First Internet Bank of Indiana review: High CD interest rates, free checking and savings accounts

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Pros and cons

First Internet Bank of Indiana Free Savings Account

The First Internet Bank of Indiana Free Savings Account doesn’t charge a monthly fee, and it pays a solid interest rate compared to brick-and-mortar banks. You will still earn a better rate with other online high-yield savings accounts, though.

First Internet Bank of Indiana Free Checking Account

The First Internet Bank of Indiana Free Checking Account is a good option for a checking account with no monthly fees. You also may like the First Internet Bank of Indiana Free Checking Account, which pays interest and refunds up to $10 per month in ATM fees. Just know that you’ll need to keep $500 in your account to waive the $10 monthly fee.

First Internet Bank of Indiana Certificate of Deposit

First Internet Bank of Indiana pays high interest rates on First Internet Bank of Indiana Certificate of Deposit. They have made several of our best-of lists, including the best 6-month CD rates.

First Internet Bank of Indiana Money Market Account

You may like the First Internet Bank of Indiana Money Market Account if you can maintain a $4,000 balance, because then you’ll waive the $5 monthly fee. It pays a higher interest rate than a regular savings account.

How First Internet Bank of Indiana works

First Internet Bank of Indiana Free Checking Account is an online bank with no physical branches. You have free access to Plus Alliance ATMs around the US, and the bank refunds up to $10 per month in out-of-network ATM fees on several of its accounts.

To contact customer support, call or chat online with a live representative Monday through Friday from 7 a.m. to 9 p.m. ET, and Saturday from 9 a.m. to 3 p.m. ET.

The First Internet Bank of Indiana mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

First Internet Bank of Indiana trustworthiness and BBB rating

First Internet Bank of Indiana does not have any public controversies.

The Better Business Bureau gives the bank an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A strong BBB rating does not guarantee that you’ll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences with First Internet Bank of Indiana, or read online customer reviews.

How First Internet Bank of Indiana compares

We’ve compared First Internet Bank of Indiana to two other online banks: Ally and Discover.

Ally and Discover pay higher interest rates on savings accounts, but for CDs First Internet Bank of Indiana will likely offer more competitive rates.

Your choice between the three could come down to which type of checking account you want. Ally has a Ally Interest Checking Account. With First Internet Bank of Indiana, you’ll have to choose — either a free checking account or one that pays interest but charges a fee (unless you qualify to waive it).

Discover has a Discover Cashback Debit Account. You’ll earn 1% cash back on up to $3,000 in purchases each month.

Ally and Discover both have 24/7 customer service, while First Internet Bank of Indiana does not.