5.0
Bankrate Score

1. Chase Bank

Savings APY:  0.01% to 0.05%

CD APY: 1-year – 0.01%, 3-year – 0.01%, and 5-year – 0.01% with a minimum deposit of $1,000.

Monthly Fees: $12 for a checking account, which can be waived with a direct deposit of $1500. $5 for a savings account which can be waived by keeping a balance of $300 daily or transferring $25 from a linked Chase checking account.

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? The Chase Bank has 4700+ branches all over the country, about 16000 ATMs, and 151 branches in Indiana state.

Pros:

  • Waivable monthly fees
  • Branches and ATMs all over the country

Cons

  • Low savings and CD APY.
  • $3 fee at non-Chase ATMs in the U.S for basic checking accounts.

Chase is the largest bank in Indiana with US $4 trillion in Assets. The bank offers a variety of banking products and services. Chase is present in around 100 countries all over the world.

Chase was founded in 1799. It is one of the oldest banks in the United States and it has been serving customers for over 223 years now. It was originally called the Manhattan Company and it was created by Aaron Burr, who served as its first president, and Samuel Tilden, who served as its first treasurer.

The company got its current name from an earlier merger with J.P Morgan & Co., which took place in 2000. It merged with Chemical Bank to form JPMorgan Chase & Co., which is still its legal name today.

It is also the largest U.S. credit card issuer by purchase volume and offers services like Amazon Prime Rewards Visa Signature Card (credit card), Chase Freedom Unlimited (credit card), etc. Chase is the best bank for the people, who can keep their account balance high, aren’t looking for high-interest rates, and are in need of a bank with more branches all over the world and the US!

5.0
Bankrate Score

2. Ally Bank

Savings APY:  2.25%

CD APY: 6-month – 2.75%, 1-year – 4.00%, and 3-year or above – 4.10% with no minimum deposit.

Monthly Fees: $0

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? There are no brick-and-mortar stores of Ally bank, however, it allows you to access Allpoint ATM (50,000) and reimburses up to $10 of out-of-network ATM fee charged per statement cycle.

Featured Product Offerings: Ally bank offers online-only savings account with interest rate of 3.00%. Apart from that, it offers all the usual banking services to its customer.

Pros:

  • High-yield interest rate on savings account
  • Best customer service
  • Convenient only banking

Cons

  • No physical stores

The Ally bank is an online bank with no brick-and-mortar store available. However, it has a mobile application that helps you do banking transactions easily. The interest rates of Ally bank are highest for both savings and CDs. It was founded in 2009.

5.0
Bankrate Score

3. First Financial Bank

Savings APY:  0.01% with a minimum balance of $1001

CD APY: 0.10% to 0.50%.

Monthly Fees: $20

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? First Financial Bank has 188 Physical Branches across the United States of America and over 55000 ATMs.

Pros:

  • Highly rated bank in terms of customer service quality
  • Easy accessibility with a great ATM network
  • Low loan rates

Cons

  • The monthly fee is on the higher side
  • Complicated CD offerings

First Financial Bank is one of the largest banks in America. It was established in 1834 as a branch of the Second State Bank of Indiana. Then in 1983, a bank holding company was formed under the name of First Financial Corporation which became Indiana’s first multi-bank holding company in 1984. Finally, in 2003, First Financial Bank came into existence after a lot of mergers and acquisitions took place.

The bank has $9 billion in assets as well as deposits worth $7 billion. The bank is headquartered in Cincinnati, Ohio, and is committed to its customers and community. First Financial Bank offers banking, mortgage, and investment services for individuals and banking, treasury services, lending and financing, and employee services, for businesses. The company also offers cash management services, lease financing, debit cards, online banking, and several other electronic banking services. They are one of the leading banks in the United States with an excellent track record in offering wealth management and investment consulting services.

5.0
Bankrate Score
BMO Harris Bank

4. BMO Harris Bank

Savings APY:  0.01%

CD APY: 3-month: 0.05%, 6-month: 0.05%, 9-month: 0.05%, 12-month: 0.05%, 18-month: 0.05%, 24-month: 0.05%, 30-month: 0.05%, 36-month: 0.10%, 48-month: 0.15%, 60-month 0.25%

Monthly Fees: $5

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? BMO Harris Bank has more than 600 branches across eight states of the USA. It is partnered with Allpoint and thus offers access to 40,000 ATMs nationwide.

