Finding the Best Banks in Indiana
Indiana is home to hundreds of banks. Some are national. Others laid their roots in the state and continue to serve its communities. But deciding which one to work with can be a hassle. You’d have to consider different banking products, fees, interest rates and more. But don’t worry. The banking experts at SmartAsset have dug up this information for you. We’ve made a list of the top banks Indiana has to offer, along with details about what makes them stand out.
|Ally Bank Read More||0.75%||$0|| |
|Chase Bank Read More||0.01%||$25|| |
|Fifth Third Bank Read More||0.01%||$0|| |
|CIT Bank Read More||0.55%||$100|| |
|1st Source Bank Read More||0.01%||$1|| |
|Old National Bank Read More||0.04 - 0.06%||$50|| |
|BMO Harris Bank Read More||0.01%||$25|| |
How We Determine the Best Banks in Indiana
We started out by collecting data on the largest banks in the state. Then we analyzed important details of each one. We explored affordability of products, interest rates on savings options, customer service and more. Ultimately, this allowed us to create a list of the top five banks in Indiana and where they ranked. So read on to learn more about where you can find the best customer service, the latest digital banking features, the best checking accounts and more.
Ally Bank: The Top Savings Account
Are you unsatisfied with the savings rates at your bank? Although the branchless nature of Ally could place it far out of the comfort zone of traditional banking customers, its interest rates are certainly worthy of attention. The Ally Online Savings Account has a 0.75% APY, which is around 10x the national average, according to Ally. In addition to this, the account doesn’t have a minimum initial deposit or monthly maintenance fees.
The Ally Interest Checking Account, as its name states, also earns interest without fees or a minimum deposit. Account holders with a minimum daily balance above $15,000 will secure a 0.25% APY, though anyone beneath that threshold receives a lackluster 0.10% APY. Ally will subsequently hand you a free debit card once you open your account. You can use your card to make purchases or withdraw cash at ATMs. The Allpoint ATM network is partnered with Ally, affording customers fee-free access to 55,000 ATMs around the world. Should you encounter non-Allpoint ATM charges, Ally will reimburse up to $10 per statement cycle.
The quality of a bank’s app is more important than ever. Ally’s mobile offering provides a number of valuable services, such as mobile check deposit, online account statements and transaction histories, an ATM locator and peer-to-peer money transfers through Zelle®. The app has held up well under scrutiny, as more than 20,000 customer reviews on the Apple and Android app stores have led to an average rating of 4.35 stars out of 5.
Best National Bank with Branches in Indiana: Chase Bank
When it comes to banks, Chase lays the largest footprint in the Hoosier State. Indiana is home to more than 100 branches and even more fee-free ATMs. So you shouldn’t have trouble accessing your money or exceptional customer service in your area.
And you can find everything you’d expect from a banking giant like Chase when you walk into any of its branches. Chase offers everything from basic checking accounts to mortgages and investment products. You can also find retirement planning and college savings services. In addition, Chase has its own financial advisors who can help with every aspect of your financial life.
But even if your finances aren’t overly complex, you can find affordable deposit options. For instance, you can open a Chase Total Checking account with a $25 minimum deposit. And the bank waives its $12 monthly service fee if you do any of the following each monthly statement period:
- Make a direct deposit of at least $500
- Keep at least $1,500 at the beginning of each day or more in this account
- Maintain an average beginning day balance of at least $5,000 in a combination of the Chase Total Checking account and any other linked qualifying accounts with Chase.
Chase also has two savings accounts. Its basic savings option carries a $5 monthly service fee. But you can avoid it by keeping a beginning day balance of at least $300 in the account during the statement period. Chase will also waive the fee if you complete any of the other tasks required to waive the monthly fee on the Chase Total Checking account.
However, the annual percentage yields (APYs) and interest on Chase’s savings options aren’t the strongest in the industry. So they can’t compete with the best savings accounts. Still, both choices are reasonably affordable to manage. So you can avoid having your savings eaten away by fees. Plus, opening any account with Chase gives you certain benefits. For example, you’ll have access to basic online and mobile banking features such as mobile check deposit. In addition, you can make fee-free withdrawals and deposits at more than 16,000 ATMs nationwide.
Best Regional Bank: Fifth Third Bank
Chase takes the best national bank position partly because of its giant size. But Fifth Third Bank still holds its weight with branches in 12 states including more than 100 in Indiana. Plus, one could argue Indiana residents have more affordable basic banking options at Fifth Third Bank. For starters, branches within select markets in Indiana offer a Free Checking account.
You can open one with as little or as much money as you’d like. And you don’t need to worry about any monthly service charge. Plus, the bank won’t require you to stick to a minimum balance in order to keep your account open. You’d also have access to more than 50,000 fee-free ATMs nationwide. And just because it’s an inexpensive checking account doesn’t mean you’ll be kept out of the loop from certain services. You’d still have online and mobile banking features such as customizable instant alerts.
All other Fifth Third Bank customers have access to the Fifth Third Essential Checking account. The bank also gives you several opportunities to avoid the $11 monthly service fee. For example, the bank will waive this charge if you keep a combined monthly average balance of $1,500 in your Fifth Third deposit and investment accounts. Plus, opening this account eliminates the service fee on your Fifth Third Bank savings account.
