What You Need to Know

First IB only requires $25 to open the free checking and savings account. The Interest checking, Money Market Savings, and Tomorrow's Tycoons require $100 to open. CDs required $1,000 to open. The HSA does not have a required amount to open.

First IB accounts earn competitive interest rates. The account rates are competitive with other online-only accounts. To earn the best rate for the checking account only requires $500 in the account. The savings accounts do not have a set limit to earn the competitive interest rates.

A variety of accounts are available through First IB. The accounts include:

• Free checking
• Interest checking
• Money Market Savings
• Free savings
• CD terms from three to 60-months
• Health Savings Account
• Tomorrow's Tycoons savings account for children
• Coverdell Education Savings account
• IRA accounts
• Credit cards, personal, student, and auto loans
• Home equity loans and mortgages
• Business checking, savings, and CDs
• Business lending options

First IB is a member of the ATM Plus network, giving you access to millions of ATMs across the U.S. Certain accounts with First IB reimburse up to $10 each month in ATM fees. The Interest checking, money market, and regular savings offer the reimbursement option.

Most First IB accounts have a monthly fee. The fees range from $2 to $10 each month. Waive the fees by keeping an average daily balance in the accounts. The required balances vary between accounts.

The First IB Money Market Savings account requires a daily balance of $4,000 to avoid the monthly fee. The Interest checking account requires $500 to avoid the fee. Free savings and checking accounts do not have a required balance to avoid the monthly fee.

The early withdrawal penalty for First IB CDs are high. CD terms for three-months requires 90 days of interest. Terms from six to 18-months require 180 days of interest. The fee for CD terms over 24-months is 360 days of interest.

The government limits the withdrawals from savings accounts to six per month. The excessive withdrawal fee for First IB accounts is $30 per extra transaction, which is higher than other banks. The withdrawals restrictions apply to the money market and Free savings accounts.

Digital or Mobile Banking

First IB offers a mobile app and online banking. Through these tools, you can:

• Make mobile check deposits
• See account balances and transactions
• Transfer money between First IB accounts
• Pay bills
• Access accounts through Apple Watch
• Set account notifications
• View account statements
• Make transfers to external bank accounts - online only

Cool Things

Tomorrow's Tycoons

First IB offers bank accounts for kids. The opening balance is $100. There are no fees or required balances to keep. These accounts earn competitive interest rates and are for children under 18. Once the child reaches 18, the account converts into a regular First IB savings account.

First IB Blog

On their website is a link to the First IB blog. There are posts on budgeting and buying a home. There are topics about personal finances and interest rates. Popular posts include learning about cashier checks and why to refinance. Good credit and creating strong passwords are other topics on their blog.

History

First Internet Bank launched to the public in February 1999. The idea came from David Becker. He and some friends were sitting around his kitchen table while he was doing his banking. He asked those friends what banking tasks they wish they could do from home. He works to make banking convenient for the customer.

By 2001, First IB ranked as the number one online bank by Gomez. In 2009, after acquiring a financial company, they began to offer loans. By 2011, they had expanded their products to offer commercial products. In 2015, they surpassed $1 billion in assets.

Everything through First IB is online. They have customers in all 50 states. First IB offers personal deposit and business accounts. They offer mortgage, personal, auto, and student loans.

Awards and Recognition

• Awarded "Best Banks" by GoBankingRates in 2020
• Ranked #4 of "Top Workplaces in Indianapolis" in 2018, 2017, and 2016
• "Tech-Enabled Company of the Year" in 2016
• "Best Place to Work in Indiana" in 2017, 2016, & 2015
• "Best Online Bank" by GoBankingRates in 2015

Giving Back

First IB employees take time to give back to the communities in central Indiana. They become certified as tax preparers and volunteer doing taxes. They work with Habitat for Humanity. Employees assist in local schools. They teach financial topics to those students. They have participated in the Susan G. Komen Race for the Cure.

First IB donates to charitable causes. They support charities their employees suggest. Those charities include local youth baseball teams and the National Multiple Sclerosis Society. Cystic Fibrosis Foundations and Alliance for Lupus Research are other charities they support. Their support also focuses on affordable housing, community service, and revitalization.

List of Common Bank Fees

• ATM Fees in the United States: $0
• ATM fees international: 3% of the transaction
• Bill Pay: $0 for checking accounts
• CD Early Withdrawal Fees: 90-360 days of interest
• Excessive Withdrawal Fees: $30
• Monthly Service Fees: $0-10
• Overdraft Service Fees: $30
• Paper Bank Statements: $3
• Wire Transfers (Domestic): $0-20
• Wire Transfers (International): $0-50

Frequently Asked Questions

• Are all the accounts FDIC insured?
• How do I access my money?
• Can I deposit cash?
• How long do transfers take?
• Can I sign up for direct deposit?
• Are ATM transactions free?
• Are ATM transaction fees reimbursed?
• Is mobile banking or a mobile app available?
• Is bill pay offered?
• Do the accounts offer competitive interest rates?
• Do checking accounts earn interest?
• What are the most popular accounts?
• What are the monthly maintenance fees?
• Is this one of the best banks?
• How are my money and information protected?
• Are any business accounts offered?
• What makes these accounts different?
• How do I reach customer service?

Bank Contact Information