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First Internet Bank of Indiana Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon


  • Low opening required amounts
  • Competitive interest rates on accounts
  • Variety of different accounts offered
  • ATM fee reimbursement


  • Savings have high required daily balances
  • Accounts have monthly fees
  • CD early withdrawal penalties are high
  • Competitive rates require a large sum

What You Need to Know

First IB only requires $25 to open the regular checking account. The interest earning checking account requires $100 to open. The savings accounts require $25 for the free account and $100 for the interest account. The money market account only requires $100 to open. CDs required $1,000 to open.

First IB accounts earn competitive interest rates. Each of the different accounts earns a good rate. 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 different accounts are available through First IB. There are personal deposit and business accounts. First IB offers a variety of different personal deposit accounts. There is a free checking account as well as an interest earning account. They offer money market savings, regular savings, and a free savings account. There are savings accounts for kids. Loans, credit cards, and health savings accounts are available through First IB.

First IB is a member of the ATM Plus network. This gives you access to millions of ATMs across the United States. Certain accounts with First IB reimburse ATM fees. Up to $10 each month in ATM fees are available for reimbursement. The interest checking, money market, and regular savings offer the reimbursement option.

The First IB saving accounts have high required balance to avoid the monthly fees. The money market savings account requires a daily balance of $4,000 to avoid the monthly fee. The regular savings account requires a daily balance of $1,000 to avoid the monthly fee.

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 interest earning checking account requires $500 in the account. The money market account requires $4,000. The regular savings account earns $1,000 to waive the fees. The basic checking, savings, and kids accounts do not have a monthly fee.

CDs have a fee for withdrawing money before it reaches maturity. The fees on CDs at First IB are high. CD terms for three-months requires the interest from 90 days. CD terms from 6-months to 18-months require 180 days of interest. CD terms over 24-months fee are 360 days of interest. For some of these terms, you lose all the interest earned if you withdraw your money early.

To earn the most competitive rate, the money market savings requires a high daily balance. First IB requires a daily balance of $250,000 in the money market savings account to earn the highest rate. Amounts under that earn good rates, just not the most competitive rate.

Cool Things

Tomorrow’s Tycoons

First IB offers bank accounts for kids. The opening balance is $100. There is no fee or required balance to keep in the account. These accounts earn competitive interest. This account is for children under 18. Once the child reaches 18, the account converts into a regular First IB savings account. There is no limit to deposits into the account. This account does not include an ATM card.

First IB Blog

On their website is a link to their blog. The First IB blog has different financial articles. 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 was ranked 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

  • Ranked #4 of "Top Workplaces in Indianapolis" in 2018, 2017, & 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 different charitable causes. They support different charities that are important to their employees. Those charities include local youth baseball teams. National Multiple Sclerosis Society, Cystic Fibrosis Foundations, and Alliance for Lupus Research are specific charities they support. Their support also focuses on affordable housing, community service, and revitalization.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. First Internet Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

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.

Does this bank offer mobile banking?

Yes. With the First IB mobile app, you can check balances, transfer money, and deposit checks. You can pay bills online. Transferring money to a different financial institution must be done through online banking.

Is this a good bank?

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.

Is this bank free?

No. 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.

Is this bank secure online?

They route transactions through firewall servers for your protection. Information is encrypted through Secure Socket Layering. Accounts are password protected. You will be timed out of your account after a set period of inactivity.

Does this bank offer competitive interest rates?

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. However, the rate for lower balances is still competitive, just lower.

Can I use this bank for my business accounts?

Yes. First IB offers a variety of different business accounts. Checking, savings, and money market accounts are available. CDs, loans, and health savings accounts are offered for businesses.

How is the online bank different from the online banking my bank offers?

There are no branch locations. Everything for your account is online. The interest rates for the accounts are much higher than typical bank rates.

Do their checking accounts pay interest?

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.

How do I reach customer service?

By phone, fax, email, or mail. Customer service is open Monday-Friday from 7:00 a.m. to 9:00 p.m. and Saturday from 9:00 a.m. to 3:00 p.m. Eastern Time. There is one branch location in Indiana.

Does this bank offer bill pay?

Yes. First IB offers free bill pay for their interest and free checking accounts. Their business checking account also offers bill pay.

Can I deposit cash?

Some ATMs may accept cash. Make deposits through direct deposit or electronic deposits. You can upload a check through the app or iScan deposit. You can send a deposit in the mail.

How long do transfers take?

First IB displays the transfer date and status of the transfer. After four business days, you can confirm that your transaction was complete.

Can I sign up for direct deposit to this account?

Yes. Money can be directly deposited into First IB accounts.

Bank Contact Information

EH National Bank
Deposits, Loan Payments, and Other Correspondence:.
PO Box 6080
Fishers, IN 46038

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