But unlike most banks we’ve examined, Fifth Third also offers a 529 college savings certificate of deposit (CD). This savings vehicle combines the tax-advantages of a 529 college savings plan with the fixed-interest stability of a CD. You can open one with just $25 to start investing in your child's college education. Your money grows tax-free. Withdrawals are also tax-exempt if used on 529 plan qualified education expenses.
In addition, the bank also carries standard CD options. Occasionally, Fifth Third even offers CDs with high-yield promotional rates. So if you step into a branch at the right time, you may be able to find some of the best CD rates in the industry.
Another product that makes Fifth Third stand out is its health savings account (HSA). This tax-advantaged account is designed to help you save for medical expenses. It offers the following tax advantages.
- Contributions are tax deductible up to certain limits
- Money you put in grows tax-free
- Withdraws are tax-exempt if used on qualified medical expenses
However, the bank charged a waivable monthly fee disclosed when you open an HSA. But overall, Fifth Third Bank provides a wealth of deposit and savings options that should suit all types of customers.
Best Savings Account Rate: CIT Bank Savings Builder Account
Many savings accounts call for large opening deposits, but you only need $100 to open the Savings Builder account from CIT Bank. While the base APY of this account is just 0.31%, it’s not too difficult to boost your rate to an attractive 0.55%. There are two distinct ways to get your hands on that APY: maintain a balance of $25,000 or deposit $100 into your account monthly.
Trends in the banking industry are shifting towards online and mobile account management, and CIT is at the core of these changes. The bank has no branch locations, so the only way to access your CIT accounts is to stop by its website or download its Apple and Android mobile apps. Inter-account transfers, mobile check deposit, digital account statements and up-to-date transaction histories are some of the top features you’ll get.
CIT is distinctive in that essentially all of its accounts are meant to help customers save. Besides the Savings Builder account, you can open a money market account or the Premier High-Yield Savings account. Certificates of deposit, or CDs, are another of CIT’s specialities. It boasts term CDs, jumbo CDs, a no-penalty CD and proprietary products called “RampUp” CDs.
Best in Customer Service: 1st Source Bank
According to a recent study by AdvisoryHQ, a company that ranks firms in the financial services industry, 1st Source Bank stood out for exceptional customer service. The research team noted that 1st Source Bank tends to go above and beyond when it comes to personalizing the banking experience for their customers. In fact, the bank’s slogan is: “Strong. Stable. Local. Personal.”
In addition, the 1st Source team of advisors specializes in very personalized aspects of a person’s financial life including paying for college, home ownership and saving for retirement. The bank’s website also offers an interactive advice section where you can search for articles, quizzes and tools on topics like budgeting and saving. Users can also rate this content based on how helpful it was. 1st Source also offers interactive savings calculators.
When it comes to customer interaction, the bank opens several channels of communication. You can visit any one of the more than 100 branches in Indiana. Or you can email the bank, send snail mail, or a secure message via its website. You can also open a live chat with a bank representative online.
Overall, 1st Source Bank stands as a firm that truly wants to connect with their customers. And the bank seems to be working to improve customer satisfaction and communication on an ongoing basis. So if working with a bank that holds a tight knit to the communities it serves is what you’re looking for, 1st Source Bank may be the place for you.
Best in Tech: Old National Bank
Old National Bank goes a few steps beyond the basic online and mobile banking features like mobile check deposit and bill pay. Its mobile app also features a money management component. This platform allows you to view all your financial accounts including ones held at other institutions. It breaks down your expenses based on categories such as gas and groceries. And interactive infographics give you a holistic picture of your cash flow and where you could cut back on to save more. The app also helps you create a personal budget, track spending, set up alerts and more. You can even calculate your net worth through Money Management.
In addition, Old National bank lets you create a digital wallet within your mobile device so you won’t have to carry your card around. You can link your Visa debit card to a compatible mobile device and use it to pay at thousands of participating stores. Old National Bank’s mobile app is compatible with Apple Pay, Google Pay, and Samsung Pay.
The bank also gives its customers access to Popmoney. Through this service, you can seamlessly exchange money with someone else using their email address or phone number. Recipients don’t have to have existing PopMoney accounts to get started.
Overall, Old National Bank enhances digital features for the on-the-go individual who truly wants to embrace the world of digital banking.
Best for Students: BMO Harris
If you’re a student looking to open your first checking account or change banks, BMO Harris may be right for you.
The bank waives the $5 monthly service fee on its Smart Money account for customers who are younger than age 25. You also won’t be responsible for any overdraft or NFS fees. In addition, you’d get free paper statements as long as you’re in that age range. Afterward, you can open one of the bank’s Smart Advantage checking accounts and face no monthly service fee as long as you enroll in eStatements. And you’d still have fee-free access to more than 40,000 ATMs nationwide.
With any account, you’d get free access to online banking services. You can even use your phone to make withdrawals at most BMO Harris ATMs. Furthermore, the bank’s Total Look feature gives you a digital representation of all your finances including accounts held at other banks. Plus, you can access customer service via live chat if you don’t want to pick up the phone or go to a branch.
All in all, BMO Harris is a great bank for young and tech-savvy students.
Additional SmartAsset Bank Reviews in Indiana
Didn't find the best bank for you? Consider the following banks in your area.