8 Best Business Banks in Indiana for 2024

8 Best Business Banks in Indiana for 2024

Are you in search of the top banks in Indiana? Small business owners in Indiana must select a trustworthy banking partner to handle their financial operations effectively.

We have compiled an extensive list of the eight best banks for small businesses in Indiana. These banks provide a variety of features to support the growth and success of your business. 

Take a close look at our thoughtfully selected list to discover the ideal banking partner that caters perfectly to your small business requirements.

>> Best Business Banking at Indiana Overall – Bluevine >>

8 Best Banks for Small Businesses in Indiana

  • Bluevine: Best Overall Bank In Indiana for Fast Funding for Quick Access to Capital
  • Lili: Best Bank for Simple Expense Management 
  • Capital One: Best Bank in Indiana for Credit Card Management
  • U.S. Bank: Best Bank In Indiana with Efficient Cash Management Tools
  • Bank of America: Best Bank For Flexible Funding Options
  • Axos: Best Bank In  Streamlining Bill Payments for Small Businesses
  • Oxygen: Best Bank for  Mobile Check Deposit
  • Chase: Best Bank for Mobile Banking

Our Methodology

In order to identify the best banks in Indiana for small businesses, we took into consideration various factors, including fees for maintaining an account, minimum balance requirements, charges for additional services, and interest rates. Furthermore, we analyzed the mobile banking features provided by each bank.

Our goal was to compile a thorough list of banks that offer advantageous services to assist small businesses in Indiana with streamlining their operations.

Bluevine: Best Overall Bank for Fast Funding for Quick Access to Capital

Bluevine’s standout feature, fast funding, offers small businesses the opportunity to obtain capital within 24 hours. This can be a game-changer for small firms seeking quick access to funds for handling unexpected expenses, pursuing expansion opportunities, or managing cash flow.

By utilizing fast funding, small businesses can bypass the lengthy approval processes typically associated with traditional lenders. These processes often consume valuable time and may take several weeks or months to complete.

Our decision to choose Bluevine as the top business bank account for LLCs and other business types is based on several factors. These include high interest rates, minimal fees, and a lack of maintenance requirements.

Pros

  • High-interest rates
  • Minimal fees
  • No obligatory minimum deposit

Cons

  • There is no business savings account available
  • ATM reimbursement is not provided
  • A fee is charged for cash deposits

Fees

When it comes to Bluevine, there are no monthly fees involved, allowing you to enjoy banking services without any cost. However, keep in mind that using out-of-network ATMs may incur charges.

To avoid this, the mobile app provided by Bluevine can be incredibly useful as it helps locate free withdrawal sites. Additionally, please note that every cash deposit will require a fee of $4.95. Therefore, it is advisable to use this service sparingly or not at all.

Interest Rates

Bluevine impresses with its generous 2.0% APY, a rate that surpasses the national average by a whopping 50 times. This competitive interest rate is applicable on balances up to $100,000.Β 

However, it’s important to note that any funds exceeding this threshold will not earn additional interest for your small business. Rest assured, Bluevine’s attractive offer ensures significant growth for your account balance while it remains within the specified limit.

Minimum Balance

You can use Bluevine without needing to maintain a minimum balance, regardless of the amount in your account. Small businesses have the opportunity to start with very little and immediately benefit from the attractive interest rate.

Access to Mobile Banking

Banking on the go has always been challenging with the user-friendly Bluevine mobile app. This well-crafted tool simplifies account management and provides a clear overview of your financial transactions. Additionally, you can conveniently pay vendors through wire or check, as well as schedule future payments for hassle-free fulfillment.

>> Get Started With Bluevine >>

Lili: Best Bank for Simple Expense Management

Lili Bank provides a valuable tool for small businesses with its expense tracking feature. This feature is designed to assist business owners in keeping track of their spending and pinpoint areas where costs can be reduced for improved financial performance.

In addition to its expense tracking capabilities, Lili Bank enables easy exportation of data to popular accounting software like QuickBooks and Xero. This not only saves time but also reduces stress during tax season.

We selected Lili Bank for several reasons. Firstly, it offers minimal fees and utilizes software that optimizes taxes, allowing businesses to retain more of their hard-earned income. Furthermore, if you’re seeking an online business checking account without the need for credit checks, Lili Bank is an excellent choice.

