Ad Disclaimer

First Internet Bank of Indiana VS PurePoint Financial

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
4.59%APY
CD Account
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

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

Cons:

  • Early withdrawal fees are high
  • Closing CDs may have a check fee
  • New customers need approval
  • Cannot transfer money from CDs
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 3.0 Star Icon
0.25%APY
CD Account
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Competitive interest rates on CDs
  • Different ways to fund accounts
  • Variety of CD terms available
  • Best Rate Commitment

Cons:

  • High opening required amounts
  • Fee for early withdrawals does not vary
  • One-time deposit to open CDs
  • Must sign up for online banking
First Internet Bank of Indiana CD Review

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.

Read the full First Internet Bank of Indiana review.

PurePoint Financial CD Review

PurePoint Financial offers competitive interest rates on each CD term. Their interest rates are competitive with other online CD accounts. PurePoint rates are some of the leaders in the market of online CD accounts. The interest rates are not tiered. Any amount over $10,000 earns the most competitive interest rate offered.

There are four ways to fund your PurePoint CD accounts. Fund your account through an online electronic transfer from a linked account. You can also fund your account through a mobile deposit, a wire transfer, or by mailing in a check. You can only make a deposit into PurePoint CDs when you open the account.

There are a variety of CD terms available through PurePoint Financial. The terms range from six-months to five-years. There is a total of nine CD terms offered. Each of the terms requires $10,000 to open.

PurePoint Financial offers its Best Rate Commitment. Once you fund your PurePoint CD, they watch the rates for ten days. During that time, whatever is the highest rate offered will be the rate you receive for the duration of the CD term. If you renew your CD for the same term, you are again given the ten-day period to lock in the highest rate.

To open PurePoint CDs requires a high amount. Each term requires $10,000 to open. Once you open the account, you earn the most competitive interest rates for any balance over $10,000. PurePoint CDs do not have tiered interest rates.

There is a fee if you withdraw money from your PurePoint CD before it reaches maturity. The fee for any CD term length is 181 days of interest on the withdrawn amount. That fee applies to every PurePoint CD.

The opening required amount to open PurePoint CDs is $10,000. That amount must come from a one-time deposit of at least that amount. The deposit can only come from a single account. If PurePoint does not receive that funding within 45 days, they will close the account. Once you open and fund a CD, you cannot deposit into the CD during the life of the CD term.

To open an account with PurePoint Financial requires signing up for online banking. It does not matter if you open an account over the phone, online, or in person. If the primary account holder does not enroll in online banking within 90 days, PurePoint will close the account. If you open an account over the phone, you only have 30 days to enroll in online banking. A valid email address is also required.

Read the full PurePoint Financial review.

Favorite Rates

Capital One
1 Year CD 12/7/2022
APY 4.00%
Rate 4.00%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns
Next >