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.
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.
- First Internet Bank Alternatives & Comparison
- First Internet Bank Business Checking Reviews From Users
- First Internet Bank Business Checking Terms
- First Internet Bank Business Checking Requirements
- First Internet Bank Business Checking Features
- Other First Internet Bank Business Products
- Frequently Asked Questions (FAQs)
- Bottom Line
First Internet Bank Alternatives & Comparison
| Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
 | Do More BusinessTM Checking | None | 0.50%Account must have a minimum of $10,000 average daily balance | Unlimited |
| Visit First Internet BankMember FDIC | ||||
 | Innovator Business Checking | None | Up to 1.35%Tiered interest based on balances: • Up to $24,999.99: 1.0% APY • $25,000 to $250,000: 1.35% APY • Above $250,000: 1.0% APY | Unlimited |
| Visit GrasshopperMember FDIC | ||||
 | Standard | None | 1.3%Applies to qualifying balances up to $250,000 | Unlimited |
| Visit BluevineProvider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. | ||||
 | Business Checking | None | None | Unlimited |
| Visit RelayProvider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Thread Bank. | ||||
Check out more providers in our list of the
best small business checking accounts
.
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: $15Outgoing: $20 |
| International Wire Transfer Fees | Incoming: $15Outgoing: $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 ownersA 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.
For a free downloadable checklist of documents that banks typically require upon account opening, see our guide on
how to open a business bank account
.
First Internet Bank Business Checking Features
| Transactions |
|
|---|---|
| Interest Rate |
|
| Debit Card |
|
| Online and Mobile Banking |
|
| Bill Payment |
|
| 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)
|
| Balance Optimizer | This helps earn higher interest on excess funds.
|
| 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