Pros

  • No charges, no minimum balance requirements, or mandatory initial deposit
  • Unlimited transactions without fees
  • Access to fee-free ATMs via the MoneyPass network; capability to deposit cash using the Green Dot network
  • Incorporated tools for expense management and tax planning
  • Provides an early payment option with direct deposit, enabling you to access funds up to two days earlier than conventional bank accounts

Cons

  • Depositing cash at Green Dot locations will result in a fee of up to $4.95 per deposit
  • No provision for checkbooks
  • Limited business-related functionalities, such as the absence of joint accounts, multiple business debit cards, or integration with third-party services

Fees

Lili stands out for its excellent free tax software, and business owners can also celebrate the absence of account fees and overdraft charges. Even foreign transactions are fee-free, as well as withdrawals from over 38,000 ATMs within the United States network.

However, if you resort to an out-of-network ATM, there might be a charge ranging from $2.50 to $5.

Interest Rates

Lili’s Business Checking account does not accrue any interest. However, if you are willing to pay, you have the option to open a savings account that offers a 1.5% APY. In order to offset the monthly cost, it is necessary to maintain a minimum balance of $34,000 in your account at all times.

Minimum Balance

Lili Bank’s checking account does not impose a minimum balance requirement, so there is no need to maintain a specific balance in order to avoid monthly fees. This feature makes it an attractive choice for those who are starting their business or have an income that varies.

Access to Mobile Banking

Lili Bank presents a specialized mobile banking application catering to the needs of freelancers and small business owners. This app empowers you to handle your financial matters right from your mobile devices efficiently.

From overseeing expenses and setting money aside for taxes to managing payments with ease. Lili Bank has got you covered. The app further offers convenient features like real-time payment notifications, helpful budgeting tools, and even the capability to deposit checks using your mobile device.

>> Get Started With Lili >>

Capital One: Best Bank in Indiana for Credit Card Management

For small businesses, having a credit card that aids expense management, credit building, and rewards is crucial. Capital One provides a variety of benefits and features specifically designed for business credit cards. These include cash-back options, travel rewards, and the absence of annual fees.

These credit cards come equipped with tools and features that enable users to monitor their expenses effectively. Additionally, they offer customized spending limits and alerts for unexpected transactions. This makes them an invaluable resource for small businesses seeking to maintain control over their expenditures while also earning rewards on every purchase made.

Our selection of Capital One as the top choice is based on its unrestricted digital transfer capabilities. This allows users to move funds without any limitations or restrictions easily.

Pros

  • Unlimited digital transfers are available
  • No overdraft fees are imposed
  • Extensive ATM network accessible

Cons

  • A limited number of physical locations
  • Monthly account maintenance fee applicable
  • Fees for using out-of-network ATMs

Fees

Capital One charges a monthly fee of $15 for their business accounts, which may be burdensome for small businesses. However, you have the option to avoid this fee by maintaining an average balance of $2,000 over a period of 30 or 90 days. The good news is that using any of Capital One’s 70,000 ATMs across the country incurs no additional charges.

Interest Rates

By opening a business savings account with Capital One, you can enjoy interest rates up to 0.20% for the initial year. This rate is applicable to balances of up to $5 million, providing small businesses with flexibility. While none of their checking accounts offer interest, the convenience of free digital transfers adds an extra sweet touch.

Minimum Balance

There is no requirement to maintain a minimum balance with Capital One in order to keep your account active. To avoid the $15 monthly service fee, it is recommended that you have at least $2,000 in your checking account.

By keeping extra funds in your savings account, you can earn interest on money that is not currently being used. It’s advantageous to have some money stored away for future needs while potentially growing it through interest.

Access to Mobile Banking

With limited physical branches, Capital One relies heavily on its highly-rated mobile app to meet customers’ needs. This versatile app allows you to perform transfers conveniently, make digital payments, and even deposit funds using your device’s camera.

Additionally, it provides access to Capital One’s CreditWise service for credit score monitoring and offers valuable tips. Embracing technology, Capital One ensures that customers can manage their finances effortlessly while enjoying the benefits of a user-friendly interface.

>> Get Started With Capital One >>

U.S. Bank: Best Bank In Indiana with Efficient Cash Management Tools

To ensure smoother financial operations and better cash flow management, small businesses require efficient solutions for managing their funds. U.S. Bank provides a range of cash management services such as online bill payment, electronic invoicing, and wire transfers.

By utilizing these solutions, small businesses can easily and securely transfer funds, automate their invoicing processes, and make online bill payments. This not only saves them time but also reduces the likelihood of errors.

