April 13, 2025

Best Banks for Small Business in Indiana

By Alyssa Supetran
Read more about Best Bank to Open a Business Account
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Running a small business in Indiana? Chase, 1st Source Bank, and Bluevine are some of the best banks for small businesses in the Hoosier State.

Which bank is the best for a small business account in Indiana?
These are the 10 best banks for small business accounts in Indiana:
  1. Chase Bank for built-in credit card processing
  2. Fifth Third Bank for ATM access
  3. Old National Bank for cash deposits
  4. PNC Bank for low requirements
  5. 1st Source Bank for SBA loans
  6. Bank of America for flexibility
  7. Indiana University Credit Union (IUCU) for local credit union
  8. Capital One for unlimited free transactions
  9. Bluevine for high-interest checking accounts
  10. Lili for freelances & solopreneurs

Indiana's business-friendly policies, low taxes, and accessible financing can make it a great place to set up shop.

To make the most out of these benefits, you need to partner with the right bank. Not sure what bank to choose?

This guide will walk you through the top options in the Hoosier State, from national banks like Chase to local ones like 1st Source Bank. Compare and see which one best meets your needs.

10 Best Banks for Business Accounts in Indiana

Whether you're running a small construction firm or offering expertise as a consultant, these banks have the tools to help your Indiana-based business thrive.

Chase Bank

Best for: Built-in credit card processing

Chase Bank is a national bank with an extensive local presence in Indiana. It has over 120 branches across the state, mostly in Indianapolis—a major advantage for businesses based there.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

With the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

Which banking service do you need for your small business in Indiana?

Fifth Third Bank

Best for: ATM access

Fifth Third Bank is a regional bank based in Cincinnati, OH with locations across 11 different states. It has 90+ Indiana physical branches, the majority in Indianapolis and Evansville.

Additionally, Fifth Third partners with more than 40,000 fee-free ATMs. You have plenty of ATM options wherever you go, even when traveling out of Indiana.

It offers three different business checking accounts, including a free account with no monthly fees or minimum balance requirements. With 100 free monthly transactions, it's ideal for smaller businesses with low activity.

All accounts come with a debit card and access to online and mobile banking apps. Plus, all have overdraft protection and access to discounted payroll solutions.

Fifth Third offers custom business checking options if the existing choices aren't a good fit. You can work with its bankers to create a tailored account for your business's unique needs.

Pros:

  • Free business checking option
  • Large fee-free ATM network
  • Custom checking options available

Cons:

  • Higher balance requirements to waive monthly fees for higher-tier checking accounts
  • Low savings APY

Most banks generally have low limits for fee-free cash transactions. If your business handles a lot of cash, consider this next option.

Old National Bank

Best for: Cash deposits

Old National Bank is one of the largest and oldest regional banks in the Midwest, with 90+ branches in Indiana alone. It's a great choice if you prefer a well-established bank with a large footprint and deep roots in the state and region.

Old National Bank's two business checking accounts allow you to make up to $25,000 in fee-free cash deposits and 500 free monthly regular transactions.[1] It's a solid choice if your business handles a lot of cash or has high activity.

You can even customize your checking account with business bundles. These give you access to additional features, like automatic invoicing and scheduled payments.

Plus, as one of the biggest banks in the area, Old National has a great selection of other business services, like savings accounts, merchant services, small business financing, and more. You can get everything you need under one roof.

Old National Bank's highly rated digital banking platform gives 24/7 access to your account. Keep track of transactions, manage user access, make payments, and more wherever and whenever you want.

Pros:

  • Generous monthly transaction limits
  • Customizable checking with business bundles
  • Good selection of other business services
  • Highly rated digital platform

Cons:

  • No online application for business checking accounts

PNC Bank

Best for: Low requirements

PNC Bank is another bank worth considering if you prioritize access to physical branches. With 80+ locations in Indiana, finding a branch is easy, particularly around Indianapolis and Fort Wayne.

Additionally, PNC Bank is a solid choice if you want low opening requirements. You only need $100 as the initial deposit for its business checking accounts. And while it doesn't have a free checking option, the requirements to waive the monthly fees are easy enough to meet.

