First Internet Bank’s Do More BusinessTM Checking product is a great choice if you prefer online banking and access to a full suite of banking services. This account offers unlimited free transactions, cash flow analysis, checking sweep services, and 0.50% Annual Percentage Yield (APY) for accounts with an average daily balance (ADB) of $10,000 or more. Aside from a business checking account, the bank provides business savings and lending products.
With a decade of banking experience, my solid financial background helps me provide the best answers to our audience in line with the Fit Small Business editorial policy. I strive for accuracy, clarity, and objectivity in writing reviews and guides to ensure that small business owners can access impartial and critical information that supports their business decisions.
I also completed a Business degree and have substantial experience in facilitating account opening, performing KYC, and cross-selling different banking and investment products and services to both retail and preferred clients.
When updating this First Internet Bank business checking review, I visited the bank’s website to ensure the information was still accurate. I verified any changes as I looked at the following criteria:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- APY
- Monthly transaction limits
- Cash deposit availability
- Other business banking products
Under the Users’ Review portion, I researched third-party sites and noticed that many reviewers discussed the bank’s other business products and the quality of the customer service they received. As for the bank’s mobile app feedback, I read through the App Store and Google Play reviews. The ratings given to First Internet Bank’s mobile were high, indicating that the users were mostly satisfied with its functionality.
To understand First Internet Bank’s online account application process, I followed the procedure by clicking the Apply Online button. The bank needed an email address to route a code to begin the application. I received the code immediately, and upon registering, I could see the business information required by the bank, including details needed for beneficial owners. The sections for completing the application were organized and easy to follow.
Pros
- 0.50% APY if ADB of $10,000 is met
- Refunds up to $10 third-party ATM fees monthly
- Free cash flow forecasting
- Higher yields via sweep services
Cons
- No cash deposits
- No physical branches
- $100 initial deposit
Special Offer | None |
Opening Deposit Requirement | $100 |
Monthly Maintenance Fee | None |
APY | 0.50% for accounts with at least a $10,000 ADB |
ATM Fees | None; reimburses up to $10 per month in third-party ATM fees |
Other Standout Features |
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- You want an online bank that offers an account without a monthly fee or transaction limits: First Internet Bank offers unlimited fee-free transactions without a monthly fee and minimum balance requirements.
- You seek to earn uncapped interest: If you maintain an ADB of $10,000, you can earn an APY of 0.50%. There is no cap on the amount of interest you can earn.
- You want to maximize your earnings: Through First Internet Bank’s Balance Optimizer feature, the bank can move the excess money from your checking account to your business savings or business money market account, so you gain higher yields.
- You need access to a wide range of lending products: First Internet Bank has robust lending products and is considered a top SBA lender, even landing a spot in our roundup of the best SBA lenders. You can easily apply for additional funding through SBA microloans for business capital, equipment purchase, and real estate construction.
First Internet Bank Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
 | Do More BusinessTM Checking | None | Unlimited | |
 | Innovator Business Checking | None | Unlimited | |
 | Standard | None | Unlimited | |
Visit Bluevine
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
| ||||
 | Business Checking | None | None | Unlimited |
Visit Relay
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Thread Bank.
| ||||
Best For | Learn More | |
|---|---|---|
 | You want to gain cash back benefits: First Internet Bank does not provide cash back earnings, unlike Grasshopper, which offers 1% on qualifying debit card purchases. | Read our Grasshopper business checking review |
 | You want to earn competitive APY: Do More BusinessTM Checking only earns an APY of 0.50% when you maintain an ADB of $10,000. Meanwhile, Bluevine Standard gives an APY rate of 1.5% on qualifying balances up to $250,000. | Read our Bluevine business checking review |
| You want to deposit cash into your checking account: First Internet Bank does not accept cash deposits. In contrast, Relay allows you to deposit cash at Allpoint+ ATMs for free and Green Dot locations for a fee. | Read our Relay business checking review |
First Internet Bank Business Checking Reviews From Users
No new First Internet Bank business checking reviews were written in the past year. Most reviewers commented on the bank’s savings, CDs, lending products, and customer service.
