Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Best Banks Indiana

Your Details Done
by Javier Simon Updated

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 5 banks Indiana has to offer, along with details about what makes them stand out.

Bank APY Minimum Deposit Highlights
Chase Bank Chase Bank logo Read More 0.01% $25
  • Best national bank in Indiana
  • Abundance of banking and investment services for all kinds of individuals

 

Fifth Third Bank Fifth Third Bank logo Read More 0.01% $0
  • Best regional bank
  • Offers various products including options designed to save for higher education expenses or health care costs 
  • Indiana is home to more than 100 offices
1st Source Bank 1st Source Bank logo Read More 0.06% $0
  • Best in customer service
Old National Bank Old National Bank logo Read More 0.04% $50
  • Best in technology
  • View all accounts held at different banks, develop a budget and set up savings goals through a single app. 
  • Transfer money using a recipient's email or phone number
BMO Harris Bank National Association BMO Harris Bank National Association logo Read More 0.05% $100
  • Best bank for students 
  • Low-to-no fees on checking accounts

Best National Bank: Chase Bank

Chase

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

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 in Customer Service: 1st Source Bank

EveryDay Interest Savings

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 Basic Savings Account

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

BMO Harris Bank

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 the young and tech-savvy student.

Tips for Banking Responsibly

  • Whenever you’re searching for the right bank, ask yourself what matters most to you and what you want from your bank. Are you looking for an inexpensive checking account? Or are you looking for a high-yield savings account? While the former is easier to find at brick-and-mortar banks, APYs on their savings accounts aren't always the best. You’d often find better rates with online banks. To make the search easier for you, we’ve developed a study on the best online high-yield savings accounts
  • If you’re looking to invest in more complex products like an individual retirement account (IRA) or a 529 college savings plan, you may want to find a financial advisor. This individual can help you make the most out of these tax-advantaged savings vehicles while assisting you in creating a personalized investing strategy that is right for your risk tolerance. 
  • If you’re willing to save for the long term, you should consider depositing your money in CDs. These typically offer interest rates superior to standard savings and money market accounts, especially if you leave your money in a CD for about five or six years. However, you’d have to lock away your money for that term or face penalties. To help you out, we’ve published a study of banks with the best CD rates in the industry.
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure

Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Worse
Better
Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study