First Internet Bank Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
First Internet Bank is an online-only bank that offers high rates on many of its products. To avoid monthly fees, however, you’ll need to have relatively high daily average account balances. The bank doesn’t have its own ATM network, but customers can get up to $10 per month in ATM fee rebates with certain accounts.
No overdraft fees.
No monthly fees on some checking and savings accounts.
Competitive rates on some checking accounts, savings accounts and certificates of deposit.
ATM fee rebates.
Highly rated mobile apps.
Monthly fees (though some are avoidable).
High minimum balance requirements to avoid fees.
No branch access.
Product reviews
Money market
On its Money Market Savings account, First Internet Bank offers a solid 3.30% APY for balances of $1 million or less and a high 5.48% APY for balances over $1 million. While keeping that much cash on hand is not always advised, since you’ll likely earn more by investing it, a savings account is a stable and accessible place for your money. If you’re keeping a large amount on hand for something specific, such as a down payment on a house you’re purchasing soon, it makes sense to keep that money in a savings account.
First Internet Bank partners with the IntraFI Network Deposits program to provide full federal insurance on deposits, even when those deposits exceed the usual $250,000 insurance limit through the Federal Deposit Insurance Corp.
The account has a $5 monthly fee that can be waived with a $4,000 average daily balance, and the minimum opening deposit is $100.
» SHOP AROUND: See the best high-yield savings accounts
First Internet Bank also has a Free Savings account which earns a lesser rate of 0.81% APY, has no monthly fee and has a minimum opening deposit of $25.
First Internet Bank Money Market Savings
Checking
First Internet Bank’s Interest Checking account has a solid 0.50% APY, which is well above average for checking accounts that offer interest. The account has a $10 monthly fee, which can be waived with a daily average balance of $500. The bank also requires a $100 minimum opening deposit, which is high for a checking account.
An unusual aspect of First Internet Bank is that it isn’t part of a free ATM network; instead, customers can use any ATM and get reimbursed for the fees, up to $10 per month.
» CONSIDER: See the best checking accounts
The bank also offers a Free Checking account, which has no monthly fee and a minimum opening deposit requirement of $25. This account doesn’t earn interest, and customers don’t get an ATM fee reimbursement.
First Internet Bank Interest Checking
Certificates of deposit
First Internet Bank offers the typical range of high-yield CDs with term lengths from three months to five years. The minimum to open a CD is $1,000.
» COMPARE: See our list of best CD rates
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 3.14% | $1,000 |
| 6 months | 3.76% | $1,000 |
| 1 year | 3.67% | $1,000 |
| 1.5 years | 3.38% | $1,000 |
| 2 years | 3.30% | $1,000 |
| 3 years | 3.30% | $1,000 |
| 4 years | 3.45% | $1,000 |
| 5 years | 3.45% | $1,000 |
First Internet Bank CD
Customer experience & overdraft fees
Customer experience
First Internet Bank has no branches as an online-only bank, so customers need to be comfortable using remote customer service options. The bank’s call center is open Monday through Friday from 7 a.m. to 9 p.m. ET and on Saturdays from 9 a.m. to 3 p.m. ET. There’s also live chat on the website. The bank’s mobile app is also highly rated in the Google and Apple app stores.
Overdraft fees
First Internet Bank eliminated overdraft fees in 2022. There are a couple of overdraft coverage options available, including an overdraft line of credit and overdraft protection transfers from a linked savings account. There is no fee for the overdraft protection transfer, but customers are subject to a relatively high annual percentage rate for the overdraft line of credit.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.