Pros:

  • Low fees which can be easily avoided
  • The minimum amount to open accounts is low
  • Variety of debit card options
  • Online and mobile banking options

Cons

  • Top-tier interest rates available on hefty investments
  • Limited physical offices

Founded in 1882, BMO Harris is one of the leading banking and financial institutions in the world. They offer a full array of deposit, lending, and investment products. The bank owns $973 billion in assets, 12 million customers across the globe, and 600+ physical branches across America.

BMO Harris bank offers a wide array of banking products and services to consumers and businesses, including Checking accounts, Money market accounts, Savings accounts, Certificates of deposit, Credit cards, and more. It also deals in Loans (auto, personal, home equity, business, purchase, etc.) and Private banking and Financial advisory services.

The bank offers easy connectivity to its customers and is available 24 hours a day on phone. They also have a mobile app and full-fledged digital banking features. The app allows users to pay bills, view transactions, deposit checks, and more.

5.0
Bankrate Score

5. Fifth Third Bank

Savings APY:  0.01%

CD APY: 0.01% to 2.50%

Monthly Fees: $5

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Fifth Third Bank has 1,090 branches across 11 states of America and more than 50,000 fee-free ATMs nationwide.

Pros:

  • Low minimum deposits are required for CDs
  • Robust mobile banking and online banking infrastructure
  • ·Reliable network of ATMs across the country

Cons

  • Presence in only 11 states of America
  • Low yield rates as compared to other banks

Fifth Third Bank came into existence when two institutions- the Fifth National Bank and the Third National Bank- merged in 1909. The bank had a state charter status until 2019 when it got the national charter. It is ranked 415th on the Fortune 500 and is one of the largest banks in America.

The bank deals in all types of financial products including Consumer banking, Corporate banking, Private banking, Financial Analysis, Insurance, Investment banking, Mortgage loans, Private Equity, Wealth Management, Credit cards, and more. Fifth Third Bancorp’s total assets in 2021 were $205.55 billion and it had 19,112 employees working for the bank. The bank is dedicated to serving the needs of the community and is the first in America to set up a charitable foundation.

5.0
Bankrate Score

6. Regions Bank

Savings APY:  0.01% with a minimum balance of $5

CD APY: 1-year – 0.03%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $500.

Monthly Fees: $8 – $18 depending on service Lifegreen Checking, eAccess Checking, Preferred Checking, no fee for student checking

Federally Insured by: Federal Deposit Insurance Corporation (FDIC )

How many branches are in the State? Regions Bank, its banking division, runs 1,952 ATMs and 25 branches in Indiana.

Pros:

  • Up to two days early, direct deposits are received.
  • Three options for checking accounts that are free or cheap but packed with benefits.
  • On balances up to $2,500, the Brighter Day Savings account offers an outstanding APY.
  • 27 local branches
  • Branch access is available in 15 states.
  • There are numerous account options available.
  • Certain deposits are accessible same day.

Cons

  • Access to banking requires membership.
  • Some products, including savings and share certificates, could offer superior rates.

On July 13, 1971, First National Bank of Montgomery, Alabama (established in 1871), Exchange Security Bank of Birmingham, Alabama (established in 1928), and First National Bank of Huntsville, Alabama (established in 1871) merged to form Regions Financial Corporation, formerly known as First Alabama Bancshares (opened 1856) The Regions Center in Alabama serves as the home office for the bank holding firm Regions Financial Corporation. The business offers trust, stock brokerage, mortgage, and retail and commercial banking services.

5.0
Bankrate Score

7. CIT Bank

Savings APY:  1.00%

CD APY: 1-year – 0.30%, 2-year – 0.40% with a minimum deposit of $1K

Monthly Fees: $8 – $18 depending on service Lifegreen Checking, eAccess Checking, Preferred Checking, no fee for student checking

Federally Insured by: Federal Deposit Insurance Corporation (FDIC )

How many branches are in the State?

