Finding the Best Banks in Indianapolis
Choosing the best bank in your location is difficult because there are so many banks and they all offer multiple accounts. To help you decide which banks in Indianapolis offer the right accounts for you, SmartAsset created this list of the best banks in the city. Continue reading to see the most accessible banks and to see which banks offer the best accounts.
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How We Determine the Best Banks in Indianapolis
SmartAsset’s banking experts found the 15 most popular banks in Indianapolis, based on the number of branches in the city. From those banks we selected the best national and regional banks, as well as the best savings and checking accounts. To make our choices, we considered minimum balance requirements, annual percentage yields (APYs), fee structures and overall accessibility.
Ally Bank: The Top Savings Account
With no monthly maintenance fees or minimum opening deposits, the Online Savings Account from Ally is about as hands-off a savings account as you’ll come across. Because of this, the account’s substantial 0.50% APY becomes extremely attainable. This is a rare combination, as large deposit requirements are often paired with similar interest rates. To make things even better, this rate compounds daily.
One of the downsides of savings accounts is that they are limited to six transactions a statement cycle, as per federal law. Checking accounts therefore become vital products, as they allow customers to withdraw and deposit money as needed. What Ally offers through its Interest Checking Account that most competitors don’t, though, is an APY of up to 0.25%, depending on your account’s minimum daily balance. All account holders receive a free debit card as well.
Ally’s products and services are strictly web-based, meaning it’s a branchless institution. The bank has two platforms through which customers manage their accounts, with one being online and the other mobile. The Ally mobile banking app is available for both Apple and Android users, with an ATM locator, digital account statements, mobile check deposit and Zelle®, a money transfer program, being its most prominent features.
Best National Bank With Branches in Indianapolis: Chase Bank
Chase Bank has about 75 branches in Indianapolis. If you need to leave the city, the bank also has more than 5,000 locations across 40 states in the U.S. This large network of branches and ATMs is one of the advantages of working with a major brand like Chase.
Beyond the accessibility of branches, Chase Bank offers all of the financial services and products that a customer could need. There are standard checking and savings accounts. You can open money market accounts (MMAs) and certificates of deposit (CDs). You can also get credit cards, multiple types of loans and help with investing through a financial advisor.
The downside to working with such a large bank is that you won’t get the highest APYs. No accounts from Chase Bank will offer you significant interest earnings. Even the CD rates aren’t high enough to earn you much.
Best Regional Bank: Fifth Third Bank
With more than 40 branches in Indianapolis, Fifth Third Bank has a strong presence in the city. Beyond the ease of finding a branch, the bank also offers a variety of accounts. There are savings and checking accounts, including a bare-bones checking account that may appeal to a customer who wants check-writing for no fee. Fifth Third Bank excels at specialized accounts in general. For example, there are accounts tailored to students and military personnel. Savings account, CD and MMA options are similarly diverse. You can also tackle other financial goals through retirement accounts or 529 college savings plans.
Fifth Third Bank’s mobile app is useful with features like an ATM/branch finder, your account history and mobile check deposit. There is also a widget that allows you to check your account balance without logging in.
Best Savings Account Rate: CIT Bank Savings Builder Account
CIT Savings Builder account holders could find themselves with an APY as high as 0.45%. Believe it or not, a rate of this tier would produce about $227 in interest earnings over five years on a $10,000 initial deposit. To get your hands on this setup, customers must make recurring monthly deposits of $100 or hold their account balance above $25,000. Should you fail to meet either of these conditions, CIT will decrease your rate to 0.29%.
The Savings Builder account is far from CIT ’s only savings product. The bank has more than 15 certificates of deposit (CDs) up for grabs, including the bank’s proprietary “RampUp” CDs, jumbo CDS, standard term CDs and more. There’s also a money market account (MMA) and an alternative to Savings Builder called the Premier High-Yield Savings account.
