In the three months it has been open to the public, First Internet Bank of Indiana (firstib.com), a real-time Internet-only financial institution, has amassed more than $22.3 million in deposits.
firstib.com reports deposit growth continues to climb, with the addition of nearly $10 million in new deposits in the past month. On April 26, the bank was holding $12.6 million in deposits.
firstib.com now has over 1,100 accounts and expects growth to continue, citing attractive deposit rates as one attraction of its online services. As of May 24, rates on firstib.com’s personal money market savings account, six month certificate of deposit (CD), and one year CD all ranked among the five highest interest rates in each product category, as reported by BanxQuote, Inc., a New York-based financial information technology company that publishes rate comparisons online and in several national publications. Annual percentage yields for firstib.com’s personal money market account and CDs were more than one percentage point higher than the national averages reported by BanxQuote in every product category.
The bank also considers the breadth of services it offers to be another factor in its growth. firstib.com recently unveiled a checking account option that has no monthly maintenance fee, no minimum balance requirement, and unlimited check writing privileges. In addition, firstib.com makes images of cleared checks available to its customers – online and free of charge – at a time when many financial institutions charge the consumer for a photocopy of a canceled check.
“Our focus from the beginning has been to offer our customers a complete range of financial products and services at very attractive rates,” said David Becker, Chairman of First Internet Bank, “and the positive response we have had so far tells us that we are meeting that goal. We are excited that we have established ourselves as an industry leader so quickly in the ever-growing Internet banking marketplace.”
firstib.com offers a full suite of banking services that includes checking, money market savings, certificates of deposit, loans, bill payment services, credit cards and ATM cash cards. firstib.com offers significant customer benefits over traditional retail banks including real-time processing of all transactions and continuous services available 24X7 via the Internet, ATM, and touch-tone phone. Customers also enjoy industry leading interest rates on checking, savings, money markets and certificates of deposit.
Based in Indianapolis, Indiana, firstib.com is the first state chartered Internet bank with accounts insured by the FDIC. It is the first “Extended Value Online Bank” to deliver a full range of real-time Internet banking products with personalized interactive services, as well as offering competitive rates. Its business model enables customers to facilitate Internet banking in a real-time environment, as well as empower users to better manage their own finances.