Let $R$ be a commutative, unital ring with an action of a finite group $G$.
If $G$ fixes a subring elementwise over which $R$ is finitely generated (e.g. if $R$ is a f.g. $k$-algebra, for $k$ some ring, and $G$'s action is by $k$-algebra automorphisms), then $R$ is finite over $R^G$, since under all circumstances it is integral over $R^G$, and in the present situation it is also finitely generated.
On the other hand, it seems plausible to me that in general, $R$ needn't be finite over $R^G$.
(1) Is this true?
(2) If "yes," how much pathology in $R$ is needed for it to happen? Can it be an integrally closed noetherian integral domain?
(3) Here is a toy example: $R=k[x_1,y_1,x_2,y_2,\dots,x_i,y_i,\dots]$; $G = \mathbb{Z}/2\mathbb{Z}$, with the generator interchanging $x_i$ and $y_i$ for all $i$. In this specific case, is $R$ finite over $R^G$?
Mohan's comment shows that the answer to (1) is "yes" because the answer to (3) is "no". (2) is still open but I'll be satisfied with answers to (1) and (3) and mark the question answered.