First Internet Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
First Internet Bank’s Do More BusinessTM Checking account offers no transaction limits and no required minimum balance. What sets it apart from similar accounts from other providers is that it has the rare combination of full-service banking and online convenience. First Internet Bank is also one of the few online banks with accounts for personal and business needs and lending options for qualified applicants.
What We Like
- Fee-free banking
- Other interest-bearing business accounts available
- Up to $10 refund for third-party ATM fees
What's Missing
- 0.50% APY only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- Free debit card with first replacement card free as well
- Competitive interest rate over traditional banks
- Integrates with QuickBooks
- Phone and email support available
- Small Business Administration (SBA) loans and commercial loans available
- Other business bank accounts available, such as money market, certificates of deposit (CDs), and savings; is ranked among our best business savings accounts
How First Internet Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Do More BusinessTM Checking | 0.50% for accounts with at least $10,000 average daily balance | Cash deposits not accepted | None; reimburses up to $10 per month in ATM fees | None |
 Innovator Business Checking | Tiered; up to 2.25% | Cash deposits not accepted | None at MoneyPass and SUM ATMs | $100 |
 Business Checking | 2.0% on balances of $250,000 or less (conditions apply) | $4.95 per deposit; accepted at Green Dot locations | None at MoneyPass locations; $2.50 for nonnetwork | None |
*Bluevine is a financial technology (fintech) platform-backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership with Coastal Community Bank.
When First Internet Bank Is a Good Fit
- Business owners seeking extensive banking products and those comfortable with an online-only bank: First Internet Bank is one of our top banks for small businesses and leading business checking accounts for limited liability companies (LLCs) since it’s a full-service online-only bank. It offers many products and services similar to a traditional bank. You can apply online for interest-bearing business checking, savings accounts, and loans. You can also keep your personal and business finances in one place.
- Small businesses that want to open a free digital small business checking account that generates interest: First Internet Bank offers 0.50% APY if you maintain a $10,000 average daily balance in your Do More BusinessTM Checking account. It has unlimited transactions, no monthly fees, and no automated clearing house (ACH) fees. For a higher APY, you can also open a savings account. Read our First Internet Bank Business Savings review to learn more.
- Businesses looking to capitalize on the absence of a balance cap on earning interest: Unlike Bluevine, which limits interest up to a certain balance amount, First Internet Bank allows you to earn interest as long as your average daily balance reaches $10,000.
- Businesses that want to save on ATM fees: First Internet Bank offers ATM fee rebates of up to $10 each month, providing more savings.
- Self-employed professionals needing the convenience of digital banks: First Internet Bank is one of our best bank accounts for self-employed professionals. You can conveniently open an account online and choose among multiple products—from savings and checking to SBA loans—that can support the growth of your freelance business.
- Business owners seeking more financing options: First Internet Bank has robust lending products and is considered a top SBA lender. You can easily apply for additional funding through SBA microloans for business capital, equipment purchase, and real estate construction. It’s included in our list of the top-recommended banks for real estate investors for offering REI clients commercial real estate (CRE) loans, term loans, and lines of credit.
When First Internet Bank Is Not a Good Fit
- Cash-intensive businesses with daily deposits: Since First Internet Bank doesn’t accept cash deposits, you should consider Chase for its vast branch service network. Read our review of Chase’s business checking to discover which account is suitable for your business needs.
- Businesses that send and receive wires frequently: First Internet Bank charges for all wire transfers. As such, you might opt for Mercury since incoming and outgoing wire transfers are free. Our Mercury Business Checking review discusses its cost-saving features.
- Business owners who want to maximize ATM fee refunds: Although First Internet Bank provides ATM rebates, it’s only up to $10 per month. Meanwhile, Novo reimburses all ATM fees at the end of the month. To learn how it can benefit your business, read our review of Novo Business Checking.
- Sole proprietors and freelancers who need additional bookkeeping tools: First Internet Bank doesn’t offer tax assistance or invoice creation to self-employed individuals. You can consider Found instead. Our Found Business Checking review can help you decide if it fits the bill.
- Businesses seeking to earn rewards for debit card purchases: First Internet Bank doesn’t offer cashback or any rewards when you use its debit card. You can choose Affinity Plus Federal Credit Union since it offers points that convert into gift cards, cash back, and even loan rate reductions. For details, check out our review of Affinity Plus Federal Credit Union Business Checking.
Check out more providers in our list of the best small business checking accounts.
First Internet Bank Small Business Checking Overview
First Internet Bank Small Business Checking Requirements
You can visit First Internet Bank’s website to open a business checking account. You must be a legal United States resident, at least 18 years of age, a signer authorized to open accounts on behalf of the business, and a US-based business.
The business checking requirements for opening an account 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 will need to provide this information. 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.
- 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.
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.
Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
First Internet Bank Small Business Checking Features
First Internet Bank’s Do More BusinessTM Checking account offers a competitive interest rate, a free debit card, and fee-free banking.
Fee-free Transactions
First Internet Bank doesn’t collect monthly fees and ACH fees. There’s also no set balance to open a small business checking account. In addition, there are no transaction fees or limits to observe.
Interest Rate
First Internet Bank’s Small Business Checking offers 0.50% APY as long as your average daily balance is at least $10,000. It has no maximum limit to earn interest on your account. The interest compounds and credits every month.
Debit Card
First Internet Bank provides each signer with a debit card to make purchases. A free debit card, which also serves as your ATM card for the account, will be mailed out within 10 business days of account opening. First Internet Bank will reimburse up to $10 of United States-based ATM fees per month and won’t charge you a fee to use your ATM card.
