Quicken Loans vs. First Internet Bank: Which Is Better?

The digital banking revolution has transformed how we manage money, and two standout players—Quicken Loans (now Rocket Mortgage) and First Internet Bank—offer unique advantages for modern consumers. Whether you’re refinancing a home, opening a high-yield savings account, or navigating today’s volatile economy, choosing the right financial partner is critical. Let’s dive into how these two institutions stack up in 2024.

The Rise of Digital Banking: Why It Matters Now

Traditional brick-and-mortar banks are no longer the default. With inflation, remote work trends, and the demand for seamless tech, online banks like First Internet Bank and lenders like Quicken Loans dominate conversations. Here’s why:

• Speed and convenience: Digital approvals in minutes, not weeks.
• Lower overhead costs: Often translates to better rates and fewer fees.
• Global accessibility: Bank from anywhere—ideal for digital nomads.

Quicken Loans (Rocket Mortgage): The Mortgage Giant

Quicken Loans, rebranded as Rocket Mortgage in 2021, revolutionized home lending with its fully online process. It’s America’s largest mortgage lender, but how does it fare beyond loans?

Pros:

• Lightning-fast approvals: Their proprietary tech platform streamlines underwriting.
• Transparent pricing: No hidden fees, a rarity in the mortgage industry.
• AI-driven tools: Customized loan recommendations based on real-time data.

Cons:

• Limited product range: Primarily focused on mortgages, not a full-service bank.
• Higher rates for some borrowers: Competitive but not always the cheapest.

First Internet Bank: The Full-Service Digital Challenger

Founded in 1999, First Internet Bank offers checking, savings, mortgages, and even commercial banking—all online. It’s a one-stop shop for those ditching traditional banks.

Pros:

• High-yield savings and CDs: Rates often beat national averages.
• No monthly fees: A win for cost-conscious consumers.
• Personalized service: 24/7 customer support with real humans.

Cons:

• Slower mortgage processing: Less tech-driven than Quicken Loans.
• No physical branches: A dealbreaker for cash-heavy users.

Key Comparison Points

1. Mortgage Experience

Quicken Loans excels here. Their fully digital mortgage process (think e-signatures and instant verification) is unmatched. First Internet Bank offers mortgages but lacks the same speed.

Winner: Quicken Loans for tech-savvy borrowers.

2. Savings and Deposits

First Internet Bank’s high-yield savings accounts (APYs up to 5.00% in 2024) outshine Quicken Loans’ limited deposit options.

Winner: First Internet Bank for savers.

3. Fees and Transparency

Both score well, but First Internet Bank edges ahead with no monthly fees on most accounts. Quicken Loans’ mortgage fees are competitive but not always the lowest.

Winner: First Internet Bank.

4. Customer Support

First Internet Bank’s 24/7 U.S.-based support trumps Quicken Loans’ sometimes-overwhelmed mortgage-focused teams.

Winner: First Internet Bank.

The Sustainability Factor

With climate change driving ESG (Environmental, Social, Governance) investing, borrowers now ask: Do these banks align with my values?

• Quicken Loans: Parent company Rocket Companies has pledged carbon neutrality by 2025.
• First Internet Bank: No public sustainability commitments—a missed opportunity.

The Verdict for Different Users

Choose Quicken Loans If…

• You need a mortgage or refinance fast.
• You prefer cutting-edge fintech tools.

Choose First Internet Bank If…

• You want a full-service online bank with great savings rates.
• Fee-free banking is a priority.

The future of finance is digital, and both these players are leading the charge—just in different ways. Your choice depends on whether you prioritize mortgage innovation (Quicken Loans) or holistic digital banking (First Internet Bank).