First Internet Bank CDs And Savings
CD APY Range
Minimum Deposit
CD Terms
Our Rating
First Internet Bank CDs And Savings
CD APY Range
Minimum Deposit
Terms
Our Rating
First Internet Bank Certificates (CDs) Rates
First Internet Bank offers highly competitive CD rates compared to other banks and credit unions. While the rates for the 3-month CD may not be exceptionally high, there are numerous other term options available that provide attractive rates. The minimum deposit requirement is solid and reasonable, ensuring accessibility for customers.
The long-term CD rates such as 4-year and 5 years CDs are among the highest in the market.
Term | APY |
|---|---|
3 Months | 4.14% |
6 Months | 5.18% |
12 Months | 5.31% |
18 Months | 5.04% |
24 Months | 4.82% |
36 Months | 4.66% |
48 Months | 4.50% |
60 Months | 4.55% |
First Internet Bank ensures the safety of customer funds by providing Federal Deposit Insurance Corporation (FDIC) coverage for its checking, savings, Certificate of Deposit (CD), and IRA accounts.
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Savings And Money Market Accounts
In summary, the Money Market Savings account offers higher APY and interest rates, but it requires a higher minimum opening deposit and has a monthly maintenance fee. To avoid the fee, a higher average daily balance of $4,000 is required. This account also provides an ATM surcharge rebate.
On the other hand, the Free Savings account has a lower minimum opening deposit, no monthly maintenance fee, and no average daily balance requirement to avoid fees. While it's a free savings account, the main drawback is the lower APY, makes it much less attractive compared to the money market option.
Money Market | Savings | |
|---|---|---|
Open with as little as | $100 | $25 |
APY | 3.77% with a daily balance of $1,000,000 or less 5.48% with a daily balance above $1,000,000] | 0.80% |
Monthly maintenance fee | $5 | $0 |
Average daily balance to avoid fee | $4,000 | $0 |
ATM surcharge rebate | Up to $10 per month | Up to $10 per month |
Checking Accounts
First Internet Bank offers two checking account options: Interest Checking and Free Checking. Regardless of the account chosen, both options come with a set of inclusive features. These offerings include:
- Online and mobile bill pay: Conveniently manage and pay bills electronically through online and mobile banking platforms.
- Electronic bank statements: Access account statements electronically for easy viewing and record-keeping.
- Incoming wires: Receive incoming wire transfers directly into the checking account.
- First order of checks: Receive the first set of checks for the checking account.
- Debit card: Access funds and make purchases using a debit card linked to the checking account.
- Incoming ACH transfers: Accept incoming ACH (Automated Clearing House) transfers into the checking account, facilitating electronic transfers of funds.
- Zelle payments: Utilize Zelle, a popular person-to-person payment service, to send and receive payments securely and quickly.
Interest Checking | Free Checking | |
|---|---|---|
Open with as little as | $100 | $25 |
APY | 0.50% | N/A |
Monthly maintenance fee | $10 | $0 |
Average daily balance to avoid fee | $500 Average daily balance | $0 |
ATM surcharge rebate | Up to $10 per month | N/A |
About First Internet Bank
First Internet Bank is a reputable online bank that operates entirely through digital channels. Founded in 1999, it was one of the first banks to solely focus on online banking services. As an online bank, First Internet Bank offers a wide range of financial products and services, including checking accounts, savings accounts, certificates of deposit (CDs), loans, mortgages, and investment options.
One of the key advantages of First Internet Bank is its accessibility and convenience. Customers can access their accounts and perform banking transactions 24/7 through online and mobile banking platforms. This allows for flexibility and convenience in managing finances from anywhere at any time.
First Internet Bank is known for its competitive interest rates on deposit accounts, offering customers the opportunity to earn higher returns on their savings. The bank also provides a variety of loan options, including personal loans, home loans, and business loans, with competitive rates and terms.
Savings Account Reviews Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
