First Internet Bank Business Checking Review 2023

Like many online-only banks, First Internet Bank’s Do More Business^TM Checking small business checking account offers no transaction limits and lacks a required minimum balance to avoid fees. What sets it apart from other providers, however, is that it provides the rare combination of full-service banking and online convenience. It’s also one of the few online banks that has accounts for both personal and business needs and lending options for qualified applicants.

First Internet Bank

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

Visit First Internet Bank

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	No cash deposits accepted	None; reimburses up to $10 per month in ATM fees	None
	Visit First Internet Bank
Business Checking	N/A	None; cash is deposited through money orders or cashier’s checks	Refunds all ATM fees	None
	Visit Novo*
Business Checking	2.0%	$4.95 per deposit; accepted at Green Dot locations	None at MoneyPass locations; $2.50 for nonnetwork	None
	Visit Bluevine*

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	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	No cash deposits accepted	None; reimburses up to $10 per month in ATM fees	None
	Visit First Internet Bank
Business Checking	N/A	None; cash is deposited through money orders or cashier’s checks	Refunds all ATM fees	None
	Visit Novo*
Business Checking	2.0%	$4.95 per deposit; accepted at Green Dot locations	None at MoneyPass locations; $2.50 for nonnetwork	None
	Visit Bluevine*

*Providers are financial technology (fintech) platforms-backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership (Middlesex Federal Savings for Novo; Coastal Community Bank for Bluevine).

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 the 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 a wide array of products and services similar to a traditional bank. You can apply online for interest-bearing business checking and business 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 Business^TM Checking account. It has unlimited transactions, no monthly fees, no minimum opening deposit, and no ACH fees. That’s why it’s part of our roundup of the best free business checking accounts.
• 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 that need the convenience of digital banks: Not only can you skip visiting a branch to open an account but you’re also presented with multiple products—from savings and checking to SBA loans—that can support the growth of your freelance business. This makes First Internet Bank one of the top-recommended accounts for self-employed professionals.
• Startups satisfied with an online-only bank and with idle funds amounting to at least $10,000: The bank provides a 0.50% APY for accounts with average daily balances reaching $10,000. There’s also no maximum limit on your account balance to earn interest, ensuring higher fund growth. It’s among the reasons First Internet Bank is part of our best banks for startups.
• Business owners seeking more financing options: First Internet Bank has robust lending products and is considered a top SBA lender. You can apply for additional funding easily through SBA microloans for business capital, equipment purchase, and real estate construction.

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 Bank of America, Chase, or U.S. Bank for their wide branch service network.
• Businesses sending and receiving wires frequently: Wire fees aren’t free when banking with First Internet Bank. As such, you might opt for Relay or Mercury since incoming and outgoing wire transfers cost little to nothing.
• Businesses seeking to benefit from business software integration: The bank offers business software integration, unlike Bluevine and Mercury.
• Business owners who want to maximize ATM fee refunds: Although First Internet Bank provides ATM rebates, it’s only up to $10. Meanwhile, Novo and Axos Bank reimburse all ATM fees at the end of the month.
• Sole proprietors and freelancers looking for additional bookkeeping tools: First Internet Bank doesn’t offer tax assistance or invoice creation to self-employed individuals. You can consider Lili or Found instead.

If your small business meets one or more of these scenarios, see our guide to the best small business banks for additional recommendations.

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 who’s 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 either 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 LLC operating agreement.

Once you apply for the account, an account agreement will be sent to you. Upon your company’s authorized signers signing 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 Business^TM 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.

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 US-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 online fintech companies offer more software integration services 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. This includes a Remote Deposit Capture service, which scans your bulk of check deposits. This comes in handy for busier businesses receiving a lot of checks. Other available services offered include ACH, Sweep 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 features and ease of use, but some had issues with the inconsistent functionality of mobile deposits.

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. Eastern time on Mondays to Fridays and 9 a.m. to 3 p.m. 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 common bank services.

