Best Banks for Small Businesses in Indiana
Indiana's business-friendly environment — low corporate tax rate (4.9%), no franchise tax, affordable LLC formation ($97), and strong regional banking options — makes it a great state for small businesses. Whether you're running a nonprofit in Indianapolis, a manufacturing firm in Fort Wayne, or a startup in Bloomington, choosing the right bank account matters.
Updated 2026-03-18 | 8 banks compared
Quick Comparison
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| Old National Bank Business Checking | Regional | $25waivable | 0.00% |
| First Internet Bank Business Checking | Online | $0 | 0.50% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Indiana Members Credit Union Business Checking | Credit Union | $0 | 0.00% |
| Centier Bank Business Checking* | Regional | $10waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
Detailed Reviews
Holdings
Online | $0/mo | Online only
Nonprofits and small businesses wanting zero fees and high APY
Key Features
- •Built specifically for nonprofits and small businesses
- •1.75% APY on all balances — checking and savings
- •Unlimited transactions with no hidden fees
Pros
- ✓Truly $0 — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY is among the highest in online banking
- ✓Purpose-built for nonprofits with donation tracking and reporting tools
Cons
- ✗No physical branches — online/mobile only
- ✗Less name recognition than legacy institutions
Chase Business Complete Banking
National | $15/mo | 130 branches
Established businesses needing full-service branch banking and merchant services
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Largest branch and ATM network in Indiana (130+ locations)
- ✓Excellent mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗No interest earned on business checking
Old National Bank Business Checking
Regional | $25/mo | 100 branches
Mid-size Indiana businesses with higher transaction volume needing local relationship banking
Key Features
- •Indiana-headquartered bank (Evansville) with deep local roots
- •500 free transactions per statement cycle
- •Dedicated small business bankers throughout Indiana
Pros
- ✓Largest Indiana-headquartered bank ($50B+ in assets)
- ✓500 free transactions — far more than national bank competitors
- ✓Strong commercial lending and treasury management
Cons
- ✗Higher minimum balance to waive fee ($20,000 vs $2,000 at Chase)
- ✗$25/month fee is steep for very small businesses
- ✗Branch network concentrated in Indiana and Midwest
First Internet Bank Business Checking
Online | $0/mo | Online only
Indiana businesses wanting a local online bank with interest-bearing checking
Key Features
- •Indiana-headquartered online bank (Fishers, IN) — nation's first state-chartered online bank
- •Interest-bearing business checking at 0.50% APY
- •Free business bill pay and mobile deposit
Pros
- ✓Indiana-based and FDIC insured since 1998
- ✓Interest-bearing business checking (0.50% APY)
- ✓No monthly maintenance fee
Cons
- ✗No physical branches — online only
- ✗$100 minimum to open
- ✗Lower APY on checking compared to Holdings (0.50% vs 3%)
Bank of America Business Advantage Fundamentals
National | $16/mo | 40 branches
Businesses that qualify for Preferred Rewards tier benefits
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program for rate discounts
Pros
- ✓200 free transactions (more than Chase)
- ✓First year free (no monthly fee for 12 cycles)
- ✓Strong integration with Zelle and digital payment tools
Cons
- ✗$16/month fee after first year (higher than Chase)
- ✗Fewer branches in Indiana than Chase or Old National
- ✗Higher minimum balance to waive fees permanently
Indiana Members Credit Union Business Checking
Credit Union | $0/mo | 30 branches
Central Indiana businesses wanting fee-free credit union banking
Key Features
- •One of the largest credit unions in Indiana (130,000+ members)
- •Free business checking with no monthly fees
- •30+ branches throughout Central Indiana
Pros
- ✓No monthly service fee ever
- ✓Strong Central Indiana branch presence
- ✓Access to 55,000+ surcharge-free ATMs via CO-OP/Allpoint networks
Cons
- ✗Branch network concentrated in Central Indiana
- ✗Must qualify for membership (live/work/worship in service area)
- ✗Less advanced digital tools than national banks
Centier Bank Business Checking
Regional | $10/mo | 65 branches
Northwest and Central Indiana businesses wanting community bank service
Key Features
- •Largest privately-owned bank in Indiana
- •Northwest Indiana roots with expanding statewide presence
- •Dedicated business banking team with local decision-making
Pros
- ✓Largest privately-held bank headquartered in Indiana
- ✓Local decision-making on business loans
- ✓Strong community involvement and small business support
Cons
- ✗Branch network concentrated in northern/central Indiana
- ✗Less robust digital tools compared to Chase or BofA
- ✗Limited brand recognition outside Indiana
Capital One Basic Business Checking
National | $15/mo | Online only
Digital-first businesses with occasional cash deposit needs
Key Features
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
- •Cash deposits at select Allpoint ATMs
Pros
