Pros / The CD accounts offer competitive interest rates.

Cons / : With the free checking account, you have to pay a monthly fee to use online and mobile bill payment.

 Verdict / First Internet Bank of Indiana has great interest rates on its CD accounts, but many of its accounts carry small fees.

First Internet Bank of Indiana is an online-only bank that provides a full range of banking services to customers nationwide. It offers deposit accounts and extends loans, including home equity loans and credit lines, mortgages, and auto loans. Rewards credit cards are also available through this internet-only bank.

The interest rates are high for money-market and long-term certificate of deposit (CD) accounts. The number of ATMs that work with this bank is much larger than at Ally Bank or Bank5Connect. Although it charges a fee for online bill pay, its excellent investment interest rates and services earn it our Top Ten Reviews Silver Award for online banking.

First Internet Bank of Indiana Visit Site

Interest Rates

With an initial deposit requirement of $25, First Internet Bank of Indiana provides a very accessible free checking account. It has no monthly maintenance fee and no minimum balance requirement, but there's a small monthly fee if you want online and mobile bill payment. You won't earn interest with the basic checking account, but that's typical of internet banks.

Its interest checking account has an initial deposit of $100, and in order to earn interest and avoid a $10 monthly maintenance fee, you have to keep your minimum daily balance above $500. The interest checking account doesn't charge a monthly fee for mobile banking. The interest rate on this account is .55 percent. This is actually a little below par for other banks on our lineup, but still good. With both checking accounts, you receive a debit card and a free first order of checks.

You can open a free online savings account at this internet-only bank with an initial deposit of $25. There's no monthly maintenance fee and no minimum balance. Interest on this savings accounts is .40 percent, which is slightly below average for the online banks we reviewed.

To open a regular savings account, you need to make a $100 initial deposit and keep your daily average balance above $1,000 if you want to avoid a $2 monthly maintenance fee. It earns a higher interest rate than this bank's checking accounts, .60 percent, but it is lower than most of the online-only banks we reviewed.

The money market interest rates are much better, however, at .80 percent. Only one other bank, iGobanking, tops that interest rate. It requires a $100 initial deposit, and to avoid the $5 monthly maintenance fee, you need to keep your balance above $4,000.

The regular savings and money market accounts each reimburse up to $10 per month in ATM surcharges.

The long-term CD interest rates are even higher – 1.95 percent, the second highest of the banks we considered. Therefore, if you are interested in investments, First Internet Bank of Indiana should be a top choice. You need $1000 to open a CD account.


It offers mobile online banking, but there aren't links to the apps from the website, so you'll need to find them in the app stores. You can check your account balance via text. It has online

 statements, accepts direct deposits and offers account management software called FinanceWorks.

When you are working with an online bank, ATM access is critical. Here, First Internet Bank of Indiana blows away the other banks on our lineup. Its network includes 450,000 ATMs, three times more than its closest competitor.

Incoming money transfers are free, but outgoing ACH transfers are $5 each and outgoing domestic wire transfers are $20 each. However, if you have a premium checking account, savings account or money market account, you get up to $10 in ATM fee reimbursements each month. Funds are available between one and five days after you make a deposit, which is a little longer than average for online-only banks.

This online bank also offers a rewards credit card, with 3% for gas transactions and 1% for all other purchases. If you have ApplePay, you can tie it to your credit card for even more convenient shopping.

Security & Support

First Internet Bank of Indiana is FDIC insured, which means your money is recoverable in the event the bank fails. It uses two-factor authentication to protect your online accounts, and you can set up notifications to alert you when certain activities occur on your account. Its website offers several how-to videos and a blog that features various financial tips.

When you need customer service, you can contact the bank via email by filling out the secure form on its website. You can also call or use live chat during the online-only bank's extended business hours.


First Internet Bank of Indiana offers great rates for its CDs and money market accounts. Its other deposit accounts earn average or below-average interest rates compared to the best online banks in our review. Many of its accounts have little fees, but you can have most of them waived by meeting minimum balance requirements. Its network of ATMs is especially impressive, as it its reward-based credit card and ability to use ApplePay. These reasons make First Internet Bank of Indiana and excellent choice for online-only banking.

First Internet Bank of Indiana Visit Site

Specifications and Benchmarks


Fund Availability (Business Days)
Number of ATMs in Network
ATM Reimbursement
Rewards Credit Cards
Home Equity
Auto Loans

Interest Rates

Basic Checking
Premium Checking
Money Market
Short-Term CD
Long-Term CD

Security and Support

FDIC or NCUA Insured
Two-Factor Authentication
Telephone 24/7
Live Chat