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:
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.
First IB offers a mobile app and online banking. Through these tools, you can:
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.
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.
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.
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.
Yes. First Internet Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
With debit or ATM cards, checks, electronic transfers, and free online bill pay. You cannot transfer money from First IB to another institution on the app. Make those transfers on the website.
Some ATMs may accept cash. Make deposits through direct deposit or through electronic deposits. You can upload a check through the app or iScan deposit. You can send a deposit in the mail.
First IB displays the transfer date and status of the transfer. After four business days, you can confirm your transaction was complete.
Yes. Money can be directly deposited into First IB accounts.
There is not a fee for transactions at First IB ATMs.
Some First IB accounts offer ATM refunds. These include the money market, Free savings, and Interest checking accounts. Each account offers ATM refunds up to $10 per month.
Yes. With the First IB mobile app, you can check balances, transfer money, and deposit checks. You can pay bills online. To transfer money to another financial institution requires online banking.
Yes. First IB offers free bill pay for their interest and free checking accounts. Their business checking account also offers free bill pay.
Yes. First IB accounts earn competitive interest rates. Only the money market account has tiered rates. To earn the highest interest rate on the money market account requires $250,000. But, the rate for lower balances is still competitive, just lower.
One of the two checking accounts offered from First IB earns interest. The interest rate is competitive with other online accounts. The interest earning checking account only requires $100 to open the account.
The Money Market Savings account is popular.
Most First IB accounts have a monthly fee. The fees range from $2 to $10 each month. Keeping an average daily balance in the account from $500 to $4,000 waives the monthly fees.
First IB is entirely online. The interest rates are competitive with other online accounts. The required opening balances are low. Accounts have a monthly fee, but they are low and easy to waive. There are no branch locations.
Security measures comply with federal laws. Their computers have safeguards. Their files and buildings are secure.
Yes. First IB offers business accounts. Checking, savings, and money market accounts are available. CDs, loans, and HSA are offered for businesses.
There are no branch locations. Everything for your account is online. The interest rates for the accounts are much higher than typical bank rates.
By phone, fax, email, or mail. Customer service is open Monday-Friday from 7 a.m. to 9 p.m. and Saturday from 9 a.m. to 3 p.m. Eastern Time.
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