First Internet Bank Reviews 2025: Best Options for Checking, Savings, and CDs

First Internet Bank Reviews: If you are looking for a virtual-only bank that charges competitive interest rates, no overdraft fees, and other high-yield savings, First Internet Bank is exactly what you might be needing. With extensive financial products, such as checking accounts, savings accounts, and even certificates of deposit, this bank offers a lot of benefits for very savvy customers. Like every type of financial institution, however, there are some pros and cons to weigh in the decision.

In this in-depth review, we’ll cover everything you need to know about First Internet Bank—its features, fees, account options, and customer service—to help you decide if it’s the right choice for you.

Overall Rating: 4.2/5

FinancialDost Rating: First Internet Bank shines when it comes to high interest rates on many of its offerings, but it’s important to keep in mind the higher balance requirements to avoid fees. As an online-only bank, it lacks a physical presence, which may not suit everyone. Nonetheless, its customer service and mobile app features are strong, making it a solid option for many customers.

Best For:

Customers who want high rates and can keep high enough balances to avoid monthly service fees.

Pros:

• No overdrafts
• No monthly service fees on selected accounts
• Competitive interest rates on checking, savings, and CDs
• Reimbursement for ATM fees at other banks up to $10 a month
• Top-rated mobile applications and customer service.

Cons

• Monthly service fee on some accounts (although it can be waived).
• High minimum balance requirements to get out of paying monthly service fees.
• No physical branches.

First Internet Bank Account Options

Let’s dig into the various types of accounts First Internet Bank offers, along with their respective features and advantages, so you can make a decision about which one serves your financial needs best.

Money Market Accounts

• FinancialDost Rating: 3.8/5
• Annual Percentage Yield (APY): 3.77% on balances below $1 million, 5.48% for balances greater than $1 million.
• Monthly Fee: $5 (waivable for having a minimum average daily balance of $4,000).
• Minimum Opening Deposit: $100.

First Internet Bank offers a solid interest rate to help you earn more on your savings while keeping your funds accessible; it comes in the form of an APY of 3.77% for balances below $1 million. This is a very safe, relatively high-yielding place to put your money. For accounts with higher balances-over $1 million-the APY jumps to 5.48%.

It also banked with the IntraFI Network Deposits program, which enables deposits to become fully covered by federal insurance above and beyond the standard $250,000 FDIC limit. That would be great for individuals with significant savings in deposits who are saving up for large financial goals, such as using for a house down payment.

This account entails a $5 monthly fee that can be waived if you keep an average daily balance of $4,000. For opening an account, you need to have at least $100 if you are just starting.

Then there is the Free Savings account, which gives 0.81% APY, but has no monthly charge, and only needs a $25 minimum deposit for opening. Their interest rate is lower than most of its competitors, but as long as a fee-free account is important, this is a good option.

Checking Accounts

• FinancialDost Rating: 3.8/5
• Monthly Fee: $10 (waivable with a $500 minimum balance).
• APY: 0.50% with a $500 minimum balance for APY.
• Minimum Opening Deposit: $100.

The First Internet Bank Interest Checking account allows you to earn more than the average 0.50% APY in an interest checking account. However, like many others, there is a $10 monthly fee, which can be waived if you maintain a $500 minimum balance. This makes it a good option for customers who plan to keep a relatively high balance in their checking accounts.

One unique feature of First Internet Bank’s checking accounts is that they do not belong to a free ATM network, which some traditional banks hold. However, customers can be reimbursed up to $10 in a month for ATM fees, which makes it a bit more flexible than other online-only banks.

But for those seeking an even easier and no-fee option, there also exists a Free Checking with no monthly fees while not bearing interest or reimbursing ATM fees.

Certificates of Deposit

Rating: 3.9/5 on FinancialDost
Year APY: 4.42%
Year APY: 3.77%
Year APY: 3.67%
Minimum Opening Deposit: $1,000

First Internet Bank offers competitive rates on its Certificates of Deposit (CDs), with terms ranging from three months to five years. The 1-year CD has an impressive 4.42% APY, which is higher than many traditional bank offerings.

To lock away money for a longer period of time, the 3-year and 5-year APYs both stand at 3.77% and 3.67%. Though good, these rates shouldn’t be taken for granted because it is necessary to note the minimum deposit requirement to open any of these CDs is $1,000.

CDs are perfect for anyone who does not need the money right now and wants guaranteed returns over time.

Customer Experience

FinancialDost Rating: 4.6/5
Customer experience is one of the main virtues of First Internet Bank. Being an online-only bank, it is extremely important to have a great remote support system; First Internet Bank excels in that regard. Their call center is open from Monday to Friday, while live chat on the company’s website is open twenty-four seven for frequent queries.

First Internet Bank also has excellent mobile apps for both Google Play and Apple App stores, which have good rating scores for ease of use and smooth navigation. This allows consumers to make it incredibly easy to handle accounts on an as-needed basis.

However, as with all online-only banks, the lack of physical branches means that some people may prefer the in-person interactions offered by traditional banks. If you’re comfortable with digital banking, First Internet Bank offers a seamless online experience.

Overdraft Fees

FinancialDost Rating: 4.9/5
First Internet Bank made a huge step forward in 2022 by removing overdraft charges. This is a great advantage for any client who would like to steer clear of the hassle as well as the fee of unwanted overdraft charges.

Overdraft Protection Options

First, overdraft line of credit: Here, you have the chance to borrow money in the event of overdrafts. However, the annual percentage rate is relatively high with this service.
Overdraft Protection Transfers: Any qualifying linked savings account can be used to transfer funds to cover overdrafts. No fee applies.
By ending traditional overdraft fees, First Internet Bank allows customers with simpler ways to review their account without unexpected fees.

Conclusion Regarding First Internet Bank Reviews

First Internet Bank provides attractive interest rates and fee-free accounts, which can be accessible for customers who can meet balance thresholds. The bank is a good choice for customers who prefer to conduct all their financial management online and avoid fees by maintaining high account balances.

It does not have a physical branch network, but its excellent customer service and mobile app experience can make up for that. With competitive rates on checking, savings, and CDs, First Internet Bank is a good option for those interested in a well-designed mobile app that will provide a more rewarding return on savings.

However, potential customers should know that there are higher minimum balance requirements and no free ATM network. If these conditions are not a problem for you, First Internet Bank presents excellent options for online banking with some great rates and many features as well.

Read More:

For those who prioritize earning higher interest on their savings or CDs and are comfortable with online-only banking, First Internet Bank might be the perfect fit. Be sure to review all fees and account terms to ensure that the bank aligns with your financial goals.