Here are the bank’s scores on third-party sites:
- WalletHub[1]: 3.7 out of 5 from around 250 reviews
- ConsumerAffairs[2]: 5.0 out of 5 from about 400 reviews
Users shared that opening an account through First Internet Bank’s platform is easy. Some gave positive feedback about their professional customer service experience—though others complained about not getting a response when they emailed issues regarding their account.
First Internet Bank’s mobile app received positive feedback. It has a high rating of 4.8 from around 800 reviews on the App Store[3] and 4.4 on Google Play[4] from about 700 reviews. Satisfied users liked the app’s simplicity, clean interface, and ease of use. They also said it’s reliable and has constant improvements. However, others reported that the app is slow and buggy.
First Internet Bank Business Checking Terms
Do More BusinessTM Checking | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | $10,000 to earn interest |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
ACH Fees | None |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $20 |
International Wire Transfer Fees | Incoming: $15 Outgoing: $50 |
ATM Fees | None; reimburses up to $10 per month in ATM fees |
Cash Deposits | Not accepted |
APY | 0.50% for accounts with at least a $10,000 ADB |
First Internet Bank Business Checking Requirements
You can visit First Internet Bank’s website to open a business checking account. You must be a legal US resident, at least 18 years of age, a signer authorized to open accounts on behalf of the business, and a US-based business.
The First Internet Bank business checking requirements are relatively simple. They include:
- Proof of identification: This can be verified through documents like your driver’s license and Social Security number. Other acceptable government-issued IDs are a State ID card, passport, and military ID card. All signers and beneficial owners A beneficial owner is a natural person with 25% or more ownership in the business or a person with significant managerial control or influence over the business. will need to provide this information.
- Business information: This will include information about your business, such as its address, Employer Identification Number (EIN), and articles of incorporation or limited liability company (LLC) operating agreement.
How to Open First Internet Bank Business Checking Account
- Step 1: Visit First Internet Bank’s website and choose the business checking product.
- Step 2: Click the Apply Online button.
- Step 3: Enter your name and email information. A verification code will be routed to your email address.
- Step 4: Enter the code and complete the required business information, including data on beneficial owners for LLCs, partnerships, and corporations.
- Step 5: Follow the instructions and submit the relevant business documents.
Once you apply for the account, an account agreement will be sent to you. After your company’s authorized signers sign it, you can fund your account.
First Internet Bank Business Checking Features
Transactions |
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Interest Rate |
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Debit Card |
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Online and Mobile Banking |
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Bill Payment |
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Business Payment Integration | Zelle |
Cash Flow Forecasting | Benefits offered when you link your checking account to any accounting software (such as QuickBooks, Xero, and FreshBooks)
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Balance Optimizer | This helps earn higher interest on excess funds.
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Physical Checks | Cost varies depending on the type of checks ordered |
Customer Service |
Monday to Friday, 7 a.m. to 9 p.m. Eastern Time (ET) Saturday, 9 a.m. to 3 p.m. ET |
Other First Internet Bank Business Products
- Commercial Premium Checking
- Commercial Analysis Checking
- Regular Savings
- Money Market Savings
- Business CDs
- SBA loans
- Commercial real estate (CRE) lending
- Lines of credit
- Term loans
- Real estate loans
- Public finance
- Dealer services
- Treasury management
Frequently Asked Questions (FAQs)
Yes. First Internet Bank is an FDIC member, so your deposits are covered by the FDIC up to the standard $250,000 per depositor and account ownership category.
First Internet Bank was founded in 1997 and started operating in February 1999.
Yes. First Internet Bank’s Do More BusinessTM Checking earns an APY of 0.50%, provided you maintain at least a $10,000 ADB.
Yes, an opening deposit of $100 is required when you sign up for a business checking account.
Bottom Line
First Internet Bank’s Do More BusinessTM Checking is a great option for non-cash-reliant businesses with minimal in-person banking needs. Its 0.50% APY, cash flow forecasting, and balance sweep services can help you boost earnings on your checking funds. The bank also provides an extensive line of banking products and services, from savings and CDs to commercial and SBA loans, which are excellent offerings for small businesses with growing financial needs.
User review resources:
[1]WalletHub
[2]ConsumerAffairs
[3]App Store
[4]Google Play