Bill Payment
First Internet Bank offers online bill payment at no cost, issuing payments electronically or by paper check, based on the payee’s ability to accept payments. Bills can be paid online or with First Internet’s mobile app.
Accounting Software Integration
First Internet Bank’s Small Business Checking integrates with QuickBooks. Other fintech companies offer more software integration for business payment and accounting.
Treasury Management Services
First Internet Bank provides business owners with better cash management and quick fraud detection through its Treasury Management Services. It includes a Remote Deposit Capture service that scans your bulk of check deposits and comes in handy for busier businesses receiving a lot of checks. Other available services include ACH, sweep services, wire transfer services, check positive pay, and zero balance accounts.
Mobile App
First Internet Bank’s mobile app allows you to open an account online, view balances of all bank accounts, even from other banks, and deposit checks through your mobile device. Reviews for the app are excellent on both the App Store (4.8 out of 5 stars) and Google Play (4.4 out of 5 stars). Users appreciate its ease of use and features like the new fingerprint login, but some had issues with the inconsistent functionality of mobile deposits and sudden account freeze. You may be interested in checking out First Internet Bank on Google Play and First Internet Bank on App Store.
Customer Service
First Internet Bank operates as a fully-online bank and offers business clients both email and phone banking support to help resolve banking issues. You can reach a bank representative at the toll-free number (888) 873-3424 or call (317) 532-7900. Business hours are from 7 a.m. to 9 p.m. ET on Mondays to Fridays and 9 a.m. to 3 p.m. ET on Saturdays. You can also send an email to bank@firstib.com.
The bank provides a business online banking demo through an informative webinar and quick-start guides for standard bank services on its website.
Other First Internet Bank Business Products
Commercial Checking is available for midsized and large businesses with high transaction volumes needing treasury management services. These include business online banking, sweep services, remote deposit capture, check fraud protection, zero balance accounts, wire transfers, and ACH origination:
- Commercial Premium Checking: You need a $1,000 deposit to open this account. It provides 300 fee-free transactions each month and free electronic statements.
- Commercial Analysis Checking: A $1,000 opening deposit is required to open this account, which offers unlimited transactions and free electronic statements. The monthly fees can be offset with an earnings credit.
First Internet Bank offers two savings accounts with a limit of six monthly transfers or withdrawals:
- Regular Savings: For a $100 minimum opening deposit, you can open a regular business savings account and earn 0.90% APY. The $2 monthly fee can be waived if you maintain a $1,000 average daily balance. An ATM card is issued to sole proprietors only.
- Money Market Savings: You need a $100 minimum deposit to open this account. You can earn 3.25% APY if you have a daily balance of $5 million or below. For daily balances above the $5 million mark, 5.2% APY can be earned. The $5 monthly fee can be waived if you maintain a $4,000 average daily balance. An ATM card is issued to sole proprietors only.
First Internet Bank offers CDs with terms ranging from three months to five years. Interest rates start at 3.0% and can reach up to 5.06% the longer the CD term maturity period.
First Internet Bank is an SBA-preferred lender and extends several SBA loans to business owners needing to refinance, purchase equipment, and construct properties:
- SBA 7(A) loan of up to $5 million is available, and it covers terms of up to 10 years for business acquisition, working capital and inventory, and equipment or tenant improvement. For real estate, the terms can reach up to 25 years. The bank also provides flexible collateral options.
- SBA Express loan provides up to $350,000 for long- or short-term operating capital and is offered as term loans or lines of credit. Flexible collateral options are available, and credit decisions can be made in 48 hours.
- SBA 504 loan of up to $5 million with long-term fixed-rate financing and terms of up to 25 years is offered.
To learn more about these loans, read our guide on SBA loan types, rates, and requirements.
The bank extends customized CRE loans with competitive rates:
- Single-tenant net lease financing is provided to real estate investors in the bank’s growing network of real estate professionals.
- Residential development/construction financing is offered to established custom homebuilders and lot developers in Central Indiana.
- Commercial construction/multitenant financing is accessible by CRE owners and developers within Indiana. These loan options are available for offices, retail, industrial, and multifamily units.
First Internet Bank has several lending options that provide working capital and financing and assist in debt consolidation. They’re available to small and midsized businesses in Indiana and Arizona:
- Lines of credit start at $100,000 and are available to businesses with short-term working capital needs.
- Term loans with fixed or variable rates are offered to help businesses finance equipment, meet inventory or expansion needs, and consolidate commercial debt.
- Real estate loans are extended for purchasing, refinancing, or upgrading owner-occupied properties.
- Public finance: The bank has lending solutions for government entities, public K–12 schools, municipal utilities, higher education schools, and not-for-profit institutions. It also offers to fund capital equipment needs and energy-related projects.
- Dealer services: First Internet Bank offers competitive rates to dealers needing funding for motorhomes, travel trailers, horse trailers, motorcycles, and more.
First Internet Bank Business Checking User Reviews
There are no recent First Internet Bank business checking reviews, though customers said that the bank’s staff provide excellent customer service and are professional. However, some reviewers mentioned that the account opening process was very manual and required submitting a lot of paperwork back and forth. Others complained about a closed account based on KYC (Know Your Customer) standards.
Here are the bank’s scores on third-party sites:
- WalletHub1: 3.7 out of 5 from about 250 reviews
- ConsumerAffairs2: 4.8 out of 5 from around 425 reviews
Bottom Line
First Internet Bank’s Do More BusinessTM Checking has a quality set of features and very minimal fees. It’s a great option if your business isn’t cash reliant and you can forgo in-person banking. It 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:
