First Internet Bank Money Market Savings Account 2025 Review

Money market accounts combine features of checking and savings accounts into one secure place to keep your cash. First Internet Bank Money Market Savings offers a competitive APY, though you'll need to meet a minimum balance requirement to avoid a monthly fee. 

The First Internet Bank Money Market Savings account offers flexible access to funds, with an APY far above the national average. You can open an account online with $100 and you'll have access to cash at ATMs. 

You might consider this money market account if you:

• Are looking for a high-yield savings option
• Would like ATM access to your savings
• Tend to keep a higher balance in savings
• Are comfortable with an online banking experience

If you're looking for more ways to manage your money, First Internet Bank offers checking accounts, CDs, IRAs, and regular savings accounts.

Find the Best Savings Account Rates - Compare Now

Unlock exclusive savings rates and gain access to top-tier banking benefits.

Compared to Other Online Savings Accounts

U.S. Bank Elite Money Market Account

The U.S. Bank Elite Money Market account features an exceptional APY once your balance reaches $50,000. Otherwise, you'll earn a much lower rate on your savings. The upside is that you can access your money with an ATM card, debit card, and paper checks. 

Read our full editorial review of the U.S. Bank Elite Money Market account

Byline Bank Online Money Market Account

Byline Bank offers several money market accounts to help you grow your savings. The Online Money Market account pays an excellent rate but you'll need at least $5,000 to open the account. This account is only available online and you'll need to use new money, meaning funds from a different bank, to make your first deposit. 

Read our full editorial review of the Byline Bank Online Money Market account

Synchrony Bank Money Market Account

The Synchrony Bank Money Market account has no opening deposit requirement, no minimum balance requirements, and no monthly fees. The APY isn't as high as what you could get with First Internet Bank but you get simplicity, plus access to your money with paper checks and an ATM card. If you're looking for higher rates, you might consider a Synchrony Bank CD instead. 

Read our full editorial review of the Synchrony Bank Money Market account

Axos Bank High Yield Money Market Account

Axos Bank offers a high-yield money market account with no minimum balance requirements or monthly fees. While you'll earn interest, the APY is well below what you could get with other online money market accounts. There's no opening deposit requirement to get started and this account includes a debit card for convenience. 

Read our full editorial review of the Axos Bank High Yield Money Market account

Interest Rates

First Internet Bank pays a competitive rate to money market savers. Rates are tiered, based on your balance. 

You'll earn one rate for balances under $1 million and a higher rate for balances over $1 million. That means you'll need to keep a lot of money in your account to earn the highest advertised APY. 

So is this account worth it? You could earn a comparable APY elsewhere, without having to meet such a large minimum balance requirement. 

As you compare money market account rates, look at the fine print. 

• Are rates tiered or do you earn the same APY across all balances?
• If rates are tiered, what balance will you need to get the highest APY?
• Is interest capped or reduced once you reach a certain balance threshold?
• Do you need to complete any qualifying activities to earn the advertised rate?

Some banks require you to set up direct deposit or deposit a certain amount each month to earn interest. First Internet Bank doesn't do that but you will have to meet a steep minimum balance requirement to avoid a monthly fee. 

Fees

Online banks have a reputation for being fee-friendly, or at least less expensive than traditional banks. First Internet Bank does have some fees to be aware of. 

Here's what you'll pay.

Other Service Fees - First Internet Bank Money Market Savings

The main fees to be aware of are the monthly maintenance fee and the excess withdrawal fee. 

The monthly fee kicks in if you fail to maintain a $4,000 minimum daily balance. You'll pay an excess withdrawal fee if you have more than six withdrawal transactions per month. 

If you typically keep a higher balance in savings, then avoiding the monthly fee might not be too difficult. However, if you're just getting started with saving then you might want to consider a different money market account with no monthly fee. 

ATM Access

First Internet Bank offers an ATM card to money market savers. Nowhere on the website does the bank specify which ATMs you can use for free. 

You can get up to $10 in foreign ATM fee refunds monthly. That's a nice benefit but if you're paying more than that in fees to use the ATM, those rebates may not go very far. 

If you're interested in a money market account that offers an ATM or debit card, consider:

• Which ATMs you can use fee-free
• Whether the bank charges a fee to use another bank's ATM
• ATM fee rebates, if offered, and how much you can get refunded per month
• Daily withdrawal limits

You can withdraw up to $750 per day at the ATM with a First Internet Bank account.  

Check Writing

Some money market accounts offer paper checks that you can use to pay bills, cover expenses, or write out to cash. First Internet Bank doesn't include paper checks with its money market account. 

You could, however, get a cashier's check. You'll just pay a $5 fee for each check. 

Whether check writing is a dealbreaker for you depends on how you plan to use your money market account. For example, if you're saving to buy a car then you might appreciate being able to write a check for the down payment or purchase amount directly from savings. 

Account Management

First Internet Bank offers online and mobile banking to help you stay on top of your finances. You can also use ATMs to withdraw cash.  

We've already mentioned the $750 daily limit on ATM withdrawals. First Internet Bank imposes a default withdrawal limit for all transactions on new accounts. 

• Daily limit: $5,000 per rolling 30 days
• Monthly limit: $25,000 per rolling 30 days

If you'd like to increase those limits you'll have to fax a written request to First Internet Bank.

First Internet Bank is a Zelle partner so you can log in to online or mobile banking to send and receive payments. You'll also need to log in to check your Zelle transfer limits. There are no fees to use this service. 

FDIC Insurance

FDIC insurance protects consumers in case a bank fails. If that happens, the FDIC steps in to help the bank's customers get their money back. 

First Internet Bank is an FDIC-insured financial institution. So your accounts are safe, up to the FDIC coverage limit of $250,000 per depositor. 

This limit applies to every bank you have accounts with. So if you plan to keep a lot of cash in savings you may want to spread it around at different banks so it's all covered. 

Frequently Asked Questions

Is First Internet Bank a good bank?

First Internet Bank could be a good bank for people who prefer online banking and want to earn higher rates on savings. There are no branches, which may be a downside for some, and compared to other online banks the fees are a little higher. 

How does a money market account work? 

Money market accounts pay interest on savings balances but they can give you multiple ways to access your money. So, you might be able to write checks, use a debit card to spend, or withdraw cash with an ATM card. Money market accounts are not all alike so you'll need to shop around to see which banks offer the best combination of features.  

Is a money market account better than a savings account? 

A money market account is a type of savings account and whether it's better than another banking option is all in the details. For example, a money market account that pays a solid rate and comes with a debit card or ATM card could be more attractive to you than a high-yield savings account that only allows for ACH transfers. Considering what you need from a savings account and shopping around to compare options can help you decide if a money market account makes sense.