If you’re looking for an online bank with a competitive savings account for your business, then First Internet Bank is an excellent choice. Its regular savings account provides an annual percentage yield (APY) of 0.91% for a monthly maintenance fee of $2, which you can waive with a $1,000 daily balance. It also offers a money market account with a waivable $5 monthly fee, and it earns 3.46% or 5.48% APY, depending on your balance.
First Internet Bank also gives you access to several great banking products, including First Internet Bank also gives you access to several great banking products, including
Pros
- Highly rated mobile app
- Wide range of lending products
- Earns competitive interest
Cons
- Steep wire transfer fees
- ATM cards available only for sole proprietors
- $100 minimum to open
Features
- 0.91% APY
- Up to $10 ATM surcharge rebates per month
- Mobile banking on iOS and Android
- CDs and money market accounts
How First Internet Bank Stacks Up With Its Competitors
APY | Monthly Fee | Condition to Waive Monthly Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Regular Savings | 0.91% | Minimum daily balance of $1,000 | $100 | |
 Business Savings | 3.50% | None | N/A | None |
 Business Savings | 3.85% to 4.25% | None | N/A | None |
When First Internet Bank Is a Good Fit
- You are content to bank exclusively online: There are no physical First Internet Bank branches. Its mobile banking services are highly rated on both the App Store (4.8 stars) and Google Play (4.4 stars).
- You seek various business financing options: First Internet Bank’s competitive edge over other digital-only banks is that it provides an extensive lineup of lending products—Small Business Administration (SBA) loans, commercial real estate (CRE) loans, commercial lending, and term loans.
- You want to earn competitive, uncapped interest: The bank’s Regular Savings account earns interest at a rate of 0.91%, but the rates for its other savings products are even higher. Its money market accounts can offer either 3.46% or 5.48% APY, while its CDs earn at 4.05% to 5.17%. There is no limit to how much interest you can earn.
When To Choose a First Internet Bank Alternative
- You prefer in-person banking: First Internet Bank has no physical branches, and a good alternative would be Chase. It also offers business savings accounts and CDs—plus it has branches in all 48 mainland states. Check out our Chase Business Complete Banking review for more information on the multiple Chase banking products.
- You rely on wire transfers: With First Internet Bank, incoming wire transfers cost $15, outgoing domestic wire transfers cost $20, and outgoing international wire transfers cost $50. A cheaper alternative would be Mercury, which charges no fees for domestic wire transfers and qualified international wire transfers. Read our review of Mercury business checking to discover its fee-free advantages for small businesses.
- Your business needs ATM access but is not a sole proprietorship: First Internet Bank only issues ATM cards to sole proprietors. Meanwhile, Live Oak Bank gives all entity types access to Allpoint ATM networks. Our Live Oak Bank business savings review provides more details about its products and services.
First Internet Bank Business Savings Account Overview
Regular Savings | Money Market Savings | |
|---|---|---|
Required Opening Deposit | $100 | |
Monthly Fee | $2 | $5 |
Required Daily Balance Minimum to Waive Monthly Fee | $1,000 | $4,000 |
APY | 0.91% | 3.46% for accounts with daily balances of $5,000,000 and below; 5.48% for accounts with daily balances above $5 million |
Transaction Limit Before Fees | Six | |
Automated Clearing House (ACH) Fees | None | |
Wire Transfer Fees | Incoming: $15 Outgoing foreign: $20 Outgoing international: $50 | |
ATM Fees | None (ATM cards are only available for sole proprietors) Reimburses up to $10 worth of ATM fees at the end of each month | |
Cash Deposit Fees | No cash deposits accepted | |
Customer Service | Toll-free: (888) 873-3424 Hotline: (317) 532-7900 Mondays to Fridays, 7 a.m. to 9 p.m. Eastern time Saturdays, 9 a.m. to 3 p.m. Email: bank@firstib.com | |
Other Bank Products | Business checking, money market accounts (MMAs), business CDs, and lending products | |
First Internet Bank Business Savings Account Requirements
To open a business savings account with First Internet Bank, applicants must meet the following criteria:
- Be a legal United States resident
- Be at least 18 years old
- Be a signer who is authorized to open accounts on behalf of the business
- Be a US-based business
You will then be required to submit the following First Internet Bank business savings account requirements:
- Names of all authorized signers and beneficial owners
- Government-issued ID for each signer
- Applicant’s email address
- Applicant’s mobile number
First Internet Bank Business Savings Account Features
First Internet Bank’s basic account features high APY rates, ATM rebates, and digital banking functionality.