- ✓Unlimited digital transactions (no per-transaction fees)
- ✓Strong mobile and online banking
- ✓$5,000 free cash deposits monthly
Cons
- ✗No Capital One branch locations in Indiana
- ✗$15/month unless $2,000 balance maintained
- ✗Limited in-person support
Indiana Banking Landscape
291
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Old National Bank — $50B+
- First Internet Bank — $5.5B
- Centier Bank — $8.5B
Top Credit Unions
- Indiana Members Credit Union — 130,000+ members
- Purdue Federal Credit Union — 100,000+ members
- Forum Credit Union — 150,000+ members
State Banking Programs
- •Indiana Small Business Development Center (ISBDC) — free counseling and training
- •Indiana Economic Development Corporation (IEDC) — grants, tax credits, and financing
- •SBA Indiana District Office — government-backed loan programs
- •Indiana Microloan Program — small loans for startups and microenterprises
Regulator: Indiana Department of Financial Institutions
Starting a Business in Indiana
| Secretary of State | Indiana Secretary of State |
| LLC Fee | $97 online ($95 + $2.14 processing fee) |
| Corp Fee | $97 online |
| Income Tax | Flat 4.9% corporate income tax on adjusted gross income. No franchise tax. |
| Sales Tax | 7% state (no local sales tax additions) |
| Franchise Tax | None |
Business Incentives
- •Indiana Economic Development Corporation — tax credits, training grants, infrastructure assistance
- •Hoosier Business Investment Tax Credit — up to 10% credit on qualified capital investments
- •Skills Enhancement Fund — employee training reimbursement
- •No franchise tax — reduces ongoing compliance burden
- •Flat 7% sales tax statewide — no local variation simplifies compliance
Nonprofit Banking in Indiana
Registration
File Articles of Incorporation (nonprofit) with Indiana Secretary of State via INBiz portal
Charitable Solicitation
Indiana does not require charitable organizations to register for solicitation. However, professional fundraisers and solicitors must register with the Attorney General's Consumer Protection Division ($1,000 initial fee, $50 annual renewal).
Tax Exemption
Apply to Indiana Department of Revenue for sales tax exemption (Form NP-20A). Indiana recognizes federal 501(c)(3) status but requires separate state filing for sales tax exemption.
AG Reporting
File annual report (Form NP-20) with Indiana Department of Revenue. Due by the 15th day of the 5th month after fiscal year end.
Resources
- Indiana Nonprofits →
- Indiana AG Consumer Protection Division — Charities →
- INBiz — Indiana Business Filing Portal →
Best Bank for Indiana Nonprofits
Holdings offers /bin/sh fees, 1.75% APY, and tools built for 501(c)(3) organizations.
Learn more →Find Fee-Free ATMs in Indiana
Holdings cardholders get free access to 55,000+ Allpoint ATMs nationwide, including locations throughout Indiana.
Find ATMs near you →Frequently Asked Questions
What is the best bank for a small business in Indiana?
The best bank depends on your needs. For nonprofits and small orgs wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. For businesses needing branch access, Old National and Chase both have strong Indiana presence. For an online-first Indiana bank, First Internet Bank offers interest-bearing business checking.
Can I open a business bank account online in Indiana?
Yes. Several banks allow online account opening for Indiana businesses, including Holdings (fully online, no branch visit required), Chase, First Internet Bank of Indiana, and Capital One. Credit unions like Indiana Members Credit Union typically require an in-person visit.
What do I need to open a business bank account in Indiana?
You'll typically need your EIN (Employer Identification Number), Articles of Organization filed with Indiana's Secretary of State, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
Are credit unions better than banks for small businesses in Indiana?
Credit unions often offer lower fees and better rates, but may have fewer branches and limited digital tools. Indiana credit unions like Indiana Members Credit Union and Purdue Federal are strong options for local businesses, while national banks offer broader ATM networks and more advanced business tools.
What are the cheapest business checking accounts in Indiana?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. Indiana Members Credit Union also offers free business checking. Among national banks, Chase and Wells Fargo offer fee waivers with $2,000 minimum balances.
Do Indiana nonprofits need a special bank account?
While not legally required, a dedicated nonprofit bank account helps with IRS compliance, transparency, and donor confidence. Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built specifically for 501(c)(3) organizations.
Does Indiana have a state income tax for businesses?
Indiana has a flat corporate income tax rate of 4.9% on adjusted gross income. There is no separate franchise tax or gross receipts tax. Indiana's relatively low corporate tax rate and business-friendly regulatory environment make it attractive for small businesses.
Ready to open a business bank account?
Holdings offers free banking with 1.75% APY for Indiana businesses and nonprofits.