When First Internet Bank of Indiana launched in 1999, it made history as the first state-chartered, FDIC-insured bank to operate entirely online. Fast forward to 2026, and it’s still holding its own—ranking among our 10 Best Online Banks of the Year.
Thank you for reading this post, don't forget to subscribe!With a robust lineup of personal accounts, niche savings options (like HSAs and kids’ accounts), and business products, this digital trailblazer is built for anyone ready to ditch physical branches.
But is it the right fit for your wallet? Let’s break down the products, fees, pros, and cons.
The Product Lineup
1. Checking Accounts
First Internet Bank keeps things simple with two distinct checking options:
- Interest Checking: Best if you keep a higher balance. It yields interest, offers up to $10/month in ATM fee rebates, and has a $100 minimum opening deposit. The $10 monthly fee is easily waived if you maintain an average daily balance of $500.
- Free Checking: Best for everyday use on a budget. There are no monthly fees and no daily balance requirements, though you will need $25 to open it. (Note: This account does not earn interest).
2. Savings, Money Market & CDs
- Regular Savings: A basic, fee-free account with a low $25 opening minimum. Note: First Internet Bank does not currently offer a standalone high-yield savings account.
- Money Market Account (MMA): If you want to grow your cash, this is where you go. It requires a $100 opening deposit and offers a tiered rate:
- 3.09% APY on balances up to $1,000,000.
- 3.64% APY on balances over $1,000,000.
- Certificates of Deposit (CDs): Terms range from 3 to 60 months with a $1,000 minimum deposit. Be careful with early withdrawals, as penalties can cost you up to 360 days of interest.
3. Niche & Specialty Accounts
- Health Savings Account (HSA): Fully free to open and maintain, with no monthly fees or minimum balance requirements.
- Tomorrow’s Future (Kids Savings): Parents can kickstart their child’s savings habits with a $100 minimum deposit. It automatically converts to a free adult savings account when they turn 18.
4. Credit Cards & Loans
- Cash-Back Credit Card: Features no annual fee, a solid 3% cash back on gas, and 1% back on all other purchases.
- Personal Loans: Competitive rates starting as low as 11.99% APR with terms up to 60 months.
- Auto & Specialty Loans: Starting just under 8% (with a $10,000 minimum loan size) for cars, RVs, boats, and horse trailers.
- Student Loans: Partnered with Sallie Mae to offer undergraduate, graduate, and parent loans with no origination fees or prepayment penalties.
Fee Schedule: What Will It Cost You?
While standard banking is virtually free, specialized services and slip-ups will cost you. Here is what to expect:
| Service / Action | Fee |
| Stop Payment (Checks & ACH) | $30 |
| Uncollected Funds | $30 |
| Outgoing Wire Transfer (Domestic) | $20 |
| Outgoing Wire Transfer (Foreign) | $50 |
| International Debit/ATM Transactions | 2% of the transaction amount |
| Dormant Account Fee | $5/month |
| Cashier’s Check | $5 |
| Account Research & Reconciliation | $20/hour (1-hour minimum) |
The Pros & Cons
The Pros
- Low Everyday Fees: No monthly maintenance fees on basic checking and savings accounts.
- ATM Fee Relief: Get up to $10 in ATM fee reimbursements per month on Interest Checking, Money Market, and Regular Savings accounts.
- Unique Account Offerings: Rare digital access to specialty accounts like HSAs and Kids Savings.
- Top-Tier Mobile Experience: Highly rated apps (4.7 on iOS and 4.5 on Android) make remote banking seamless.
The Cons
- No Brick-and-Mortar Branches: 100% digital means you cannot walk into a branch for help or cash deposits.
- No Standard High-Yield Savings: To earn competitive rates on your cash, you are forced to use their Money Market account.
- High CD Entry Point: A $1,000 minimum deposit is relatively steep compared to other online banks.
Customer Support & Access
- Phone Support Hours: Monday–Friday (7:00 AM – 9:00 PM EST) and Saturday (9:00 AM – 3:00 PM EST).
- Alternative Support: Live online chat, email, and secure mail.
- ATM Access: Daily cash withdrawal limits are set at $750 per day.
To unlock the bank’s most competitive rates, you need to use their Money Market Account or open a Certificate of Deposit (CD) instead of their basic savings account.
The Money Market account requires a $100 minimum opening deposit and pays a tiered 3.09% APY on balances up to $1,000,000, which jumps to 3.64% APY for balances over that amount. Alternatively, their CDs offer strong fixed rates across 3 to 60-month terms, though you will need a minimum of $1,000 to open one.
Because First Internet Bank operates entirely online, direct cash deposits are generally not supported at physical locations.
For withdrawals, however, you have flexible options. You can use any ATM nationwide up to a daily limit of $750. If you hold an Interest Checking, Money Market Savings, or Regular Savings account, you are automatically enrolled in their ATM Surcharge Rebate program, which reimburses your third-party ATM fees up to $10 per month.
"Suresh Kumar Saini is an experienced Tax Assistant and finance writer. He specializes in US & Canada Tax Guide, Indian Income Tax laws, GST compliance, and personal finance, helping freelancers and remote workers optimize their taxes."
