First Internet Banking Audit Review – Forbes Advisor

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First Internet Bank is a full service online bank. Founded in 1999, the Indiana-based digital bank is one of the pioneers of online banking. In addition to personal banking services, the bank is known for its business products and services.

First Internet Bank’s small business checking account is one of the best in the business. In this review, we’ll take a look at this interest-bearing checking account, along with the bank’s other business products and services, to see how First Internet Bank stacks up against competing accounts.

Annual Percentage Returns (APY) and account details are correct as of June 4, 2021.

Account Basics

First Internet Bank offers several attractive business bank accounts for small businesses, including two business chequing accounts.

Internet Banking Small Business First Check

If you’re looking for a simple business checking account that makes money, look no further than First Internet Bank’s Small Business Checking. The account has no monthly fees, no minimum balance requirements and unlimited deposits.

The account is currently earning 0.30% APY with average daily balances of at least $ 10,000. With competitive interest rates like this, you might not need a business savings account.

First Internet Bank doesn’t have its own ATMs, but you get up to $ 10 ATM fee reimbursement each month with a small business chequing account. There is no minimum initial deposit requirement to open a small business chequing account.

First commercial verification of Internet banking

For medium and large companies with a higher volume of transactions, there is commercial control. This checking account is designed for small businesses that need access to additional banking services such as swipe services, remote deposit capture, wire transfer services, and more. First Internet Bank also provides dedicated staff members specifically to work with business audit clients. There is no minimum initial deposit requirement to open a commercial checking account.

Other First Internet Bank Business Banking Products and Services

A strong checking account is a must for small businesses, but other business bank accounts can be useful in some situations. First Internet Bank also offers business deposit accounts to help you maximize business savings.

The Business Money Market Savings account is an interest earning account that earns up to 0.40% APY with a daily balance of $ 10,000 or less. Balances over $ 10,000 earn 0.25% APY. The account comes with a monthly maintenance fee of $ 5, waived with an average daily balance of $ 4,000. Money market savings accounts require an initial deposit of $ 100 to open.

The Business Regular Savings is an online business savings account. Similar to the money market account, regular savings earns up to 0.40% APY with a daily balance of $ 10,000 or less. Balances over $ 10,000 earn 0.25% APY. There is a monthly account charge of $ 2, waived with an average daily balance of $ 1,000. It also requires an initial deposit of $ 100 to open.

Keep in mind that money market savings accounts and regular savings accounts have a limit of six transactions per month. Additionally, ATM cards for these two accounts are for sole proprietorship only.

Business CDs are available in eight terms, ranging from three months to five years. These corporate CDs earn 0.25% to 0.96% APY, depending on the duration of the CD. The minimum deposit required to open a corporate CD is $ 1,000.

For a three-month CD term, the early withdrawal penalty is equal to 90 days of interest. For CD durations of six months to 18 months, the penalty is 180 days of interest. For CD durations of two to five years, the penalty is 360 days of interest.

Distinctive features

First Internet Bank is also a popular destination for businesses needing loans. Online banking offers loan products for a variety of business needs. Small business and business loan options include:

  • SBA 7 Loans (A)
  • SBA Express Loans
  • SBA 504 loans
  • Credit lines
  • Term loans
  • Home ownership loans
  • Net single-tenant lease financing
  • Residential development / construction financing
  • Commercial construction / multi-tenant financing

Access on the move

With no physical bank branches, business customers have to rely on digital options to do their banking. Business clients can manage their checking and other business accounts online. You can use your online account to make payments and send money to people and suppliers. Electronic bank statements are always available free of charge through First Internet Bank. Small Business Checking customers also have access to remote and digital deposit options.

The other way business customers can manage their accounts is through the bank’s mobile app, which is available on iOS (rated by customers with 4.8 out of 5 stars on the App Store) and Android (rated 4 , 4 out of 5 stars on Google Play). The app allows customers to manage their accounts, view transaction history, pay bills, transfer funds, and make mobile check deposits.

Small business clients also have access to a dedicated team of banking experts by phone at 888 873-3424 or by email at [email protected]

Benefits

  • Competitive interest rates on current accounts
  • No monthly fees on your small business chequing account
  • Monthly refunds of ATM fees up to $ 10
  • Several business savings options available

The inconvenients

  • No physical bank branches
  • No ATM network

How does the # 1 internet bank compare

The First Internet Bank Small Business Chequing Account is a great option for businesses looking for a no-frills checking account with little to no fees or balance requirements to worry about each month. With unlimited transactions, there is no cap on how you bank each month. Plus, Small Business Checking enjoys a competitive interest rate that rivals many online savings accounts.

Keep in mind that First Internet Bank does not have local branches. It is not the best choice if your business needs access to in-person banking. That said, as one of the oldest online banks, First Internet Bank offers tailored online and mobile banking services.

Forbes Advisor also reviewed the personal banking services offered by First Internet Bank.

Frequently Asked Questions

Is the First Internet Bank FDIC insured?

Yes, First Internet Bank of Indiana is FDIC insured (FDIC # 34607). The federal government protects your money up to $ 250,000 per depositor, for each category of account holder, in the event of bank failure.

Does First Internet Bank offer small business loans?

Yes, First Internet Bank offers a plethora of loan options for small businesses and commercial applications. Loan options include various loans, lines of credit, and refinancing.

Does First Internet Bank have bank branches?

No, as an online bank, First Internet Bank does not have physical bank branches for in-person banking services.

Does First Internet Bank offer business savings accounts?

Yes, First Internet Bank offers a regular savings account and a money market savings account for business customers. Both accounts earn interest and come with an ATM card.


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About Joan Ferguson

Joan Ferguson

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