FAQ

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CD

How do I purchase a CD?

If you already have a First Internet Bank checking or savings account, you may purchase or open a new CD without completing any paperwork! Simply log in to your online banking account, click Additional Services, select Instant Account and follow the instructions. Your new CD account will be opened immediately, and will appear in your account list under My Accounts. (Please be sure you have read the appropriate disclosures before you open a CD.) If you are not already a First Internet Bank customer, you will need to apply for an account through the public website.

How often is interest compounded for CDs?

Interest on First Internet Bank CDs is compounded monthly.

How often is interest credited to CDs?

Interest on First Internet Bank CDs is credited monthly, at the end of the day on the last day of the month.

What happens to my CD at maturity?

First Internet Bank will send through US mail a reminder of your CD maturity approximately one month in advance of your maturity date. If you use the online banking site, you may also use the personal reminder option to request an electronic reminder prior to maturity. Click Manage Money, select Mobile Banking & Alerts and click Add an alert.

If you do nothing, your First Internet Bank CD will automatically renew at maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The rate on the new CD will be the rate in effect for that term on the maturity date.

If you choose not to renew the CD, you will have a grace period of ten (10) calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. If you notify us in writing prior to the maturity date that you do not wish to renew the CD, we will close the CD on the maturity date and mail a check to you for the balance of your CD.

If you also have a First Internet Bank checking or savings account, you can transfer the entire balance of your mature CD into your checking or savings account and close the CD through the online banking site. Click Additional Services, then CD Maturity Options.

What should I do to close my CD?

Several CD redemption options are available to you. Simply log in to your online banking account, click Additional Services and select CD Maturity Options.

If you do not have access to the online banking site and wish to provide CD redemption instructions to us, please submit a written request with the following information: Your name, the last four digits of your account number and a signature from an authorized account holder. Email the request to bank@firstib.com, fax it toll-free to 1-888-644-8678 or mail it to:

First Internet Bank of Indiana
PO Box 6080
Fishers, IN 46038

Important note: CDs are subject to an early withdrawal penalty prior to maturity. We will send the balance of your CD, less any applicable early withdrawal penalty. If you are requesting that we send the balance to an address other than the address we have on file, the primary account holder must sign the request.

How is First Internet Bank different from a traditional bank?

In some ways, First Internet Bank is very much like a traditional bank. We offer a full range of banking products and services (checking, savings, credit cards, CDs, mortgages, commercial loans and more). But the most obvious difference between First Internet Bank and traditional banks is that we don’t have any branches. Without a costly branch network to support, we have lower operating costs than traditional banks — and we pass those savings on to our customers in the form of better rates and lower fees!

If you’re wondering how to make a deposit without a branch, there are multiple options for making deposits to your account. You may also be wondering how you get access to your accounts to manage your money. We’ve built an extremely powerful website that puts account information and transactional capabilities at your fingertips.

With our online banking site and mobile app, you can complete online (or on your phone) most of the transactions that traditional banks make you complete in person at the branch. And you’ve already found the “DIY way” to get answers to any questions you may have — the FAQs on our website! But for those questions that require a personalized response, our team of professional, knowledgeable Relationship Bankers are available (outside of typical “bankers’ hours”) to assist you by phone at 1-888-873-3424, chat or email at bank@firstib.com.