Other Savings Options

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For those seeking more basic savings options:

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Free Savings

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• 0.81% APY on all balances

• $25 minimum opening deposit

• No monthly maintenance fee

• No minimum balance requirement

• FDIC insured

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Tomorrow's Tycoons (Kids Savings)

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• Savings account for minors under 18

• $100 minimum opening deposit

• No monthly maintenance fee

• Competitive interest rate

• Automatically converts to Free Savings when the minor turns 18

Certificate of Deposit (CD) Options

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First Internet Bank offers competitive rates on their CDs with various term options:

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Term CDs

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• Terms ranging from 3 to 60 months

• $1,000 minimum opening deposit

• Competitive rates (4.20% APY for 12-month CD)

• No monthly maintenance fees

• Early withdrawal penalties apply

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Early withdrawal penalties vary by term length, so be sure to consider your liquidity needs before opening a CD.

Checking Account Options

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First Internet Bank offers two main checking account options:

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Free Checking

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• $25 minimum opening deposit

• No monthly maintenance fee

• No minimum balance requirement

• Free first order of checks

• Zelle integration for digital payments

• Mobile check deposit

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Interest Checking

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• 0.50% APY (well above average for interest checking)

• $100 minimum opening deposit

• $10 monthly maintenance fee (waived with $500 daily average balance)

• ATM fee rebates up to $10 per month

• Free first order of checks

• Zelle integration

Credit Card Options

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First Internet Bank offers a cashback credit card designed to reward everyday spending:

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Cashback Credit Card

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• 3% cash back on gas purchases

• 1% cash back on all other purchases

• No annual fee

• Can be managed through online banking and mobile app

• Ideal for frequent drivers looking to maximize rewards on fuel expenses

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This credit card complements First Internet Bank's digital-first approach, with full integration into their online and mobile banking platforms for streamlined account management.

Business Banking Solutions

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First Internet Bank offers a comprehensive suite of business banking products:

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Do More Business Checking

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• No monthly maintenance fee

• No minimum balance requirement

• Interest earned on balances over $10,000

• Unlimited transactions

• Business debit card

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Business Savings Options

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• Regular Savings ($100 minimum deposit, $2 monthly fee waived with $1,000 balance)

• Money Market Savings ($100 minimum deposit, competitive rates)

Additional Products and Services

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First Internet Bank also offers:

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• Health Savings Accounts (HSAs): No monthly fee or minimum balance requirement

• Personal loans: Rates starting at 11.99% APR with terms up to 60 months

• Student loans: In partnership with Sallie Mae with no origination fees

• Auto and specialty vehicle loans: Competitive rates for new and used vehicles, boats, and RVs

Digital Banking Experience

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As an online-only bank, First Internet Bank has invested in creating a seamless digital experience:

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• Mobile apps: Highly rated on both Apple App Store (4.8/5) and Google Play (4.5/5)

• Online banking platform: User-friendly interface with comprehensive account management tools

• Mobile check deposit: Deposit checks remotely using your smartphone

• Text banking: Check balances and recent transactions via text message

• Zelle integration: Send and receive money quickly with other users

Pros of First Internet Bank

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• Market-Leading High-Yield Rates: Money Market account offers exceptional 3.77% APY for standard balances and 5.48% APY for balances over $1 million

• Extended FDIC Coverage Options: Access to IntraFI Network for insurance beyond the standard $250,000 limit

• Low Entry Barriers for High-Yield Products: Just $100 minimum deposit for Money Market account

• Competitive CD Rates: Strong yields across various term lengths

• No Overdraft Fees: Eliminated completely in 2022

• ATM Fee Rebates: Up to $10 monthly reimbursement on qualifying accounts

• Free Account Options: No-fee checking and savings accounts available

• Highly Rated Mobile Apps: Smooth digital banking experience

• Minimal Opening Deposits: Most accounts can be opened with $100 or less

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Cons of First Internet Bank

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• No physical branches: Everything is handled online or via phone

• No proprietary ATM network: Relies on fee reimbursements instead

• Monthly fees on some accounts: Though most can be waived with minimum balances

• Higher CD minimum: $1,000 minimum deposit required for CDs

• Limited weekend support: Customer service hours don't include Sundays

Who Should Bank with First Internet Bank?

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First Internet Bank is ideal for:

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• High-Yield Savings Seekers: Those looking for exceptional interest rates on savings with the Money Market account offering rates up to 5.48% APY

• Significant Balance Savers: Customers with balances over $1 million will benefit from one of the highest tiered rates available anywhere

• CD Investors: Savers seeking competitive rates on certificates of deposit

• Tech-Savvy Consumers: People comfortable with digital-only banking

• Fee-Conscious Consumers: Those who can maintain minimum balances to avoid fees

• Small Business Owners: Entrepreneurs needing comprehensive business banking solutions

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However, if you frequently deposit cash, need in-person banking assistance, or can't maintain minimum balances to waive fees, you might want to consider other options.

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The Verdict

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First Internet Bank delivers on what matters most for yield-focused savers: market-leading rates, reasonable fee waiver thresholds, and a smooth digital experience. Their Money Market account is particularly impressive, with tiered rates that significantly outperform the national average and rival even the most competitive high-yield savings products on the market.

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While the lack of physical branches and proprietary ATM network may be drawbacks for some, the ATM fee rebates and robust digital tools help offset these limitations. For savers prioritizing interest-earning potential in today's competitive online banking landscape, First Internet Bank stands out as a top contender.