First Internet Bank offers a good money in the bank deal through their Money Market Savings account which earns 1.25% APY for balances through $49,999. Any deposits above the first tier will earn a higher interest rate of 1.50% APY.

Aside from the best money market rates, First Internet Bank only requires a very low initial deposit requirement of $100 to open an account. Remember though to stay above $4,000 to avoid a monthly service charge of $5.

If you will look at the structure of the tiered money market savings, the current interest rates are comparatively lower than the previous yields. The money market though is still a money in the bank deal looking at the overall climate of savings.

Interested consumers can click the apply button from the money market promo page. You can contact their customer service line through 1888-873-3424 if you have questions about their products.

Some perks which come with it are free access to mobile banking, phone banking, online banking, and unlimited deposits. You can monitor your account with the free electronic statements the bank will send you. They also offer for free FinanceWorks which basically can help you with your budget and management of personal finances.

The money market account is also limited to six withdrawals per month. It will cost you $5 for every excess transaction you will complete every month.

Take note that the interest rates page was last updated 18 December 2009. The small fonts say the bank usually updates the site 10am Eastern. It will be best to check the site for the latest figures or call their hotline.

The First Internet Bank is headquartered Indiana. It is covered by the FDIC.