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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

Started in 1998, First Internet Bank of Indiana has assets totaling $3 billion as well as $2 billion in deposits, which makes it 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 access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.9 stars out of 5, First Internet Bank of Indiana should be near the top of your list for your bank search. First Internet Bank of Indiana has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly maintenance charge. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best option for accruing the most income on your deposits while maintaining 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

First Internet Bank of Indiana features a savings rate of 0.75%, which is poor in comparison to other U.S. banks. First Internet Bank of Indiana's one-year CD has a rate of 2.68% and the five-year CD earns at a rate of 3.30%, while its highest-yielding money market account has a rate of 1.81%. Given First Internet Bank of Indiana's noncompetitive savings rate, you should consider other options 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 charges its customers extremely low fees in comparison to other U.S. banks. First Internet Bank of Indiana's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Additionally, at $30.00, its overdraft fee is noticeably lower than the average overdraft fee charged by U.S. banks. First Internet Bank of Indiana unfortunately doesn't reimburse out-of-network ATM charges, which means you will need to locate 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 actual service 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 customers can access live chat for their banking questions or needs, an alternative customer service tool if you can't call in during business hours. First Internet Bank of Indiana's online and mobile banking platforms get great ratings from customers. The First Internet Bank of Indiana mobile app scored a 4.5 out of 5 (with 520 customer reviews on Apple and Android) compared to the national average of 3.8. First Internet Bank of Indiana's mobile app lets you control your bank accounts by monitoring account balances, sending and receiving money as well as reaching support representatives. First Internet Bank of Indiana gets a superb consumer satisfaction rating 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 owning $3 billion in assets as well as $2 billion in deposits. First Internet Bank of Indiana's Texas Ratio is 2.47%, signifying a low probability of failure. 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: 2.68% 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 1.81% APY $1

First Internet Bank of Indiana offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Internet Bank of Indiana does not have the best savings rate, which means you should think about 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 compared to other U.S. banks.

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Find a First Internet Bank of Indiana Near Me

First Internet Bank of Indiana has two locations across the U.S.

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