Our Take
4.4
NerdWallet rating
The bottom line:
First Internet Bank’s high-yield business money market account and Do More Business™ Checking accounts play well together, with automatic transfers to maximize earnings.
First Internet Bank Business™ Checking
Checking
Member FDIC
Monthly fee
$0
APY
0.50% With $10,000 min. balance for APY
Bonus
N/A
Learn more
at First Internet Bank, Member FDIC
Pros & Cons
Pros
- Free interest-bearing business checking.
- High-yield business money market account (3.46%APY).
- Fee-free ATM access; up to $10 in third-party fees refunded monthly.
- Extended customer support hours, including weekends.
Cons
- Checking account does not support cash deposits.
- Money market account does not offer checks and only provides ATM cards for sole proprietors.
- Deposited checks may be held for up to seven business days; nine for new accounts.
How does First Internet Bank compare?
First Internet Bank Business™ Checking Member FDIC | American Express® Business Checking Member FDIC | Bluevine Business Checking Deposits are FDIC Insured |
|---|---|---|
at First Internet Bank | at American Express National Bank | at Bluevine |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY 0.50% With $10,000 min. balance for APY | APY 1.30% With $0 min. balance for APY | APY 2.00% With $0 min. balance for APY |
Bonus N/A | Bonus N/A | Bonus $300 Requirements to qualify |
Full Review
While this review covers multiple First Internet Bank’s business accounts, the star rating above refers to the business checking account only.
First Internet Bank was an online bank before it was cool. Launched in 1999, it was the first online-only bank insured by the Federal Deposit Insurance Corp. Since then, they’ve expanded and evolved their offerings, building out a top-notch suite of business bank accounts and a robust SBA lending program.
First Internet Bank Do More Business Checking
At first glance, this looks like a simple, basic free checking account. But the bank’s Do More Business Checking has a few tricks up its sleeve. Starting with the “Balance Optimizer” feature, a set-it-and-forget-it tool that automatically transfers money to/from your First Internet business savings or money market account while maintaining your preferred minimum balance in your checking account.
You can also integrate your Do More Business Checking account with accounting platforms, including QuickBooks, Xero and Freshbooks, to get automated cash flow forecasting.
Other highlights of the Do More Business Checking account include no monthly fees or excess transaction fees, and a modest interest rate:
Earn 0.50% APY with an average daily balance of $10,000
.
First Internet Bank (Business)
First Internet Bank Business™ Checking
NerdWallet Rating
4.4
APY
0.50%
First Internet Bank Business Money Market
First Internet Bank’s Business Money Market Account is one of the best high-yield business savings accounts out there. It offers a super competitive interest rate that has remained steady despite recent interest rate cuts:
Earn 3.46% with a daily balance up to $5 million and 4.95% with a daily balance above $5 million.
The account has a small monthly fee ($5
, waived with an average daily balance of $4,000) and can be opened with as little as $100
. First Internet Bank (Business)
First Internet Bank Business Money Market Savings
NerdWallet Rating
4.0
APY
3.46%
First Internet Banks Business CDs
First Internet Bank’s business CD terms range from three months to five years, but you’ll get the best rate with the 12-month business CD (4.42% APY) or the 6-month CD (4.35% APY). All business CD terms require a $1,000 opening deposit and have an early-withdrawal penalty of 90 to 360 days of interest, depending on the term.
» MORE: Best business CDs
First Internet Bank business accounts are best for small-business owners who:
- Want access to multiple high-yield business accounts.
- Need a simple, free business checking account (and don’t need to deposit cash).
- Want an online business account with weekend and after-hours access to live phone support.
Need to make occasional cash deposits?
LendingClub Tailored Checking
offers fee-free cash deposits via compatible MoneyPass and SUM ATMs (and unlimited ATM fee rebates). This account also earns interest — 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that
— and offers unlimited 1% cash back on debit card purchases. Its business checking customers can also access a high-yield business savings account that earns 3.35% APY, as of this writing. First Internet Bank business checking and savings at a glance
First Internet Bank Business™ Checking | First Internet Bank Business Money Market Savings | |
Monthly fee: | $ 0 . | $ 5 ; Waived with an average daily balance of $4,000 . |
Minimum opening deposit requirement: | $ 100 . | $ 100 . |
APY: | Up to 0.50% . Terms apply. | 3.46% -4.95% APY. |
Transactions: | Unlimited. | Limited to six withdrawals or transfers per month. |
Bonus: | None. | None. |
How to open a First Internet Bank business account
First Internet Bank business accounts are available to U.S.-based businesses, provided the owner is at least 18 years old. Crypto exchanges, ATM operators, money service businesses, gambling companies and cannabis businesses cannot open a business account with First Internet Bank (or most other business banks, for that matter).
