First Internet Bank was one of the original online-only banks. First Internet Bank Review: Pros, Cons,
Online banks are known for offering low fee accounts, attractive APYs on savings, and other convenient banking features. But not all online banks are created equal, so it’s important to shop around and compare features before opening an account.
Move from lack to abundance 👇 👇 👇 👇
Get $10k USD Zelle Transfer Hack
Get $20k USD Cashapp Transfer Hack
First Internet Bank is the original online bank, and offers an interest-bearing checking account, a high-yield money market savings, CDs, and more. How does it compare to top names such as Ally and CIT Bank? We explore everything First Internet Bank has to offer in this review. First Internet Bank Review: Pros, Cons,
What Is First Internet Bank?
First Internet Bank was founded in 1999 by David Becker. This financial institution was the first state-chartered and FDIC-insured institution to operate entirely online. You can work with this bank from any state, if you are comfortable conducting all of your banking business online. First Internet Bank Review: Pros, Cons,
What Does It Offer?
First Internet Bank offers several different types of financial products, including business loans. But for the purposes of this review, we’re focusing on the deposit account products.
Business Checking
First Internet Bank offers business owners an interest-bearing checking account. As of writing, you can earn 0.50% APY, if you maintain an average daily balance of at least $10,000. You won’t face a monthly fee or minimum balance requirement to use this account. First Internet Bank Review: Pros, Cons,
In addition to earning interest, this account allows for unlimited business transactions, includes Zelle for your Business, and has cash flow analysis tools.
Business Savings
You can access a Business Money Market Savings and a Business Regular Savings account through First Internet Bank.
The Business Money Market Savings account comes with a 2.94% APY for balances of less than $5 million. With a balance above $5 million, the APY shoots up to 3.64%. The monthly maintenance fee of $5 can be waived if you maintain a daily balance of $4,000.
The Business Regular Savings account comes with a 0.91% APY for all balances. If you maintain an average daily balance of $1,000, you can avoid the $2 monthly fee. First Internet Bank Review: Pros, Cons,
Personal Money Market Savings Account
First Internet Bank offers a money market savings account.
As of writing, this account comes with a 3.09% APY for accounts with a daily balance of less than $1 million. If you have over $1 million to tuck away in this savings account, you’ll tap into a 3.64% APY.
Open yourself to new income streams
Get $20k USD Cashapp Transfer Hack
Get $5k USD Western union Transfer Hack
The account comes with a monthly maintenance fee of $5. But you can avoid the fee by maintaining an average daily balance of at least $4,000. You’ll need at least $100 to open this account. First Internet Bank Review: Pros, Cons,
Free Savings Account
If you don’t want to worry about a monthly maintenance fee at any balance, First Internet’s Free Savings account is an option. It currently comes with a 0.80% APY.
You’ll need at least $25 to open this account.
When you open a CD, you are expected to keep the funds tucked away for the entire CD term. If you need to get your funds out early, you’ll face an early withdrawal penalty.
Business owners who want to save can also tap into CDs.
Are There Any Fees?
Some of the accounts offered by First Internet Bank come with a monthly fee. But most allow you to waive the fee if you maintain a particular daily balance. First Internet Bank Review: Pros, Cons,
Other fees you might encounter vary based on how you plan to use the account. Some include a $3 paper statement fee, a $30 stop payment fee, a $20 outgoing domestic wire transfer fee, and a $5 cashier’s check fee.
How Does First Internet Bank Compare?
First Internet Bank might be the first online-only bank, but it’s far from the only option anymore. If you are looking for an online-only banking experience, here’s a look at the competition.
Ally Bank is a full-service online bank with attractive rates for savers. In addition to an interest-bearing checking account, Ally offers credit cards, retirement accounts, auto loans, personal loans, and mortgages. If you want to manage all of your finances under a single umbrella, Ally Bank might be a better fit. First Internet Bank Review: Pros, Cons,
CIT Bank is another online banking option that offers an interest-bearing checking account, CDs, and more. One perk is that you can choose accounts without monthly fees through CIT Bank.
How Do I Open An Account?
If you want to open an account with First Internet Bank, it only takes a few minutes. Be ready to provide your name, email, physical address, Social Security number, and other personal details to get started.
Is It Safe And Secure?
First Internet Bank is an FDIC-insured bank, which means that your funds are protected from loss for up to $250,000 per person, per account type. First Internet Bank Review: Pros, Cons,