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First Internet Bank of Indiana Review

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First Internet Bank of Indiana Savings
0.75% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1998, First Internet Bank of Indiana has assets totaling $3 billion as well as deposits totaling $2 billion, classifying the institution as a large bank. First Internet Bank of Indiana, whose headquarters are in Fishers, Indiana, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated the bank 4.9 out of 5 stars, which means First Internet Bank of Indiana is among the best banks, and should be given strong consideration. First Internet Bank of Indiana provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Internet Bank of Indiana offers an option without a monthly fee. Locating an institution with free checking as well as a high savings APY is the best option for gaining the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

5.0
SmartAsset Average: 3.5

With a savings rate of 0.75%, First Internet Bank of Indiana ranks poorly compared to other U.S. banks. First Internet Bank of Indiana's one-year CD earns at a rate of 2.78% and the five-year CD has a rate of 3.30%, while its highest-yielding money market account has an APY of 2.02%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How First Internet Bank of Indiana's Savings Rates Compare

First Internet Bank of Indiana Savings 0.75 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Internet Bank of Indiana has generally extremely low fees compared to the national average. First Internet Bank of Indiana's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Also, at $30.00, First Internet Bank of Indiana has a significantly lower overdraft fee compared to the national average overdraft fee. First Internet Bank of Indiana unfortunately doesn't refund out-of-network ATM charges, meaning you will have to search for a First Internet Bank of Indiana ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

First Internet Bank of Indiana is a brick-and-mortar bank, with two total branches in Arizona and Indiana. With mobile and web apps, First Internet Bank of Indiana makes account access convenient, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 9:00 p.m. ET; Saturday, and 9:00 a.m. to 3:00 p.m. ET. Additionally, First Internet Bank of Indiana offers a live chat feature, which may provide helpful service without getting on the phone. First Internet Bank of Indiana gets positive feedback from customers for its mobile platform. With 520 customer reviews on iOS and Android platforms, the First Internet Bank of Indiana mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). First Internet Bank of Indiana's mobile app lets you manage your finances by checking account balances, transferring money as well as reaching support representatives. First Internet Bank of Indiana gets a superb consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

First Internet Bank of Indiana is a large bank with $3 billion in assets and deposits totaling $2 billion. First Internet Bank of Indiana's Texas Ratio is 2.47%, indicating that First Internet Bank of Indiana is in outstanding financial health and improbable to fail. Additionally, First Internet Bank of Indiana is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare First Internet Bank of Indiana to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.75% APY $1
Checking Account 0.7% APY $500
Certificates of Deposit
  • 12 Month: 2.78% APY
  • 24 Month: 2.89% APY
  • 36 Month: 2.99% APY
  • 48 Month: 3.09% APY
  • 60 Month: 3.30% APY
$1000 for all terms
Money Market Account 2.02% APY $1

First Internet Bank of Indiana has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Internet Bank of Indiana does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Internet Bank of Indiana's CD rates are fair in comparison to the national average.

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Find a First Internet Bank of Indiana Near Me

First Internet Bank of Indiana has two branches in the U.S.

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