The First Internet Bank Money Market Savings account is one of two personal savings products offered by the bank. It requires a minimum deposit of $100 to open—a relatively low balance for a money market account. The account offers interest based on two balance tiers. You can earn:
- 3.77% APY with a daily balance of $1,000,000 or less, or
- 4.69% APY with a daily balance over $1,000,000
While the top rate is significantly higher than the other, both are well above the current average money market rate. Interest compounds and is credited to your account monthly.
The account does have a monthly maintenance fee of $5, though you can waive it with an average daily balance of at least $4,000.
First Internet Bank does enforce transaction limits for its money market account. You can make up to six transfers or withdrawals of certain types per statement cycle. Beyond that, you’ll pay $5 per transaction.
While First Internet Bank doesn’t have an ATM network, it also doesn’t charge for ATM transactions and offers $10 per month in ATM surcharge rebates. After opening an account, you can call or email customer service to request an ATM card.
First Internet Bank is an online bank with no in-person locations.