First Internet Bank, a digital-first institution based in Indiana, continues to attract customers with its competitive interest rates and minimal fees. The bank offers a wide variety of financial products designed to serve both individuals and businesses.
Customers often praise First Internet Bank for its simplicity and accessibility. The key phrase “competitive interest rates and minimal fees” sets it apart in a crowded banking market. Among its most popular offerings are two checking accounts: Interest Checking and Free Checking. The Interest Checking account requires a $100 deposit and includes a $10 monthly fee, waived with a $500 daily balance. Meanwhile, Free Checking requires just $25 to open and charges no monthly fee.
The bank also features a savings account with no monthly fees and a minimum opening deposit of $25. Its money market account stands out by offering 3.61% APY on balances up to $1 million. For balances above $1 million, the rate rises to 4.42%.
Currently, certificates of deposit (CDs) at First Internet Bank range from three to 60 months. These accounts require a $1,000 minimum deposit. Early withdrawals trigger penalties of up to 360 days’ interest. Despite this, many still choose CDs for their solid returns.
Health Savings Accounts (HSAs) and Kids Savings Accounts add to the bank’s appeal. The HSA requires no minimum balance and charges no fees. Kids Savings Accounts require a $100 deposit and convert to regular savings at age 18.
For credit card users, First Internet Bank offers a no-fee cash-back card. It gives 3% back on gas and 1% on other purchases. Personal loans are available with APRs starting at 11.99%, and terms stretch up to 60 months.
Vehicle loans and specialty financing also stand out. Rates start just under 8%, with a $10,000 minimum. These loans cover cars, boats, RVs, and more. Business banking products include checking, savings, money market accounts, and CDs.
Customer support is accessible by phone, email, and live chat. Operating hours run Monday through Saturday. Users also appreciate the mobile app’s high ratings on iOS and Android.
In terms of social and environmental responsibility, First Internet Bank reports strong community engagement. Employees recorded over 500 service hours recently. Moreover, 35% of its SBA loans go to minority- or women-owned businesses.
Additionally, the bank is helping fund renewable energy through loans to government entities. It also continues to upgrade its headquarters with efficient lighting and EV chargers.
Also, with its focus on competitive interest rates and minimal fees, First Internet Bank remains a strong option for online banking. Customers benefit from a range of products and a consistent focus on savings. As more people explore digital banking, its model centered on competitive interest rates and minimal fees continues to win attention.
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