It also has a convenient Cash Flow Insight® tool for keeping track of expenses, paying bills, and forecasting upcoming costs. With this, you can make better financial decisions for your business.

With a Business Checking Plus account, you can get a personal Virtual Wallet with Performance Spend checking account with no monthly service fee. This is great if you want personal and business checking accounts from only one bank.

Pros:

  • Built-in cash flow tools
  • Opening deposit is only $100
  • Reasonable requirements to waive monthly fees
  • QuickBooks, Xero, Intacct, and NetSuite integration

Cons:

  • No free checking option
  • Low interest rates

Need extra capital for your growing business? This next bank might be a good fit.

1st Source Bank

Best for: SBA loans & industry-specific financing

1st Source Bank is a local bank based in South Bend, IN with over 70 branches across Indiana, particularly around St. Joseph and Allen counties. It's worth checking out if you need a business loan.

1st Source is a preferred SBA lender, which means faster turnaround times for loan applications. Plus, with a preferred lender, you can enjoy competitive fees and more favorable terms, like extended repayment terms or no pre-payment penalties for loans with maturities of less than 15 years.[3]

Additionally, it offers tailored financing to businesses in specific industries, like construction and agriculture. You could design the best loan option for your business using their industry expertise.[4]

You've also got several options for business checking. For example, the Business Value Checking account is great for straightforward banking needs or low to moderate monthly activity. Alternatively, check out other accounts for higher limits or earning interest.[5]

Want to learn how to better manage your finances?
1st Source Bank has a comprehensive financial literacy program called "You 1st". Learn at your own pace through the online platform or sign up for one-on-one coaching for more hands-on guidance.

Pros:

  • Active SBA lender
  • Industry-specific financing available
  • Variety of business checking options
  • Comprehensive financial literacy program

Cons:

  • Many banking fees like overdrafts and wires
  • High balance requirements to waive monthly fees for higher-tier checking accounts

Bank of America

Best for: Flexibility and cash management

Bank of America has a smaller footprint in Indiana, with only 15 local financial centers. However, you might want to check it out if you need flexibility.

Bank of America offers a unique flexible Business Advantage Banking account with two tiers you can switch between. The basic tier is an ideal starting point, thanks to its low requirements. You can seamlessly move up or down as your business needs change.

It also has better digital tools than other basic accounts. With the Cash Flow Monitor®, you can connect to apps like QuickBooks and Expensify to track your business metrics all in one place. Plus, get cash flow projections to help you plan for possible shortfalls.

If you need help, Bank of America's Small Business Specialists provide valuable advice and hands-on support.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to Small Business Specialists

Cons:

  • Less access to SBA loans
  • Many banking fees like overdrafts and wires

Not sure about using a traditional bank? Credit unions can be great alternatives, especially for lower fees and unique perks.

Indiana University Credit Union (IUCU)

Best for: Local credit union

The Indiana University Credit Union (IUCU) is a state-chartered credit union based in Bloomington, IN. Although it only has 7 of its own branches, you can still enjoy its services almost anywhere, thanks to 5,000+ shared branches nationwide.

Opting for a credit union instead of a traditional bank gives you access to additional perks like fewer and lower fees and more competitive rates. Plus, IUCU has a dedicated team for its business accounts, so you'll receive hands-on guidance and support.[6]

Additionally, IUCU has a decent selection of business bank products. Though not as extensive as bigger banks, you can still get products like business loans and credit lines, savings accounts, credit cards, and more, without going somewhere else.

For business checking accounts, IUCU has three options. They're simple accounts meant to streamline a company's day-to-day transactions with minimal fuss and fees.[7]

IUCU's membership is open to all business entity types. To qualify, you must live or work in one of the 65 Indiana counties it operates in and pay the $5 membership fee.[8][9]

Pros:

  • Access to 5,000+ shared branches
  • Dedicated team for business accounts
  • Good selection of other business services

Cons:

  • No online application for business accounts
  • Low limits for business checking accounts

Traditional banks usually have limited free monthly transactions. If your business has a high activity volume, consider this next option.