The reason we selected U.S. Bank is because they offer numerous lending options for small businesses in need of additional funding.

Pros

  • Tailored lending options to suit your requirements
  • Customized merchant services designed for restaurants, retailers, and service providers
  • Presence of 2,400 branch locations

Cons

  • Fees for overdrafts are applied
  • Annual percentage yield (APY) is comparatively low
  • Branch locations are limited to 28 states

Fees

With U.S. Bank’s silver checking package for small businesses, there’s no need to worry about monthly fees. As your company expands, higher-tier accounts may have waivable monthly fees that you’ll need to keep an eye on. Make sure you stay within the monthly transaction limit to avoid any charges for going over it.

Interest Rates

U.S. Bank’s checking accounts do not offer the opportunity to earn interest. Despite the various benefits that come with savings plans, the highest interest rate currently available is only 0.01%. Although this amount may seem insignificant, there is no limit to how much you can earn in terms of balance.

Minimum Balance

When it comes to U.S. Bank’s silver account package for small businesses, there is no need to worry about maintaining a minimum balance. Unlike other checking accounts, which may have fees that can be waived if you meet the required balance amounts. To avoid service fees on savings accounts, a minimum balance of $500 is necessary.

Access to Mobile Banking

If you’re away from any of U.S. Bank’s brick-and-mortar branches, you have the option to conduct all your banking activities using their mobile app. This includes effortlessly moving money between accounts and staying informed about your financial situation. Additionally, U.S. Bank provides personalized alerts to keep you updated on important information.

>> Get Started With U.S. Bank >>

Bank of America: Best Bank For Flexible Funding Options

In order for small enterprises to grow, having access to funds is crucial. Bank of America provides options such as business loans, lines of credit, and SBA loans, which offer flexible financing solutions with attractive interest rates and easy online applications.

This allows small businesses to secure funding for different expenses and make strategic long-term investments, ultimately helping them achieve their full growth potential.

Reason for selection: Bank of America’s offerings come with numerous advantages that benefit all parties involved in banking transactions.

Pros

  • Preferred rewards available to enhance interest rates
  • Access to over 17,000 ATMs and 4,300 branches
  • Option to waive the monthly fee

Cons

  • Absence of 24/7 customer service
  • Monthly fees are charged
  • Transaction fees are incurred when using non-Bank of America ATMs

Fees

Bank of America offers a checking account with an initial monthly charge of $16. However, this fee can be avoided by meeting certain requirements. These include maintaining a minimum balance of $5,000 each month, spending at least $250 using your debit card, or enrolling in the Preferred Rewards program. It’s important to note that there may be additional fees for using out-of-network ATMs and making excessive deposits within a single month.

Interest Rates

When small enterprises open a savings account, they typically receive an interest rate of only 0.01%. However, by actively participating in Bank of America’s rewards program, it is possible to boost this rate to 0.04%. Unfortunately, a Bank of America checking account does not offer the opportunity to earn any interest.

Minimum Balance

Maintaining a monthly balance of $5,000 in your checking account will eliminate the $16 service fee. Likewise, it is advisable to have a minimum of $2,500 in your savings account to prevent a monthly charge of $10.

Access to Mobile Banking

Bank of America’s mobile application is renowned for its impressive functionality, consistently receiving commendations. With this app, you have the ability to oversee your accounts, pay bills effortlessly, and transfer funds seamlessly from anywhere you choose. Additionally, there is a budgeting feature available to help track expenses and manage your spending effectively.

>> Get Started With Bank of America >>

Axos: Best Bank In Streamlining Bill Payments for Small Businesses

Axos Bank provides a convenient online bill pay feature that is available around the clock, allowing small business owners to manage their bills at any time and from anywhere. This user-friendly tool allows for effortless addition and deletion of payees.

Furthermore, Axos Bank’s online bill pay service prioritizes security, safeguarding small businesses against fraud and unauthorized access. By enjoying the advantages offered by this service, small business owners can focus on expanding their ventures while relying on Axos Bank to handle all their banking requirements.

We selected Axos Basic Business Checking as one of the top business bank accounts due to its complimentary cash deposits and reasonable fee structure. This account is an excellent choice for entrepreneurs seeking financial ease and flexibility in managing their businesses.

