First Internet Bank review (2026): High rates, low fees, and a digital-first approach to banking

Summary: First Internet Bank of Indiana was founded in 1999 and was the first state-chartered, FDIC-insured institution to operate entirely online. First Internet Bank’s suite of products includes personal and business banking products, health savings accounts, and even accounts for kids. Additionally, First Internet Bank ranked among our 10 best online banks of 2026.

First Internet Bank product overview

First Internet Bank currently offers the following products and bank account options:

Checking accounts

First Internet Bank offers two types of checking accounts:

• Interest Checking: This checking account requires a minimum opening deposit of $100 and charges a $10 monthly maintenance fee, which can be waived by maintaining an average daily balance of $500. The account also reimburses ATM fees up to $10 per month.

• Free Checking: This account doesn’t pay interest, but customers will save on a monthly maintenance fee and there’s no daily balance requirement. However, a minimum opening deposit of $25 is required.

Read more: 10 best free checking accounts available today

Savings account

First Internet Bank’s free savings account doesn’t charge any monthly maintenance fee and can be opened with $25. FIB does not currently offer a high-yield savings account.

Money market account

The money market account offered by First Internet Bank has a higher minimum to open at $100. It offers 3.09% APY on balances up to $1,000,000 and 3.64% on balances over that amount.

Certificates of deposit (CDs)

First Internet Bank’s CD terms range from three to 60 months. There is a $1,000 minimum opening deposit required. If you need to access your funds before the account matures, there is an early withdrawal penalty of up to 360 days’ interest.

Health Savings Account

First Internet Bank’s health savings account (HSA) is free to open and do not charge a monthly maintenance fee or impose a minimum balance requirement.

Kids Savings Account

For younger savers, First Internet Bank offers a chance to start saving for the future. Parents can open a savings account for their child with a $100 minimum. Once their child turns 18, the savings account will be converted to a free savings account.

Credit cards

First Internet Bank currently offers a cash-back credit card with no annual fee and a 3% cash back rate for gas purchases. All other purchases earn a cash back rate of 1%.

Personal loans

First Internet’s personal loans are currently offering APRs as low as 11.99% with payment terms as long as 60 months.

Student loans

First Internet offers student loans for undergraduates, graduates, and parents in partnership with Sallie Mae. These loans have no origination fee or prepayment penalty.

Specialty vehicle financing and auto loans

First Internet offers auto loans for new and used vehicles, horse trailers, boats, and recreational vehicles with rates starting at just under 8%. These loans have a minimum loan amount of $10,000.

Business accounts

First Internet also offers business banking products such as a business checking account, money market savings account, regular savings account, and CDs.

First Internet Bank fees

Here’s a closer look at the account fees First Internet Bank customers can expect to pay:

Pros and cons of First Internet Bank

There are a few major perks and drawbacks customers should note before banking with First Internet Bank.

• Pros:

  • Competitive interest rates on deposit accounts: The bank offers some of the highest rates available for deposit accounts today, particularly money market accounts and CDs. For savers who want to maximize their savings and grow their balances quickly, these rates could work to their benefit.

  • No monthly fees: First Internet Bank’s most basic savings and checking account options do not charge a monthly maintenance fee. Accounts that do come with a fee offer ways to have it waived.

  • ATM fee reimbursement for some accounts: Interest Checking, Money Market Savings, and/or Regular Savings account holders are automatically enrolled in First Internet’s ATM Surcharge Rebate program which offers up a monthly ATM fee rebate of up to $10.

• Cons:

  • No physical branches: First Internet Bank is an online bank, therefore it doesn’t have physical branches customers can visit.

  • High minimum opening deposit required for CDs: First Internet’s CDs require $1,000 to open. 

Customer support and mobile banking experience

First Internet Bank support specialists are available via telephone Monday through Friday, from 7:00 a.m. to 9:00 p.m. EST, and on Saturday from 9:00 a.m. to 3:00 p.m. EST.

Customers can also reach out to a support specialist via online chat, email, and mail.

First Internet’s mobile app is available for download on the App Store and Google Play, with an average rating of 4.7 and 4.5, respectively. On the app, users can check account balances, deposit checks, transfer funds between accounts, pay bills, and more.

Frequently asked questions (FAQs)

Is First Internet a real bank?

Yes. First Internet Bank is a real, member FDIC-insured institution.

Where is First Internet Bank headquartered?

First Internet Bank is headquartered in Fishers, Indiana.

How much can I withdraw from First Internet Bank?

The daily withdrawal limit for ATM withdrawals is $750 per day, although individual ATM owners may have their own limits in place.