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Best Banking Deal Ever!

August 28th, 2015 at 08:58 am

I think the very best deal out there for banks in at First Internet Bank (www.firstib.com).

First IB is a full service bank that provides checking, savings, car loans, mortgages, IRAs, CDs, etc. But they only have a single branch, their primary business is on the web. That keeps their costs way down. Some of the cool stuff:

1. 0.55% interest on checking
2. 0.80% interest on money market savings
3. $10 per month rebates on ATM charges at any ATM
4. Some of the highest rates in the country on CDs
5. Free Financeworks software (Essentially Quicken)
6. Postage paid envelopes for deposits

Altogether that should save you a good $200 a year versus some of the majors like Wells Fargo.

But I think maybe one of the best things is that since they actually do run a physical branch, you are not dealing with some call center based in India when you have a question. You talk to one of the bankers at their branch in Indiana. They answer the phone quickly and they know their stuff.

The downside? Cash deposits can be a bit of a pain, as with any web based bank.

Considering the combination of high rates, full service banking and free services, I think it's the best banking deal out there, maybe the best ever.

5 Responses to “Best Banking Deal Ever!”

  1. Joan.of.the.Arch Says:

    Postage paid deposit envelopes sounds awfully quaint for an online bank. Are there no mobile or online scanned deposits, no ATM cash deposits? I'd also expect no fees for ATM. As for saving $200 per year, I would not do checking business with a bank that is going to cost me money. I do have an online account, plus brick and mortar local institutions that interface nicely with my online account. They have lots of electronic services as well, with one of them offering 4.01% consistently for years now, as I posted recently on one of the threads on the discussion forums here.

  2. snafu Says:

    A lot of Credit Unions offer a 'cash back' system for their mortgages and on higher balance auto loans. I think SA participants need to compare the various services offered by different institutions and 'cherry pick' what suits their needs best. Electronic photo phone deposit is fast, easy, efficient. Snail mail is not practical in my world.

  3. donald_s Says:

    I did not list all of the services or I would have gone on and on. Of course First IB offers free bill pay, free electronic check deposits, etc. I just thought the envelopes were a nice addition.

    Joan no bank offers 4.01% on an FDIC insured savings account or CD, unless it's a teaser rates on the first, $500, etc. If they did, the bank would get literally a $1 trillion in deposits.

    I think you both missed my point. If you have accounts with four different institutions, you may indeed save more money. But there is the cost and the hassle of dealing with that. I don't believe any single bank, credit union or broker has the same combination of low cost services, and interest on your savings. And if you do know another one, please share, I'd love to post about it. They aren't paying me a commission or something Smile.

  4. Joan.of.the.Arch Says:

    Yes, thank you, I looked at their webpage and saw that, of course, they have mobile and online deposits. I was just surprised at free postage for deposits.

    The bank I mentioned does offer 4.01% on $10,000 and below, but that is not applicable higher amounts. There are some ancillary requirements. I did not intend to communicate that it is a savings account, as it is a checking account.
    https://www.fcnb.com/personal-checking.htm
    I agree that institutions differ in what they offer.

    Accounts at four institutions (3 banks, 1 credit union) are beneficial to me. It doesn't cost me much time at all. I will consolidate to fewer or even open more accounts if I see reason to.

  5. donald_s Says:

    Joan, that's great that it works for you. For the 4.01% on checking at FCNB, you are required to do direct deposit every month and also to do at least 20 debit card transactions each month and get electronic statements, otherwise, it's .01%. Thanks for sharing the resource.

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