Competitive APY
First Internet Bank business savings accounts earn interest at a rate of 0.91%, and customers are required to make a minimum opening deposit of $100 to open an account.
Meanwhile, money market account (MMA) APY rules are as follows:
- Accounts that maintain a daily balance of $5 million and below earn 3.46% on all balances.
- Accounts that maintain a daily balance greater than $5 million earn 5.48% on all balances.
Take note that rates are subject to change without prior notice.
ATM Surcharge Rebates
First Internet Bank automatically enrolls customers with a Regular Savings, Money Market Savings, or Interest Checking account in its ATM Surcharge Rebate program. At the end of each month, the bank reimburses ATM fees up to $10. It’s calculated on a per-customer basis and not on a per-account basis.
Digital Banking
Customers can access their accounts through the First Internet Bank website and mobile app, which is available on both iOS and Android. Through digital banking, account holders can view balances, deposit checks, transfer funds, pay bills, and review transaction histories. The app uses “eyeprint” biometric technology to keep logins secure.
Reviews for First Internet Bank’s mobile app are great. The app earned a rating of 4.8 on the App Store[1] (based on around 800 reviews) and 4.4 on Google Play[2] (based on about 600 reviews).
Positive reviews highlight that the app has a reliable mobile deposit feature. It also received praise for its easy-to-navigate interface and secure fingerprint ID login. However, a few users reported having their accounts placed on hold without notice. Others stated that the app was too simple and lacked details, which required them to call a bank representative to obtain more account information.
Other First Internet Bank Business Products
First Internet Bank also provides CDs, business checking accounts, and lending products.
First Internet Bank also offers CDs, with terms ranging from three to 60 months. A three-month CD will earn interest at a rate of 4.05%, while a 60-month CD will earn interest at 4.45%. The highest rate of 5.17% can be obtained from a 12-month CD.
First Internet Bank offers two business checking accounts: Do More Business™ Checking, an interest-earning account designed for small businesses, and Commercial Checking, an account designed for mid-sized to large businesses with complex needs.
- Do More Business™ Checking: This earns interest at a rate of 0.50% for $10,000 or more daily balances. It allows unlimited transactions without minimum balance requirements or monthly service fees. Account holders are reimbursed for up to $10 ATM fees per month. Our First Internet Bank business checking review covers its features in greater depth.
- Commercial Checking: This comes with a number of useful banking solutions, including remote deposit capture, sweep services, ACH, check positive pay, zero balance accounts, and wire services.
First Internet Bank has an extensive list of lending products. These include:
- SBA lending: This bank offers SBA 7(A), SBA Express, and SBA 504 loans. Because First Internet Bank is a Preferred SBA Lender, it reduces the time and paperwork necessary to secure an SBA loan. Read our guide on SBA loan types, rates, and requirements to learn more about these loans.
- Commercial lending: It offers lines of credit, term loans, and owner-occupied real estate loans. Check out our guide to small business lines of credit to learn about the different types, requirements, and rates.
- Commercial real estate (CRE) lending: This helps businesses needing property financing by offering single-tenant net lease financing, residential development or construction financing, and commercial construction or multi-tenant financing. Our guide on CRE lending provides information about the types of CRE loans and how they work.
- Public financing: It provides financing solutions for government entities, municipal utilities, schools, nonprofits, and energy products.
First Internet Bank Business Savings Account Reviews From Users
First Internet Bank business savings account reviews are unavailable, as most reviewers focused instead on providing feedback for the bank as a whole. It has a rating of 3.6 on WalletHub[3] (based on about 250 reviews) and 2.5 on DepositAccounts[4] (based on approximately 30 reviews).
Things customers remarked on include:
- Customer service: Satisfied clients said that representatives were helpful and readily available.
- Good interest rates: Most customers mentioned that they like the interest rates First Internet Bank products provided.
- Difficult account opening: Applicants found the First Internet Bank account opening process tedious, especially since it required physical checks for the initial deposit. Others complained that the bank rejected their applications without due explanation.
Bottom Line
First Internet Bank is an excellent choice because it provides access to a full range of products—one of which is a competitive business regular savings account that earns interest at a rate of 0.91%. A money market account with higher-tier interest is also available.
Given its high-quality digital banking options, its business savings account is a great choice for businesses and self-employed professionals preferring to bank online. However, its lack of physical bank branches and restrictions on ATM card ownership make it a bad fit for cash-intensive businesses.
User review references:
[1]App Store
[2]Google Play
[3]WalletHub
[4]DepositAccounts