What you need to open an account
- Personal information: Name, address, date of birth, Social Security number and driver’s license or government-issued photo identification.
- Business information: Business name, address, phone number and website, as well as your tax identification number (EIN or SSN for sole proprietors), business structure, industry, annual revenue, number of employees and years in business.
- Business documentation: Articles of incorporation or other relevant business formation documents.
» MORE: Learn what you need to open a business bank account
First Internet Bank’s business account application also asks about expected account activity, including whether you plan to send or receive wire transfers and electronic transfers, whether those transfers will exceed $50,000, and whether they will be sent to or come from outside the U.S.
Where First Internet Bank business accounts stand out
Multiple high-yield accounts: You’re lucky to find one high-yield business account at most banks, but First Internet Bank serves up a smorgasbord. They offer one of NerdWallet’s top-rated business money market accounts (
3.46%
-4.95% APY) and multiple business CD terms that out-earn most other banks (the 12-month term earns 4.42% APY). The bank’s free Do More Business Checking account even earns interest: Earn 0.50% APY with an average daily balance of $10,000
.First Internet Bank also makes it easy to move funds between business checking and savings accounts with its “Balance Optimizer.” Simply set a minimum balance rule on your Do More Business Checking account and any funds beyond that will automatically be moved to your business money market or savings account. If the balance in your checking account dips below the minimum balance, First Internet Bank will automatically move funds back to the account.
ATM fee rebates on business checking: First Internet Bank isn’t part of any major ATM network. Instead, the bank allows customers to use any ATM with no surcharge. They will also automatically refund up to $10 in third-party ATM fees each month. For businesses that rely on semi-regular ATM access — say, once a week — that savings can add up.
Extended customer support hours: A common complaint about online-only banks is the limited access to customer support — especially by phone. But First Internet Bank’s dedicated business support specialists are available by phone from 7 a.m. to 9 p.m. EST Monday through Friday. The bank also has weekend phone support (a rarity for many online banks) from 9 a.m. to 3 p.m. EST on Saturdays.
Where First Internet Bank business accounts falls short
No cash deposits: The only way to deposit cash to First Internet Bank business accounts is at the bank’s sole brick-and-mortar location — its headquarters in Fishers, Indiana. That’s fine for businesses that don’t accept cash payments, but companies that deal with cash may want to look elsewhere (for business checking, at least).
A local brick-and-mortar bank can be a great option if you make cash deposits. And online banks like Axos, Relay and NBKC all accept cash deposits via compatible ATMs for no additional charge.
Limited withdrawals with the money market account: Money market accounts usually come with checks and a debit card, making it easier to use your funds as needed. First Internet Bank’s Money Market Savings account is an exception. Account holders cannot write checks on the account, and ATM cards are only available for sole proprietors. That means other business entities can only withdraw funds via ACH or wire transfers.
Want more ways to access your money? Prime Alliance Bank’s business savings and money market accounts earn up to
4.25%
and let you withdraw funds via check, wire, ACH and ATM. But you’re limited to six withdrawals or transfers per month (not including ATMs), and there’s a $10 fee for each transaction beyond that cap. First Internet Bank has the same withdrawal/transfer limit but doesn’t charge a fee if you exceed that threshold, though they may switch your money market account to a checking account if you make a habit of it.
Long hold on funds for new customers, large deposits: Mobile check deposits for new accounts (less than 30 days old) can be held for up to nine business days. More established accounts may need to wait up to seven business days to get full access to deposited checks if they deposit more than $5,525 in a single day.
While holding large deposits and check deposits from new accounts is a standard fraud-prevention tool, nine days is long and inconvenient for new customers. To maintain access to your money, avoid depositing all your business’s assets at once. Using ACH or wire transfers can also help ensure prompt access to your funds.
If most of your business’s deposits are via check, you may want to consider
Bank of America® Business Advantage Fundamentals™ Banking
, which has a shorter hold time (generally up to five business days) for new accounts. Bank of America also has thousands of branch locations where you can deposit checks in person for quicker processing.Learn more
at First Internet Bank, Member FDIC
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