Do you find yourself taking care of most of your banking needs through a smartphone? Well CIT is a branchless bank that’s based largely out of its Apple and Android mobile offerings. When you download its app, you’ll get to deposit checks remotely, read over digital copies of your account statements, check transaction histories and shift money between your CIT accounts. Customers with an MMA can even send money to friends and family through “People Pay,” CIT’s proprietary transfer program.
Runner-up for Best Savings Account Rate: PNC Bank
PNC Bank has two savings accounts available. One is designed for children, but the other, the PNC Standard Savings account, is a solid choice for most customers. It’s base APY is just 0.01%, but you can raise that by linking it to a PNC checking account. If you can do that, the APY goes up to 0.02%. (You can also earn the higher rate by making at least five purchases each month with a PNC credit or debit card.) If you qualify for that higher rate and you have at least $2,500 in your account, you will earn an even higher APY of 0.03%. So while the base APY isn’t great, it isn’t that difficult to earn a higher rate.
In addition to the potentially high rates from the savings account, PNC Bank is a large, national bank that can meet all of your financial needs. There are credit cards, loans, retirement accounts, brokerage accounts and a variety of business accounts. Accessibility shouldn’t be a problem either as PNC Bank has more than 60 branches in Indianapolis and about 2,500 locations across the country.
Best Checking Accounts: Huntington National Bank
Huntington National Bank, though based in Ohio, has more than 40 branches in Indianapolis. Only two other banks have more branches, so it’s tough to beat that accessibility. Depending what you’re looking for, you can probably find it with Huntington National Bank. It has multiple standard accounts as well as loans, insurance products and help with investments.
In particular, we’d like to highlight the bank’s range of checking accounts. If you’re looking for a bare-bones checking account, consider the Huntington Asterisk-Free Checking Account. There is no minimum deposit requirement and no monthly fee. You won’t earn interest, but this is common for free accounts.
If you’re looking for a bit more from your account, there’s the Huntington 5 Checking Account. This account requires a minimum deposit of $0, and earns interest at a rate of 0.05%. You also save some money because Huntington National Bank will waive the first five out-of-network ATM fees if you have this checking account. There is a monthly fee of $5, which you can waive if you have at least $5,000 on deposit with the bank (not necessarily just in this account).
For those who will have more than $25,000 on deposit with the bank, consider the Huntington 25 Checking Account. This account is similar to the Huntington 5 Checking Account but it earns interest at a rate of 0.10%. The bank also waives all out-of-network ATM fees. With all of these accounts, new customers can apply for a debit card.
Best Customer Service: Regions Bank
Of the Indianapolis banks we considered, Regions Bank has the highest customer satisfaction rating. According to J.D. Power’s U.S. Retail Banking Satisfaction Study, Regions Bank offers one of the best banking experiences in the Midwestern U.S. This study considers multiple factors, including a bank's ability to handle customer issues, the frequency of its branches, its fee schedules and its product offerings.
Regions has more than just strong customer service, though. It offers a full suite of banking services and accounts. That includes everything from standard accounts to help with retirement planning and wealth management. You can also find branches and ATMs even if you travel outside of Indianapolis or Indiana in general. There are locations in 15 states across the South and Midwest.
Best Student Accounts: First Financial Bank
When it comes to finances, one of the biggest priorities for high school and college students is to build savings. This is tough to do with some banks, though, because they charge a variety of fees. However, you can avoid monthly fees with the f1RST® Everyday Student Savings from First Financial Bank. This savings account requires just $25 to open and earns interest at an APY of 0.05%. This rate, in and of itself, is higher than at many banks. Throw in the lack of fees and this account is a great option for young savers. It’s an option that can compete with the best savings accounts for students out there.
You can also take your money on the go by pairing the savings account with the f1RST® Choice Student Checking account. With a $50 opening deposit you get a free debit card and don’t have to worry about monthly service fees.
First Financial Bank also makes it easy to bank online and through its mobile app. You can deposit checks, pay bills and the bank even allows you to receive text (SMS) updates about your account. This is great for a college student who is on the go or even away at college.
Additional SmartAsset Bank Reviews in Indiana
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