Pros

  • No monthly fees and unrestricted transactions
  • Unlimited reimbursements for domestic ATM fees
  • Cash deposits are possible through MoneyPass and AllPoint ATMs
  • New customers are eligible for a welcome bonus (terms apply)
  • Customer support is available 24/7

Cons

  • Absence of integrations with third-party apps
  • The APY for interest checking is decent but needs to be more outstanding

Fees

Axos Bank Basic Business Checking offers the benefit of no monthly maintenance fee and no requirements for keeping your account open. Additionally, any ATM fees you encounter each month will be reimbursed, making this account free to utilize. Axos charges $35 for each wire transfer if you anticipate making frequent use of this service.

Interest Rates

Axos offers a business savings account that doesn’t provide an annual percentage yield but instead focuses on offering perks for businesses. If you have extra money, you can open this interest-bearing account and earn interest through it.

Minimum Balance

Axos Bank offers checking and savings accounts without any minimum balance requirements. If you’re a small business owner, you won’t have to worry about maintaining a specific balance to avoid monthly fees. This makes Axos a great choice for those who don’t have a large sum of money to keep in their account.

Access to Mobile Banking

Axos Bank provides a comprehensive mobile banking application that empowers customers to effectively handle their accounts, deposit checks, transfer money, settle bills, and conduct wire transfers effortlessly using their mobile devices. Additionally, you have the option to leverage the account alerts functionality and budgeting tools in order to manage your financials effectively.

>> Get Started With Axos >>

Oxygen: Best Bank for Mobile Check Deposit

Oxygen Bank’s mobile check deposit feature provides a convenient solution for small business owners to swiftly deposit checks into their accounts from anywhere, eliminating the need to visit a physical bank branch. With just a few taps on their mobile device, entrepreneurs can effortlessly deposit checks and free up valuable time to focus on other important aspects of their businesses.

Our decision to highlight this feature stems from Oxygen’s ability to cater to the needs of modern business owners while also offering innovative banking options. Additionally, it is worth noting that Oxygen Bank stands out as one of the top choices for sole proprietors in terms of checking accounts.

Pros

  • Geared towards fashionable business proprietors
  • Offers 5% cashback rewards
  • Capability to generate virtual, single-use debit cards

Cons

  • Virtual bank with no provision for cash deposits
  • Limited integrations compared to other alternatives
  • Absence of lending options

Fees

Oxygen asserts that it is completely free of fees, with the exception of out-of-network and international withdrawals, which may incur charges. Rest assured, you won’t have to worry about paying for ACH transfers or maintaining your account open.

Interest Rates

Although funds in your business checking account do not generate interest, Oxygen provides a solution by introducing a business savings account. Any funds held in the savings account will earn 1.0% interest for balances up to $20,000. Higher balances will also accrue interest, albeit at a reduced rate.

Minimum Balance

At Oxygen Bank, you won’t need to maintain a minimum balance in either your checking or savings accounts. Rest assured that there are no monthly fees, even if your account balance is zero. Plus, there’s no need to stress about any charges if you don’t meet a specific deposit threshold. We’ve got you covered!

Access to Mobile Banking

Oxygen Bank presents a mobile banking application specifically crafted to assist entrepreneurs in effectively managing their financial obligations while on the move. With this app, you can conveniently deposit checks, execute bill payments, and generate comprehensive statements of your account activity.

Moreover, the app also provides valuable spending insights that enable you to monitor and track your financial status effortlessly.

>> Get Started With Oxygen >>

Chase: Best Bank for Mobile Banking

Chase offers a mobile banking app that allows small business owners to manage their accounts even while on the move conveniently. With this app, they can easily monitor their account balances, transfer funds, deposit checks, and pay invoices using their smartphone or tablet.Β 

This level of accessibility and ease of use can greatly streamline financial management processes for small business owners, ultimately saving them valuable time.

The reason we selected this particular feature from Chase is that it provides a wide range of merchant services in addition to its traditional banking offerings. These additional services are designed to support the success of your business.

Pros

  • Numerous merchant services are available for selection
  • Various methods to avoid the monthly maintenance fee
  • Sign-on bonus of $300 upon enrollment

Cons

  • Monthly maintenance fees are applicable
  • Limited to 20 free transactions per month
  • Minimal annual percentage yield (APY)

Fees

Chase Business Complete Banking offers a starting monthly fee of $15. However, you can avoid this charge by keeping a daily balance of at least $2,000 or by making deposits through Chase QuickAccept or Chase Ink Business Card purchases.

