First Internet Bank Business Checking Review 2024

First Internet Bank offers several appealing business bank accounts for small businesses, including two business checking accounts.

First Internet Bank Do More Business™ Checking

If you’re looking for a helpful business checking account that earns interest, look no further than Do More Business Checking. The interest-bearing business checking account comes with no monthly fees, minimum balance requirements or limits on monthly transactions. The account currently earns 0.50% APY for accounts with an average daily balance of $10,000.

If you also have a First Internet Bank Business Money Market Savings or First Internet Bank Business Regular Savings account, the bank offers a unique perk for automating transfers between checking and savings to earn more interest and maintain your desired balance. With the Balance Optimizer tool, you establish a daily target balance for your checking account. If your balance exceeds the target, extra funds are moved to your linked business savings account to earn a higher APY. If your balance falls below the target, the tool transfers funds from savings to reach the target.

Another noteworthy feature of Do More Checking is Cash Flow Analysis. With this tool, business owners can access cash flow forecasting and insights, plus details like debt-to-asset ratio and payroll expense ratio. Cash Flow Analysis integrates with select accounting software solutions.

First Internet Bank doesn’t have an ATM network, but the bank provides up to $10 in ATM fee reimbursements each month for fees charged by ATM operators.

First Internet Bank Commercial Checking

For midsize to large businesses with higher transaction volumes, there is Commercial Checking. First Internet Bank Commercial Checking is designed for businesses that need access to extra banking solutions like sweep services, remote deposit capture, wire services and zero balance accounts. First Internet Bank offers a dedicated Commercial Deposits team.

The bank has two commercial checking accounts to choose from: the First Internet Bank Commercial Premium Checking and First Internet Bank Commercial Analyzed Checking. Both accounts require a $100 minimum deposit to open and have no monthly fee. Premium Checking offers up to 300 free transactions per month. Analyzed Checking comes with unlimited transactions and an earnings credit to offset fees.

Business Regular Savings

The First Internet Bank Business Regular Savings APY on all balances and can be opened with as little as $100. There is a $2 monthly fee on the account, waived with a $1,000 average daily balance. ATM cards are available for sole proprietors, and monthly transactions are limited to six.

There are much more competitive business savings accounts out there.

Money Market Account

For maximizing interest and maintaining easy access to cash, a business money market account can be a good choice. The First Internet Bank Business Money Market Savings account earns competitive APYs based on your account balance: 3.46% APY with a daily balance of $5 million or below and 5.48% APY with a daily balance above $5 million.

Money Market Savings charges a $5monthly maintenance fee, waived with a $4,000 minimum average daily balance. These accounts require a $100 minimum initial deposit to open. You can make up to six transactions a month, and ATM cards are available for sole proprietors.

CDs

Business CDs are available with this bank in terms ranging from three months to five years. The First Internet Bank Business Certificates of Deposit currently earn high APYs from 4.14% to 5.31%. Interest is compounded and credited monthly.

The bank charges early withdrawal penalties of up to 360 days of interest for removing CD funds before maturity. The minimum deposit requirement to open a business CD is $1,000.

First Internet Bank is also a popular destination for businesses in need of loans. The online bank offers lending products for a variety of business needs. Small business and commercial lending options include:

• SBA 7(A) Loans
• SBA Express Loans
• SBA 504 Loans
• Lines of credit
• Term loans
• Owner-occupied real estate loans
• Single tenant net lease financing
• Residential development / construction financing
• Commercial construction / multi-tenant financing

With no physical bank branches, business customers must rely on digital options to do their banking. Business customers can manage their checking and other business accounts online. You can use your online account to make payments and send money to people and vendors. Electronic bank statements are always available for free through First Internet Bank. Small Business Checking customers also have access to remote and scanned deposit options.

The other way business customers can manage their accounts is through the bank’s mobile app, which is available on iOS (rated by customers as 4.8 of 5 stars on the App Store) and Android (rated 4.4 of 5 stars on Google Play). The app lets customers manage accounts, view transaction history, pay bills, transfer funds and make mobile check deposits.

Small business customers also have access to a dedicated staff of banking experts by phone at 888-873-3424 or by email at smallbusiness@firstib.com.

First Internet Bank’s Small Business Checking account is an excellent option for businesses looking for a no-frills business checking account with little to no fees or balance requirements to worry about each month. With unlimited transactions, there’s no ceiling on how you bank each month. Plus, Do More Business Checking earns a competitive interest rate that rivals many online savings accounts.

With no branch locations, First Internet Bank is not a good option if your business requires in-person banking services. That said, as one of the oldest online banks, First Internet Bank gets online and mobile banking right.

Forbes Advisor also has reviewed the personal banking services offered by First Internet Bank.