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First Internet Bank of Indiana CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon


  • Competitive interest rates offered
  • Low opening required amount
  • Good variety of CD terms available
  • Variety of options on how to fund CDs


  • Early withdrawal fees are high
  • Closing CDs may have a check fee
  • New customers need approval
  • Cannot transfer money from CDs

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.


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.

Frequently Asked Questions

Is First Internet Bank FDIC insured?

Yes. First Internet Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does First IB offer?

They offer eight CD terms. The terms range from three months to 60-month terms.

What is the required amount to open a CD with First IB?

Each CD term requires $1,000 to open.

How do I deposit money into First IB CDs?

First IB offers a variety of ways to fund your CD. You can use an ACH transaction or deposit a check. You can transfer money from an external account, send a wire, or use a credit card.

How do I access my money?

You can transfer money from your First IB CD to another First IB account. There may be a fee for requesting a check when you close the CD. You cannot transfer money from a CD to an external bank account. Contact customer service for more information.

Do I have to open other First IB accounts before I can open a CD?

No. You can open a First Internet Bank CD without opening any other accounts. If you have another account with First IB, you do not have to be approved again to open a CD.

Do First IB CDs offer competitive interest rates?

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

Can I choose how to receive my interest payments from First IB CDs?

Contact customer service to see if there are options on how to receive interest.

What percentage am I charged if I withdraw money before the maturity date?

For a three-month CD, the fee is 90 days of interest. For CD terms from 6-months to 18-months, the fee is 180 days of interest. For CD terms 24-months or longer, the fee is 360 days of interest.

How do I make changes during the grace period?

Contact customer service to make changes. You can write to customer service before the CD reaches maturity saying you do not want to renew the term.

How will I know my First IB CD is nearing maturity?

First Internet Bank will send a reminder in the mail one month before your CD is to mature. You can request the reminder be electronically sent through their online banking website.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are First IB CD rates guaranteed for the entire term?

The interest rate is the rate on the day you return your application and fund the account. Once the interest is decided, the fate is fixed for the life of the CD term.

Does First IB offer mobile banking?

Yes. See account balances with the mobile app.

Is First IB a good bank?

The interest rates are competitive with other online accounts. They offer a good variety of CDs, and the opening required amount is low. The fee for withdrawing money early from a First Internet Bank CD is high. There are other account fees based on how you close your account. You cannot transfer money electronically from a CD to an external account.

Is First IB secure online?

They offer security measures that comply with federal law. Their computers have safeguards. Their buildings and files are secure.

What is the shortest First IB CD term offered?

The shortest term offered is a three-month CD.

What is the longest First IB CD term offered?

The longest term offered is a 60-month CD.

Does First IB offer accounts other than CDs?

Yes. First Internet Bank offers savings, checking, and money market accounts. They offer IRA and health savings accounts. They offer accounts for kids. First IB offers business and commercial accounts as well. They also offer lending options for personal and business accounts.

Can I use First IB CDs for my business accounts?

First Internet Bank offers specific business accounts. They offer checking and savings accounts, along with business CDs. They offer business lending options and commercial real estate lending.

How do I reach customer service?

Though phone, email, or mail. First IB offers online chat. Reach a representative Monday through Friday from 7 a.m. to 9 p.m. EST. They are open from 9 a.m. to 3 p.m. on Saturday. You can follow First Internet Bank through Facebook, Twitter, LinkedIn, YouTube, or Instagram.

Bank Contact Information

First Internet Bank
PO Box 6080
Fishers, IN 46038

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