First Internet Bank Money Market Savings

First Internet Bank of Indiana opened in 1999 and claims to be the first state chartered, FDIC insured institution to operate entirely online. Its Money Market Savings account is a straightforward deposit product with ATM access. The posted APY is 3.09% on daily balances of $1,000,000 or less, rising to 3.88% when the daily balance is above $1,000,000, with rates last updated on the bank's site October 2, 2026. The account opens with $100. First Internet Bank states there is no balance requirement to obtain the disclosed annual percentage yield, so the 3.09% applies from the first dollar. Deposits are FDIC insured up to $250,000 per depositor for each ownership category. The catch is the monthly fee, and it is the single most important number on this page. First Internet Bank charges $5 a month unless you maintain a $4,000 average daily balance. On a $2,000 balance that $60 annual fee takes up almost the entire year of interest (about $62 at 3.09%), so the account only makes sense above the waiver threshold, where the fee disappears and the math works normally. Access is partial. First Internet Bank rebates up to $10 per month in surcharges for foreign ATM use, with a $750 daily ATM withdrawal limit. The bank's savings page ties debit card use to its Free Checking account, and none of the Money Market pages we read says this account comes with a debit card or check writing, so confirm both with the bank before relying on them. A cashier's check costs $5 each. Consider it if you keep a comfortable five figure balance and want ATM access to that money. The upper tier pays 3.88% APY when the daily balance is above $1,000,000. Skip it if your balance is small or fluctuates near $4,000, because the fee risk is real and the waiver is measured on average daily balance, not the balance on any single day. Skip it if you need check writing, which the bank's pages do not confirm for this account.