Truth in Savings Disclosure – Money Market 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 12/1/2020.

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

Account Description: First IB Money Market Savings is a limited transaction account for those with higher balances who want to earn a competitive interest rate on their funds. This account is designed for you to take advantage of our online and mobile banking features.

Minimum Balance: A minimum balance of $100 is required to open this account. An average daily balance of $4,000 is required to avoid a $5 monthly maintenance fee. There is no balance requirement to obtain the annual percentage yield disclosed.

Rate Information: The Interest Rate (at which interest is paid on the principal balance) is 0.50% 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 0.50%. 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: A monthly maintenance fee of $5 will be waived if you keep an average daily balance of $4,000 in the account.
  • Nonsufficient Funds Fee: $30.00 per occurrence
  • Overdraft Items: $30.00 per occurrence. Fees apply to overdrafts created by check, in-person withdrawal, ATM withdrawal or other electronic means, as applicable.
  • Uncollected Funds Fee: $30.00 per occurrence
  • Returned Item Fee: $20.00 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). Excessive withdrawals result in a $5 per item fee.