield interest rate of 0.30% APY for Interest Checking accounts
  • Apple Pay-compatible debit card
  • GOBankingRates has ranked it as one of the Best Checking Accounts of 2021.


  • The choice between free and interest-bearing accounts
  • No ATM fees for Free Checking; $10 in reimbursed fees for Interest Checking
  • No charge for incoming wires, as well as the first order of checks or debit card


  • Cash deposits not available
  • Interest Checking monthly maintenance fee can’t be waived

Before you decide, compare First Internet Bank to other top checking accounts.

First Internet Bank Savings Account Review

First Internet Bank offers only one type of savings account for adults, but it may be all you need. There are no fees, and the interest rate of 0.25% APY is higher than what many brick-and-mortar banks currently offer.

The Tomorrow’s Tycoons account for children has a $100 minimum opening deposit but pays the same interest as the adult account.


  • Start with at least $25 to open an account ($100 for children’s account)
  • No monthly maintenance fees
  • GOBankingRates has ranked it as one of the Best Savings Accounts of 2021.


  • Free debit card with an adult account
  • Up to $10 per month in ATM fee reimbursements
  • Quick and simple to open


  • Limited to six transactions per month
  • A penalty of $5 per transaction if you surpass the transaction limit

First Internet Bank Money Market Account Review

The best money market accounts provide you with the flexibility to write checks and pay bills while earning savings rates. First Internet Bank’s Money Market Savings account pays you more than the bank’s regular savings product. You’ll earn 0.50% APY but need to maintain a balance of at least $4,000 per month to avoid the $5 maintenance fee.


  • Access to online and mobile banking  
  • $100 minimum opening balance required
  • GOBankingRates has ranked it as one of the Best Money Market Accounts of 2021.


  • High-yield-savings interest rate of 0.50% APY on account with check-writing
  • Free debit card
  • Up to $10 per month in ATM fee reimbursements


  • A $5 monthly fee for monthly balances under $4,000
  • Limited to six transactions per month

First Internet Bank CD Accounts Review

If you have a lump sum of money you don’t need for a while, a CD will guarantee you a set amount of interest for the term of your choice. To earn the best CD rates, choose a longer term. First Internet Bank of Indiana’s CDs come in eight different term lengths.


  • Eight terms ranging from three months to five years
  • Rates of 0.25% on the 3-month CD, to 0.95% APY on the 5-year CD
  • $1,000 minimum deposit required
  • GOBankingRates has ranked it as one of the Best CD Accounts of 2021.


  • Eight terms to choose from
  • Competitive interest rates
  • No fees


  • Interest compounded monthly instead of daily
  • Steep early withdrawal penalties ranging from 90 day’s interest for 3-month CDs to 360 days’ interest for terms of 24 months and up

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.

Customer Service

There are no physical branches available, but customer service can be reached by phone at 888-873-3424, or via email at Customer service hours are 7:00 a.m. to 9:00 p.m. EST on weekdays and 9:00 a.m. to 3:00 p.m. EST Saturdays.

Accessibility and Branch Availability

As First Internet Bank only provides online banking services, there are no branch locations available.

Mobile and Digital Experience

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.

The most recent First Internet Bank mobile app reviews are:

  • Google Play: 4.4 out of 5 stars, 606 votes
  • Apple Store: 4.8 out of 5 stars, 522 votes

Security-wise, information can only be accessed through the mobile app when your phone is unlocked. First Internet Bank uses encryption to ensure that your privacy and assets are safe. 

Convenience and Ease of Use

An online-only bank provides you with access to your accounts 24/7. Also, First Internet Bank has tutorials available through the website’s blog so you can learn more about what features are available.

How To Open an Account

Opening an account online has been streamlined to be as fast and simple as possible. Accounts are available to legal U.S. residents ages 18 and up. You’ll need: 

  • Social Security number
  • Government-issued photo ID such as a driver’s license or passport
  • Bank account and routing information from your existing bank to send funds to your new account

Key Information

Customer Service Number: 888-873-3424

Customer Service Email:

Routing Number: 074014187

First Internet Bank Fees

First Internet Bank has no fees for incoming wire transfers, your first check order or withdrawals, but there are other fees to look out for: 

  • Monthly maintenance fees: $10 for Interest Checking accounts; $5 for Money Market Savings accounts, which can be waived with a $4,000 average monthly balance
  • Returned item fee: $20
  • Cashier’s check fee: $5
  • Outgoing wire transfer: $20 domestic, 50 international 
  • Overdrafts or uncollected funds: $30 

First Internet Bank vs. Competitors

Bank Best For
First Internet Bank High-yield interest accounts
Wells Fargo Physical branch availability
Chase Credit card products
Bank of America Loan and mortgage options

First Internet Bank vs. Wells Fargo

Wells Fargo has over 7,200 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 Bank 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, but its interest rate is significantly lower than the Chase cash-back card.

First Internet Bank vs. Bank of America

Bank of America is one of the largest lenders in the country, with $296 billion in loans issued in 2019. But it doesn’t offer free checking as First Internet Bank does.

Final Take

If you’d like to simplify your banking and handle all your money needs through one financial institution, First Internet Bank is a great choice. You’ll have access to checking, savings, credit cards and loans all in one place. Fees are low, and interest rates are higher-yield compared to traditional brick-and-mortar banks. Opening an account takes just a few minutes. Visit the account application page to get started.

Editor’s Favorite

The best part of First Internet Bank is the ease of use and navigation available through the website and mobile app. The website loads quickly and uses a clean white backdrop with minimal images and graphics. The knowledge base available through the search bar in the upper right-hand corner makes it simple to find the information you need.

First Internet Bank FAQ

Here are answers to some of First Internet Bank’s more commonly asked questions.
  • Is First Internet Bank FDIC-insured?
    • First Internet Bank of Indiana claims to be the first FDIC-insured internet bank. 
  • Can I bank with First Internet Bank if I am not from Indiana?
    • First Internet Bank is an online-only bank and is available to customers in all states.
  • What is the daily limit for ATM withdrawals?
  • What are the fees to use an ATM?
    • First Internet Bank does not charge ATM fees, but the owner of the machine might. Depending on the account type, you may be eligible for $10 in ATM fee reimbursements per month. 
  • Does First Internet Bank offer free money for signing up for an account?
    • There are no First Internet Bank sign-up bonuses at this time. But you can still save money with First Internet Bank's high yields and low rates on credit cards.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 4, 2021.

This content is not provided by First Internet Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by First Internet Bank.

Is this your bank?

Stay Up to Date on the Latest From Your Bank

Keep a good thing going with top financial tips and advice from GOBankingRates.

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

Thank You For Signing Up!

Get ready to receive top financial tips from the experts at GOBankingRates.

Take Advantage of our Best Offer(s)

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.