It’s important to note that there is an additional cost for transactions beyond the first 20, so it’s advisable to minimize those. Additionally, it’s best to steer clear of expensive wire transfers.

Interest Rates

Like many other banks, Chase does not offer any interest on the funds held in a business checking account. In order to earn interest, you will need to open a business savings account that can accumulate up to 0.02% interest.

Minimum Balance

To prevent incurring Chase’s monthly service fee, it is advisable to maintain a minimum balance of $2,000 in your checking account consistently. Any instance of going below this threshold during the month will result in the imposition of the fee. However, if you have an active checking account with Chase, there will be no charges for maintaining a savings account.

Access to Mobile Banking

Apart from the regular banking processes, you have the option to utilize the Chase mobile application for securing or unsecuring your credit card in case it gets lost. Additionally, there is a budget planning function that enables you to allocate money for significant purchases and credit monitoring resources that safeguard your credit well-being.

>> Get Started With Chase >>

Methodology for the Best Banks for Small Businesses in Indiana

In our quest to find the best banks for small businesses in Indiana, we meticulously examined more than thirty financial institutions. The following are the key criteria that influenced our assessment procedure.

  • Fees: For small businesses, every expense matters. Dealing with a bank that charges fees for every little service can quickly deplete your account. We sought out banks that either don’t impose maintenance fees or provide simple steps to waive them. It was also crucial to find institutions that keep transaction and transfer costs minimal, essential for any business operation.
  • Interest Rates: While business accounts are primarily for managing finances, earning some interest on your balance is always a bonus. We identified banks offering competitive rates on both checking and savings accounts, providing an opportunity for additional income. Some options even surpass the national average, enhancing the earning potential for account holders.
  • Minimum Balance: Many banks waive maintenance fees if you maintain a certain balance in your account. Recognizing that small businesses may have limited funds, we selected institutions with low balance requirements to avoid unnecessary fees. Additionally, some banks offer perks like higher interest rates or rewards once a minimum balance threshold is met.
  • Access to Mobile Banking: In today’s fast-paced environment, having access to banking services on your mobile device is indispensable. The rise of online-only banks and the enhancement of mobile apps by traditional banks have made banking more convenient than ever. Our choices spotlight banks with robust mobile banking options, ensuring easy management of finances and transactions anytime, anywhere.
  • Ease of Use: Simplifying banking tasks was a priority in our selection process. From conducting transfers and payments to opening a business account with just an Employer Identification Number (EIN), we prioritized banks with user-friendly features. No business should have to struggle with cumbersome banking procedures, so we focused on options that streamline operations for account holders.

>> Get Started With Bluevine >>

Frequently asked questions

In order to establish a business bank account in Indiana, it will be necessary to furnish the bank with certain paperwork. This includes your business registration documentation, business tax identification number, personal identification papers, and other pertinent financial records. It’s important to note that the specific requirements may differ depending on the individual bank you choose.

Opening a bank account with an EIN number is a wise choice. For tax purposes, any business that has at least one employee needs an EIN, and banks will use this information to set up your account. If you are the sole employee of your venture, using your social security number (SSN) is also an option. However, relying on your SSN can make it harder to distinguish between personal and business finances.

Opening a bank account in Indiana typically necessitates the use of a Social Security Number (SSN). Nonetheless, certain banks may present alternative options like an Individual Taxpayer Identification Number (ITIN) or Employer Identification Number (EIN) for business accounts. It is advisable to consult with individual banks regarding their particular prerequisites.

In order to be prepared for any unforeseen challenges in your business, it is recommended to set aside a sufficient amount of money equivalent to six months’ worth of operating expenses.Β 

This reserve can serve as a safety net during times of slowdown, allowing you the necessary time and resources to recover. Additionally, it is advisable to allocate at least 10% of your monthly profits towards building up these savings, thereby ensuring their growth over time.

Bottom Line

Small businesses in Indiana can greatly benefit from opening a business bank account. It offers them a way to manage their finances and keep track of transactions effectively. The leading banks for small businesses in the state provide low fees, convenient money transfer options, and dependable customer service.

This allows businesses to easily achieve their financial goals and maintain positive relationships with suppliers. These banks should be the go-to solution for fulfilling your company’s financial needs in Indiana.

>> Best Business Banking at Indiana Overall – Bluevine >>

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Written by

gabriel

Reviewd By

Judith

Judith

Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.