Frequently asked questions

First Internet Bank offers two personal checking accounts designed for different banking needs. Free Checking is a straightforward option with no monthly maintenance fee and no minimum balance requirement. It can be opened with an initial deposit of $25, making it a good fit if you want every day checking without balance requirements or ongoing fees.

Interest Checking is designed for customers who want to earn interest on their checking balance. It opens with a $100 deposit and has a $10 monthly maintenance fee, which can be waived by maintaining a $500 average daily balance. This account also includes up to $10 per month in ATM surcharge rebates.

Both accounts include access to Zelle®, mobile check deposit, online bill pay, and 24/7 online and mobile banking, with deposits protected by FDIC insurance up to applicable limits. If you prefer zero fees and no balance requirements, Free Checking may be the better choice. If you typically keep at least $500 in your account and want your balance to earn interest, Interest Checking may be a better fit.

Yes. Online checking accounts at FDIC‑member banks are insured the same way as accounts at traditional banks with physical branches. At First Internet Bank, all personal checking accounts are FDIC insured up to $250,000 per depositor, per ownership category. First Internet Bank is a state‑chartered, FDIC‑insured institution and has been operating as a digital‑first bank since 1999. Learn more about First Internet Bank.

Yes. First Internet Bank’s Free Checking account has no minimum balance requirement. There’s no balance you need to maintain to keep the account open, avoid fees, or use its features. The only requirement is a $25 opening deposit to fund the account when you apply. Once your account is open, it stays free with no monthly maintenance fee, regardless of your balance. You’ll have access to everyday digital banking features like Zelle®, mobile check deposit, and online bill pay, along with FDIC insurance up to applicable limits.

If you prefer a checking account that earns interest, Interest Checking is also available. That account’s $10 monthly maintenance fee can be waived by maintaining a $500 average daily balance.

Online banks operate differently than traditional banks and those differences often allow them to often offer more competitive savings rates. Because digital‑first banks don’t maintain physical branch networks, they can reduce overhead and focus resources on better rates, lower fees and a more streamlined banking experience.

First Internet Bank has operated as a digital‑first bank since 1999, building its savings products specifically for online banking rather than adapting a branch‑based model.

First Internet Bank offers two personal savings options designed to support different savings needs and balance levels. Our Money Market Savings account is designed for savers who typically maintain higher balances and want to maximize their earning potential. It offers higher yields than a standard savings account, with a monthly maintenance fee that can be avoided by maintaining the required average daily balance.

Our Free Savings account is a simple, no‑fee option with no minimum balance requirement, making it a good fit for new savers, starter emergency funds, or anyone who wants a straightforward way to begin saving without ongoing balance requirements. Both accounts are FDIC insured, can be opened entirely online in minutes, and include convenient digital banking features.

Opening a First Internet Bank savings account is quick and easy — with no branch visit, no appointment, and no paperwork to mail. The online application is available 24/7, and most customers complete it in just a few minutes.

To get started, you’ll need a valid government‑issued ID, your Social Security number, and a funding source for your opening deposit. Once your application is approved and your initial deposit is received, your account is active and ready to use. If you have questions at any point, First Internet Bank’s Relationship Bankers are available by phone to help — so you can speak directly with a real person whenever you need support.

First Internet Bank’s Money Market Savings and Free Savings are designed to give you flexibility, including the ability to access your money at ATMs when needed. Eligible accounts include monthly ATM surcharge rebates, helping you use ATMs nationwide without worrying about fees adding up. For everyday spending and debit card use, First Internet Bank also offers a Free Checking account that pairs seamlessly with your savings—making it easy to move money and manage everything in one place.