First Internet Bank Deposits Top $22 Million Just Three Months After Launch

Released on May 26, 1999

Posted in:

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.

About firstib.com

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.

X

It's Different Here!

X

Save Money on Your Mortgage!

Get Your FREE Custom Rate Quote in 3 Simple Steps

CUSTOM RATE QUOTE

Step 1

Step 2

Step 3

Get Your Quote

Save Money on Your Mortgage!

Get Your FREE Custom Rate Quote in 3 Simple Steps

Highly likely to recommend

Seamless Experience - John, Arkansas

“I found First IB online. I was a little skeptical at first, but I couldn't have been more wrong! We were moving from MI to AR, working with a different realtor on each end, and First IB made the purchase of our new home seamless. The...mortgage we received is piece of mind for the future and we couldn't be more satisfied with the service... “

Highly likely to recommend

Worked Around My Schedule - Sean, Missouri

“My experience with First Internet Bank was amazing. Everything was done as quickly as possible and there was help every step of the way. I was busy traveling for work and they were able to keep me updated and work around my schedule. I would highly recommend First Internet Bank.”

Highly likely to recommend

Best Lender Experience - Ryan, Arizona

“This was the first time I've used an online lender and I would definitely use First IB again...The local lenders warned that I wouldn't get personal service using an online lender and warned me against it. I'm glad I ignored them because my experience was one of the best I've had with a lender. I wouldn't hesitate to use this lender again!“

Get Your Free Personalized Rate Quote

Step 1

Step 2

Step 3

Credit Profile

Property Use

Home Value

Current Mortgage
Balance

Down Payment

Desired Loan Amount

Get Your Free Personalized Rate Quote

Step 1

Step 2

Step 3

Contact Information

* Indicates a required field.

Thanks for your request from First IB

Thanks for requesting a rate quote from First Internet Bank! We will contact you shortly to provide your personalized rate quote and one-on-one consultation.

To speak with a mortgage expert immediately, call us toll-free at 1-855-707-2775. You can also check the latest rates on our website.

We look forward to speaking with you soon!

Return To Website