Capital One

Best for: Unlimited fee-free transactions

Capital One doesn't have physical branches in Indiana. However, it's still worth looking into if you have an online business or if in-person transactions aren't necessary.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. There are no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to five free sub-accounts with their own account numbers. This allows you to organize your funds better and set budgets for payroll, taxes, and vendor payments. You can even set custom rules and permissions for better security and account management.

All sub-accounts also earn interest up to the combined maximum.[10] You can keep your funds well-organized and still get the most out of your high-yield checking account.

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[11] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to five sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank.
It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Lili

Best for: Freelancers and solopreneurs

Lili is another online-only option worth considering for small business owners in Indiana.

The basic checking option is a great starter account for freelancers or startups because it has everything you need for your business's day-to-day operations. Plus, it has no monthly service fees or minimum balance to worry about.

But if you want more features, like an automatic tax savings account or expense tracking, you can always upgrade to Lili’s paid plans. The Smart checking option includes accounting software to keep your records well-organized and ready for the next tax season.

You can also get multiple Visa® debit cards with any account and earn cashback rewards when you use them with Lili's partner merchants.[12] Worried about overspending? You can set individual spending limits to keep your expenses within budget.

Lili's Early Access feature lets you receive customer payments up to two days earlier than expected when you’re paid via ACH Transfer.[13]

Pros:

  • Free checking option
  • Single login for multiple accounts
  • Debit cards with cashback rewards
  • Early access for direct deposits

Cons:

  • Limited features for Lili Basic
  • Fees for cash deposits

Lili is a financial technology company, not a bank.
Banking services are provided by Choice Financial Group, Member FDIC, or Sunrise Banks, N.A., Member FDIC.

How to Choose the Right Bank

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged thereafter. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Indiana. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in Indiana. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Methodology

To come up with the best banks for small businesses in Indiana, we first pinned down banks with a strong presence in the state. After all, you need to be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We mostly picked banks that either have a free business checking option or reasonable waiver requirements.

We also looked for unique banking features, like built-in payment processing, cash management tools, and high cash deposit limits. No matter what your business needs, you should find a bank that can accommodate them.

FAQs

Do I need an Indiana ID to open a business bank account in Indiana?
Yes, most banks in Indiana require proof of residency to open a business bank account. This usually includes an Indiana driver's license, business license, and business registration.

Should an Indiana LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Indiana LLC's liability protection by proving you're not commingling funds.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I use a regular bank account for my small business?
It's best to have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account with low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account. If you think that'll be an issue, consider banks that don't use ChexSystems.

Bottom Line

Chase Bank tops the list of the best banks for small businesses in Indiana due to its extensive local presence, great customer support, and comprehensive services.

There are other great options as well. Local banks like 1st Source Bank are great for local expertise and great support, while online-only options like Bluevine often have lower fees and higher APYs than traditional brick-and-mortar banks.

No matter what type of bank it is, consider your business's unique requirements before deciding on one.

References

  1. ^ Old National Bank. Access Business Banking, Retrieved 01/28/2025
  2. ^ PNC. Ways to Avoid Monthly Account Maintenance Fees, Retrieved 11/19/2024
  3. ^ 1st Source Bank. SBA Loans, Retrieved 01/29/2025
  4. ^ 1st Source Bank. Industry Loans, Retrieved 01/29/2025
  5. ^ 1st Source Bank. Business Checking Accounts, Retrieved 01/29/2025
  6. ^ IU Credit Union. Meet Our Business Team, Retrieved 01/31/2025
  7. ^ IU Credit Union. Business Checking Accounts, Retrieved 01/31/2025
  8. ^ IU Credit Union. Business Membership & Eligibility, Retrieved 01/31/2025
  9. ^ IU Credit Union. Eligible Counties, Retrieved 01/31/2025
  10. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 02/23/2025
  11. ^ Bluevine. Line of Credit, Retrieved 02/23/2025
  12. ^ Lili. Business Banking Designed to Help You Succeed | Lili, Retrieved 02/23/2025
  13. ^ Lili. What is Early Access for ACH Transfers? - Help Center | Lili, Retrieved 02/23/2025

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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