Banking » Reviews » First Internet Bank Savings And CDs Review
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

First Internet Bank Savings And CDs Review

First Internet Bank offers highly competitive CD rates compared to other banks and credit unions, especially for 6-month and 1-year CDs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

First Internet Bank CDs And Savings

CD APY Range

4.14% – 5.26%

Minimum Deposit

$1,000

CD Terms

3 months – 5 years

Our Rating

4.4
4.4/5

First Internet Bank CDs And Savings

CD APY Range

4.14% – 5.26%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Our Rating

4.4
4.4/5

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
5.13%
12 Months
5.26%
18 Months
4.98%
24 Months
4.76%
36 Months
4.61%
48 Months
4.45%
60 Months
4.50%

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. 

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

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%/5.48% with a daily balance of less/more $1,000,002]
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.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates