The first state-chartered, FDIC-insured bank to operate only over the internet, First Internet Bank opened in 1999, long before internet-only banking was the norm. And more than two decades later, it still bills itself as a lower-overhead alternative to a traditional business bank, with fee-free checking, competitive yields, and a full commercial lending arm that includes SBA loans. This review looks at the accounts, the fees, and the real customer feedback, so you know what you’re actually signing up for.
Open a Business Account with First Internet Bank
Key Benefits of First Internet Bank Business
- No monthly fee or minimum balance on Do More Business Checking
- Uncapped 0.50% APY on checking balances of $10,000 or more
- Full commercial banking suite, including SBA loans and treasury management
- FDIC coverage extended up to $500,000 through an insurance network
- QuickBooks integration and cash flow analytics tools built into the dashboard
About First Internet Bank
Company Overview
Founded by David Becker, who is still Chairman and CEO today, First Internet Bank opened its doors to the public in February 1999. It is the nation’s first state-chartered, FDIC-insured financial institution to be run entirely online. The Indiana-based bank is the only subsidiary of publicly traded First Internet Bancorp (Nasdaq: INBK). It has no physical branches, and you do your banking online, by phone, or through the mobile app.
Who Should Use It
The core audience is small business owners and sole proprietors who want fee-free checking with a real yield, as well as businesses that need SBA financing or treasury management tools without the overhead of a traditional branch-based bank. There are no restrictions on the industry or legal structure. Corporations, LLCs, partnerships, and sole proprietorships all can apply.
Business Account Options
First Internet Bank’s business lineup covers day-to-day banking as well as reserve cash and fixed-term savings.
| Account | Monthly Fee | Best For |
|---|---|---|
| Do More Business Checking | None; no minimum balance | Small businesses and sole proprietors wanting unlimited fee-free transactions |
| Commercial Checking | Varies by transaction volume | Higher-volume businesses needing treasury management tools |
| Business Savings / Money Market | None on most tiers | Businesses parking reserve cash for a tiered, competitive APY |
| Business CDs | None; early withdrawal penalty applies | Businesses locking in a fixed rate on funds they won’t need short-term |
Treasury Management & Lending
Beyond checking, First Internet Bank offers zero-balance accounts, ACH origination for both disbursements and receipts, and sweep services aimed at businesses managing more complex cash flow. On the lending side, it provides commercial real estate and commercial and industrial loans, along with SBA loans, including SBA Microloans, giving growing businesses a financing path that many purely digital competitors simply don’t offer.
Digital Experience & Fees
Everything runs through the online dashboard and mobile app, with remote deposit, online bill pay, e-statements, and a Balance Optimizer feature that automatically moves excess checking funds into a savings or money market account to capture a higher yield. First Internet Bank also reimburses ATM fees charged by other banks, a real convenience given the lack of a proprietary ATM network. FDIC coverage extends up to $500,000 per depositor, double the standard $250,000, through the bank’s use of an extended insurance network.
Customer Support & Reputation
First Internet Bank holds an A+ rating with the Better Business Bureau, but its BBB customer reviews average just 2.1 out of 5 stars from 47 reviews. Trustpilot ratings sit in a similar range around 3.3 out of 5. The recurring complaint theme is not the accounts themselves but the application process. Several customers report checking or CD applications being declined with little to no explanation. SBA loan applicants describe underwriting as slow and document-heavy. Once there is an actual account open, the reviews are consistently positive about the competitive rates and digital convenience.
Pros and Cons
| Pros | Cons |
|---|---|
| No monthly fee or minimum balance on Do More Business Checking | No physical branches; cash deposits are limited to ATMs |
| Uncapped 0.50% APY on checking balances of $10,000 or more | BBB customer reviews average just 2.1 out of 5 stars |
| Full commercial suite: SBA loans, treasury management, sweep services | Multiple complaints about account and loan application rejections with little explanation |
| FDIC coverage up to $500,000 through an extended insurance network | SBA and commercial loan underwriting can be slow and document-heavy |
| QuickBooks integration and free ATM fee reimbursement |
First Internet Bank vs Bluevine
Bluevine is the digital-first business checking account that comes up constantly in this comparison, though the two aren’t really solving the same problem.
| Factor | First Internet Bank Business | Bluevine Business Checking |
|---|---|---|
| Type of institution | Directly FDIC-chartered bank | Fintech; banking via Coastal Community Bank |
| Checking APY | 0.50% uncapped, on $10,000+ balance | Up to 1.3%–3.0% on tiered plans, activity required |
| FDIC coverage | Up to $500,000 via insurance network | Up to $3,000,000 via sweep network |
| SBA loans & commercial lending | Yes, including SBA Microloans | Not offered |
| CDs | Yes, multiple terms | Not offered |
| Best for | Businesses wanting full-service banking with lending | Businesses wanting simple, high-yield digital checking only |
Neither is a strict upgrade over the other. First Internet Bank fits businesses that want an actual chartered bank offering SBA loans, CDs, and treasury management alongside checking. Bluevine fits businesses that just want a simple, high-yield checking account without needing a lending relationship.
Is First Internet Bank Worth It?
Worth it if you want fee-free business checking with a real yield and may eventually need SBA financing or treasury management from the same institution. Less compelling if you’re purely looking for the highest possible checking APY, since Bluevine’s top tier pays more, or if the application-rejection complaints give you pause about a smooth onboarding experience. For a business that wants one bank to grow into, it’s a reasonable, well-established choice.
Frequently Asked Questions
Is First Internet Bank Business FDIC insured?
Yes. Coverage extends up to $500,000 per depositor through an extended insurance network, double the standard $250,000.
Does First Internet Bank charge monthly fees on business checking?
No. Do More Business Checking has no monthly fee and no minimum balance requirement.
Can I get an SBA loan through First Internet Bank?
Yes, including SBA Microloans, alongside commercial real estate and commercial and industrial loans.
Does First Internet Bank have physical branches?
No. It operates entirely online, by phone, and through its mobile app, with ATM fee reimbursement in place of a proprietary ATM network.
Is First Internet Bank better than Bluevine?
Depends on your needs: First Internet Bank offers full commercial banking and SBA loans, while Bluevine offers a higher top-tier checking APY without a lending relationship.
Final Verdict
First Internet Bank has genuine staying power as one of the original online banks, and its business lineup — fee-free checking, a real yield, SBA lending, and treasury management — goes further than most digital-only competitors.
The rough edges show up in the application and onboarding process, where BBB and Trustpilot reviews point to real friction. For a small business willing to work through that upfront process in exchange for a full banking relationship, including lending, First Internet Bank is a solid, long-established option worth comparing against pure fintech alternatives.
Apply for Business Banking at First Internet Bank