Commercial Business Checking Product

Commercial Checking is available for midsized and large businesses with high transaction volume needing treasury management services. These include sweep services, remote deposit capture, check fraud protection, zero balance accounts, and wires and ACH.

Other First Internet Bank Business Products

First Internet Bank offers a full suite of banking products and services to meet business needs, including savings accounts, CDs, and loans. Among online-only banks, First Internet is one of the few that offers as wide a selection of additional services. Here’s a breakdown of their additional product offerings:

• Regular savings: For a $100 minimum opening deposit, you can open a regular business savings account and earn 0.90% interest and 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: To open a business money market account, you need a $100 minimum opening deposit. You can earn 2.32% APY if you have a daily balance of $5 million and below. For daily balances above the $5 million mark, 3.87% 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.
• CDs: First Internet Bank offers CDs with terms ranging from three months to five years. Interest rates start at 1.50% and can reach up to 4.30% the longer the CD term period.
• SBA loans: First Internet Bank is an SBA preferred lender and extends several SBA loans to business owners needing to refinance, purchase equipment, and conduct real estate construction:
  • SBA 7(A) loan is available for up to $5 million and covers terms of up to 10 years for business acquisition, working capital and inventory, equipment, and tenant improvement. For real estate, the terms can reach up to 25 years.
  • SBA Express loan provides for up to $350,000 for long- or short-term operating capital and is offered as term loans or lines of credit.
  • SBA 504 loan is available up to $5 million with long-term fixed-rate financing and terms of up to 25 years.
• Commercial real estate (CRE) lending: 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 provided to established custom homebuilders and lot developers in Central Indiana.
  • Commercial construction/multitenant financing is accessible by commercial real estate owners and developers within Indiana. These loan options are available for offices, retail, industrial, and multifamily units.
• Commercial lending: First Internet Bank has several lending options that provide working capital and financing and assist in debt consolidation.
  • Lines of credit start at $100,000 and are available to businesses with short-term working capital needs.
  • Term loans are offered with fixed or variable rates 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 equipment leasing 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 Small Business Checking Pros & Cons

First Internet Bank’s Do More Business^TM Checking is an excellent choice for small businesses with its competitive interest at 0.50%—if your balance qualifies. Most traditional banks refrain from giving small business checking accounts an APY or only give out super-low interest. It also features unlimited transactions and no cap on earning interest. However, you won’t have access to in-person banking, benefit from free wires, and get many software integrations.

First Internet Bank User Reviews

First Internet Bank has mixed ratings when it comes to user reviews. It scored 2.8 out of 5 stars on Trustpilot, 3 out of 5 stars on Yelp, and 5 out of 5 stars on Consumer Affairs. Users’ positive feedback is due to the bank’s great rates, attentive customer service, quick loan process, and rebates from ATM fees. However, some customers are unsatisfied with its low daily limits for ACH transfers, limited customer service hours, extensive paperwork when applying for a loan, and lengthy wait time around accounting opening.

Alternatives to First Internet Bank Small Business Checking

If you seek a bank with nationwide branches, prefer full-service online banking, or want to earn a high APY without a required minimum balance, here are three alternatives to consider:

1. Chase is best for businesses needing to make cash deposits and a full-service bank with physical branches located in 48 states.
2. Bluevine is best for businesses that prefer to bank online, don’t need to deposit cash, and want a higher APY at 2.0% on their qualifying deposits.
3. Affinity Plus Federal Credit Union is best for businesses looking for a credit union and wanting to benefit from a rewards program where they can earn points for debit card purchases, loans, and savings.

Check out more providers in our list of the best small business checking accounts.

Bottom Line

First Internet Bank’s Do More Business^TM Checking has a quality set of features and very few fees. If you have a business that doesn’t need to deposit cash, would like the ability to have a savings account, and doesn’t need traditional branch banks to conduct business, First Internet Bank is a great option to consider. It also is a good choice for those businesses that may need a commercial loan or SBA loan to help finance their growing business needs.