First Internet Bank Review

Pros

• High APYs on money market accounts
• Waivable monthly fees
• Lending and investment account options

Cons

• High balances required for top APYs
• Standard savings APYs are less competitive

What Is First Internet Bank?

Founded in 1999, First Internet Bank was one of the first fully online banks and describes itself as “the first state-chartered, FDIC-insured institution to operate entirely online.”

First Internet Bank offers business banking, lending, and personal banking services, with a strong focus on online account management and digital banking tools.

Services Offered By First Internet Bank

First Internet Bank offers a strong mix of banking and lending services, making it a solid option for businesses that want to manage multiple financial needs in one place. Services include:

First Internet Bank Rewards & Perks

First Internet Bank’s standard checking and savings rewards are fairly limited compared to many online business banks.

There are no cashback rewards for First Internet’s business checking account, but you can earn 0.50% APY if your average daily balance is $10,000. Standard business savings come with 0.90% APY.

Where First Internet Bank becomes more competitive is with its Money Market Savings accounts, which offer significantly higher APYs of 2.94% - 3.64%. These APYs earn First Internet Bank a spot on our list of the best high-yield business savings accounts.

First Internet Bank Fees

First Internet Bank offers both Commercial Checking and Do More Business Checking accounts. However, the company provides limited information about its Commercial Checking option online. The Do More Business Checking account is more transparent and includes unlimited transactions with no monthly fee.

Beyond monthly account fees, First Internet Bank charges standard banking fees for services like wire transfers and stop payments.

While First Internet Bank keeps some common fees low — including ACH fees, ATM fees, and monthly account fees — its wire transfer and foreign transaction fees are relatively high compared to many online business banks.

It’s also worth noting that CDs may include early withdrawal penalties.

First Internet Bank Eligibility Requirements

First Internet Bank provides limited public information about its eligibility requirements and approval criteria.

Based on the information available during the application process, the bank does not appear to base decisions solely on factors like credit score, revenue, time in business, or credit history. However, some applicants report being declined due to unspecified “consumer information,” making the approval process less transparent than some competitors.

First Internet Bank also does not allow gambling-related activity on business bank accounts.

First Internet Bank Features

First Internet Bank offers a handful of useful business banking features, including cash flow analysis tools and a Balance Optimizer feature that can automatically move excess funds from checking into interest-earning savings accounts.

While First Internet Bank covers many standard banking features, it lacks some tools offered by competing online business banks, including accounting integrations and cash deposits. Savings account transaction limits may also feel restrictive for some businesses, though the checking account includes unlimited transactions.

Overall, First Internet Bank offers a solid foundation of business banking features but leaves room for improvement in integrations and advanced financial tools.

First Internet Bank Application Process

First Internet Bank advertises a fast online application process that can be completed in just a few minutes. However, the company provides limited details about the exact application steps or approval requirements.

Applicants will likely need standard business banking documents, such as business formation paperwork, identification, and tax information.

While the application itself appears straightforward, some customer reviews mention application delays or denials without clear explanation

First Internet Bank Sales & Advertising Transparency

First Internet Bank loses points for transparency because it provides limited information about eligibility requirements and the application process.

While the bank does disclose many common banking fees, some information can be difficult to locate on the website.

Customer reviews also mention frustrations with sales experiences, communication, and application denials, which further impacted our rating in this category.

First Internet Bank Customer Support

First Internet Bank customer support is available by phone and email. Phone support hours are Monday through Friday from 7:00 AM to 9:00 PM EST and Saturday from 9:00 AM to 3:00 PM EST.

The bank also offers an FAQ section and online help resources, though we found some important information missing, including clearer guidance on application requirements and account setup.

Customer reviews regarding support quality are mixed, with some users reporting frustrations related to communication and account applications.

First Internet Bank User Reviews

Unfortunately, First Internet Bank’s customer reviews trend more negative than positive overall.

Many complaints focus on application denials, long approval timelines, and customer support frustrations. That said, the company is accredited by the Better Business Bureau and maintains an A+ BBB rating. Across third-party review platforms, First Internet Bank currently holds an aggregate user rating of roughly 3.0/5 stars.

Negative First Internet Bank Reviews & Complaints

• Complicated application process
• Application delays
• Application denials with no explanation
• Poor customer support experiences

Positive First Internet Bank Reviews

• Competitive APYs on money market accounts
• Easy-to-use mobile app
• No debit card usage requirements for rewards or account benefits

Is First Internet Bank Safe?

First Internet Bank is one of the longest-running online banks, with more than 25 years in operation. The bank is FDIC-insured, and eligible deposits are protected up to applicable FDIC limits.

How Does First Internet Bank Compare To Other Business Banks?

First Internet Bank stands out most for its money market accounts and broader range of financial services. In addition to checking and savings accounts, the bank also offers lending, CDs, and treasury-style account options.

Its standard checking and savings rewards are less competitive than many modern online business banks, especially compared to providers that offer higher APYs, cashback rewards, or lower fees.

Final Verdict: Is A First Internet Bank Account Worth It?

First Internet Bank is a strong option for businesses that want an online bank with lending, savings, and investment-style account options in one place.

The bank is especially competitive for money market accounts and CDs, where APYs are significantly stronger than its standard checking and savings products.

However, First Internet Bank also comes with some drawbacks, including relatively high wire transfer and foreign transaction fees, limited feature integrations, and mixed customer reviews regarding applications and support.

So, depending on your company’s needs, First Internet Bank could be a good option, or an alternative could be better. If you want better checking rewards, Bluevine or LendingClub offer great checking account rewards. If you want fewer fees, Axos or Lili are good options. Or, if you want to keep the high APY, check out Live Oak Bank.

The Merchant Maverick Seal of Approval ?

First Internet Bank	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see First Internet Bank for yourself.

The Merchant Maverick Seal of Approval ?

First Internet Bank	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see First Internet Bank for yourself.