• This bank is best for those small business owners looking for a free checking account and online-only services.
  • There are no introductory offers at First Internet Bank.
  • $15-25 in monthly maintenance fees if balance requirements aren’t met.
  • This is a 100% online bank with no ATMs and no physical locations.
  • Unlimited transactions for small business checking accounts and iScan deposit or remote deposit capture.
  • There are no banking locations for in-person financial services.
  • To apply for a business checking account, start your application online or talk to a representative on the phone.

Is First Internet Bank easy to use?

First Internet Bank is truly a no-frills alternative to traditional banking for small businesses to large corporations. There are no locations to visit and all services are online or mobile. If you are a business owner that likes to bank from the office or from your phone, their services are incredibly sleek and easy-to-use.

Check out our roundup of the Best Small Business Checking Accounts

What are First Internet Bank’s checking account options?

First Internet Bank offers three different accounts to cater to how you do business and how many transactions you process on average.

Small Business Checking

This account is best for small business owners and sole proprietors.

  • $500 to open the account
  • Minimum balance is $10,00 to avoid $25 maintenance fee
  • Unlimited Transactions

Commercial Premium Checking

This account is for growing businesses.

  • $1000 to open the account
  • Minimum balance is $25,00 to avoid $15 maintenance fee
  • 300 free transactions

Commercial Analysis Checking

This is for businesses looking to have a credit account

  • $1000 to open the account
  • Credit covers service rate  
  • Unlimited Transactions

Does First Internet Bank offer checking account bonuses?

There are no introductory offers for new customers at the First Internet Bank at this time.

What are First Internet Bank’s fees?

The First Internet Bank has low fees compared with bigger banks that have physical locations.

  • $10 monthly ATM rebate for out-of-network ATM fees (does not apply to small business checking)
  • $15-25 monthly service fee that can be avoided if the minimum balance is met
  • $0.25 per item over 300 transactions on Commercial Checking Account
  • Paper Statement: $3
  • Stop Payments: $30
  • Incoming Wire Transfer Fee: $15
  • Outgoing Wire Transfer Fee: $20
  • Outgoing Foreign Wire Transfer: $50
  • Cashier’s checks: $5 each
  • Check copies: $5 per copy
  • Dormant Account Fee: $5 per account
  • Uncollected Funds Fee: $30

How big is First Internet Bank?

First Internet Bank was founded in Indiana, but is an entirely online bank first called First IB. It was founded in 1997 by David B. Becker and fully incorporated in 1998. Their focus has been primarily on online retail banking and investment in securities. Despite not having any bank locations, they do have a great reputation for having fantastic customer service on the phone that helps them attract and retain clients. While there are no ATM locations there are ways to avoid paying out-of-network fees when you have a business checking account.

What are First Internet Bank’s checking account features?

First Internet Bank has pretty standard special features to meet the average business needs. Things like online bill payment and ACH Origination along with Quickbooks integration.

Online Bill Payment

  • Do all of your banking online and automate bill pay directly from your business checking account.

ATM Surcharge Rebate

  • Commercial checking accounts and Commercial Analysis checking offer $10 monthly rebates to cover out-of-network ATM use.

Business Debit Card

  • Link your checking account with a First Internet Bank business debit card.

Treasury Management Services

  • Access deposit accounts, commercial credit cards, and commercial loans.
  • View balance and detailed reports
  • Make stop payments
  • Internal deposit and account transfers
  • Alerts
  • ACH Origination (disbursements and collection)
  • Multi-Factor Authentication for an added layer of protection against fraud and theft
  • Security Key for additional security when processing ACH and wire transfers
  • Quickbooks and Quicken integration with Comma Separated Value file compatibility
  • Referrals to effective and flexible merchant services

iScan Deposit or Remote Deposit Capture

  • Bank from anywhere with remote deposit capture to drop checks directly into your business checking account on the go.

How do I open a First Internet Bank account?

To open a business checking account with the First Internet bank you have to meet the following initial eligibility requirements:

  • Be a legal US resident
  • Be at least 18 years old
  • Be a signer who is authorized to open accounts on behalf of the business
  • Be a US-based business

You will need to provide First Internet Bank with the following documents to finish signing up for a business checking account: 

You can apply for a business checking account in minutes. If you would like additional assistance with this process, feel free to call the First Internet Bank representative number to speak with an employee.


First Internet Bank’s business checking accounts are really best for those businesses who do not need in-person services or cash flow management solutions. This is a very stark business checking account with low fees and few special features and no introductory offers. There is not the traditional support that you would receive at a bigger bank, but the online banking portal and mobile app are incredibly easy-to-use. While it might not be the fanciest business checking account with the most add-on features, it does simplify business checking for business owners who are always on the go.