What You Need to Know

The First Internet Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. First IB CDs offer interest rates much higher than typical bank rates. All the different CD terms offer competitive interest rates.

The amount required to open First Internet Bank CDs is low. CD terms requires $1,000. That amount is low compared to some online CD accounts. With that $1,000 required amount, you can open any of the First IB CD terms.

First Internet Bank offers a good variety of CD terms. The terms range from 3-months to 60-month CDs. They offer a total of eight CD account terms. All the CD terms are online CDs. You can apply for any term length online through the First IB website.

First Internet Bank offers a variety of ways to fund the CD. You can deposit money through an ACH transaction or deposit a check. You can set up a linked external account and make an electronic transfer. You can also send a wire or use a credit card for the initial funding of the CD. They do not accept third party checks.

First IB charges a fee for withdrawing money before the maturity date. The fees are high compared to other CD accounts. For three-month terms, the fee is 90 days of interest. For terms from 6-months to 18-months, the fee is 180 days of interest. The fee for CD terms from 24-months to 60-months is 360 days of interest.

First Internet Bank may charge a fee based on how you choose to receive your money from closed CDs. There is not a fee if you deposit the money into your First IB checking or savings account. If you request a check when you close your account, there is a $5 fee per check.

When you apply for an account, First IB must approve your account application. Once you complete the application, they will review your application. If you are approved, First IB sends an email within two business days after they review your account. If you already have a savings or checking account with First IB you do not need approval again.

First Internet Bank does not allow you to transfer money out of your CD accounts. They offer a fund transfer service, but their CD accounts are not eligible. Other First IB accounts charge a $5 fee to transfer money from a First IB account to an external account.

Cool Things

Tomorrow’s Tycoons

First Internet Bank offers specific online accounts for children under 18. This account does not have a monthly fee. It only requires $100 to open. The interest rate is competitive for an account for children. There is no limit to the number of deposits allowed. A parent must be a joint owner. After the child turns 18, the account becomes a regular First IB savings account. First IB also offers education savings accounts for children.

First IB Blog

The First Internet Bank blog offers articles covering financial topics. Learn about options for savings for college or taking baby steps to get ready financially for a baby. Learn how to budget seasonal income or how to plan for retirement. Each of these topics helps you learn to become more in control of your finances.

History

First Internet Bank started in 1999. The founder, David Becker, had the idea to create a bank that was entirely online. First Internet Bank was the first entirely online bank to become FDIC insured.

First Internet Bank offers a variety of accounts. They offer personal accounts as well as business accounts. They offer online accounts for kids and educational savings accounts. First IB offers home, auto, personal, and student loans. They offer mortgage, refinancing, and building options. First IB also offers commercial lending.

Awards and Recognition

• Best Banks to Work for in 2018 from American Banker
• Top Work Places in Indianapolis by IndyStar

Giving Back

Employees of First IB serve the communities in and around Central Indiana. They volunteer for a variety of needs. They serve as certified tax preparers. They work with Habitat for Humanity. Employees serve as math mentors for the STEM program in the Indianapolis area. They help with Junior Achievement, Girls Inc, and Race for the Cure.

First Internet Bank focuses on specific service and investment goals. Some of those goals include affordable housing and revitalizing neighborhoods. In keeping with these goals, employees came together with Habitat for Humanity. Together they helped build a home for a family in need.

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