Truth in Savings Disclosure – Free Savings

The Truth in Savings Act, Regulation DD, was enacted to help consumers understand the terms and conditions on which interest is paid and fees are assessed. First Internet Bank (“First IB”, “the Bank”, “we”) attests the information in this disclosure is accurate as of 3/7/2024.

View a printer friendly (PDF) version of this disclosure to keep for your records.

Account Description: First IB Free Savings is a limited transaction account for those who want a free account but also want to earn a little interest on their money. This account is designed for you to take advantage of our online and mobile banking features.

Minimum Balance: A minimum balance of $25 is required to open the account. There are no balance requirements to maintain in the account to avoid fees or to obtain the annual percentage yield disclosed.

Rate Information: The Interest Rate (at which interest is paid on the principal balance) is 0.80% and the Annual Percentage Yield (at which an account would earn interest each year if all interest paid on the account remains in the account) is 0.81%. The Annual Percentage Yield is based on no withdrawal of credited interest and no change in the interest for a full year. The interest rate for this account is determined at the discretion of the Bank and may change at any time.

Interest Compounding: Interest will be compounded and credited monthly on the last business day of the month. If the account is closed prior to the last day of the month, interest accrued but not credited will be forfeited. Interest is calculated by the daily balance method, which applies a periodic rate to the end of day balance in the account each day. Interest will begin to accrue no later than the business day we receive provisional credit for the deposit of noncash items (for example, checks) into your account.

Fee Information: Fees specific to this account include:

  • Monthly Maintenance Fee: There is not a monthly maintenance fee with this account
  • Returned Item Fee: $20.00 per occurrence
  • Stop Payment Fee: $30.00 per occurrence
  • Statement Copies: You may view up to 12 months of statements at no cost when you receive statements electronically. A charge of $3 applies if you wish to receive a paper statement by mail or if you ask us to retrieve a copy of an older statement for you
  • Other Fees: Please refer to our fee disclosure for a complete list of fees related to all personal accounts

ATM Surcharge Rebate: First IB will reimburse you up to $10 per month for foreign ATM usage.

Transaction Limitations: You may make up to six transfers or withdrawals by means of a preauthorized, automatic, PC or telephonic transfer to another account of yours or to a third party during any calendar month (or statement cycle of at least four weeks).