Pros:

  • One of the highest APYs available.
  • No monthly charges.
  • $100 as a minimum.

Cons

  • To get the highest APY, you must deposit $100 per month or keep a balance of at least $25,000.

A First Citizens BancShares subsidiary, CIT Group (CIT) is a provider of financial services in the United States. It offers financial services, such as factoring, cash management, treasury management, mortgage loans, Small Business Administration loans, leasing, and advisory services, largely to individuals, middle-market firms, and small businesses, mostly in North America. Digital access to accounts is available 4 hours a day.

5.0
Bankrate Score

8. Purdue Federal Credit Union

Savings APY:  0.05% with a $5 minimum balance

CD APY: 1-year – with a minimum deposit of $500

Monthly Fees: $0

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Purdue Federal Credit Union in Northwest IN has 13 branch locations offering accounts and loans.

Pros:

  • No meembership fee
  • 0% intro APR on purchases
  • 0% intro APR on balance transfers
  • No Foreign Fees

Cons

  • NO Intitals reward bonus
  • Require good credit

Purdue University Employees Credit Union was founded in 1969 by a group of university employees. Put simply, they wanted a place where they, their families and fellow employees could save and borrow money safely, confidentially, and at a fair rate of interest.

Over the years, the financial institution went through several name changes. It finally became Purdue Federal Credit Union in 2010, shortly after acquiring Members United Federal Credit Union. The new name was a true reflection of the membership base, which includes students, faculty, staff and communities where Purdue University and its regional campuses operate.

Headquartered in West Lafayette, Ind., Purdue Federal is a member-owned financial cooperative with 83,000 members worldwide and assets exceeding $1.7 billion. Its mission is to earn the trust of its members and become their financial partner for life. Its staff is driven by superior member service and dedication to the Greater Lafayette, Crown Point and La Porte communities.

Through its 10 full-service branches, three satellite branches, and digital banking services, Purdue Federal offers members a full menu of financial products. These include locally serviced mortgages, home equity loans, vehicle loans, credit cards and business loans. Also featured are checking, savings, Money Market and other deposit accounts, as well as digital services that allow members to pay bills, transfer funds, access statements and generally manage money whenever it’s convenient for them.

5.0
Bankrate Score

9. Centra Credit Union

Savings APY:  2.50% with a $0 – $1000 balance

CD APY: 1-year -1.60%, 2-year – 1.90%,  5-year -2.45% with a minimum deposit of $500

Monthly Fees: $0

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? The Centra Credit Union has in total of 16 branches in Indiana.

Pros:

  • Potentially lower than average purchase APRs.
  • 0% APR balance transfer intro rate on balance transfers for up to 6 months.
  • 0% APR on new purchases during the first 6 months. There is then a variable purchase APR that ranges from 8.25% up to 15.25%.
  • No annual fee.
  • Multiple credit card perks.
  • Offers auto rental collision damage waiver.
  • Access to a concierge.
  • Extended warranty on purchases.
  • Identity Theft Protection.
  • Travel accident insurance.
  • Trip cancellation insurance.
  • Considers applicants with fair credit.
  • Cardholders can earn rewards on their purchases.
  • Centra Credit Union The You Visa® Signature Credit Card reports to multiple credit bureaus.

Cons

  • Does not offer a signup bonus.
  • Charges a foreign transaction fee of 1%.
  • You don’t earn rewards on every purchase.
  • Charges a 2% balance transfer fee.

More than 80 years ago, the credit union got its start in Columbus, IN, when 8 employees of the Cummins Engine Company founded the Cummins Employees Federal Credit Union. Their goal: to identify a source of low-cost credit and a convenient place to save their hard-earned money. At their first organizational meeting, these employees set Credit Union policies such as a maximum deposit of $7.50 per week and an unsecured loan limit of $25. A charter was granted to the Credit Union on October 31, 1940.

In 1995, they changed the name to Centra Federal Credit Union to reflect our organization’s growth and diversity. The credit union became state-chartered in 1997 and is known today as Centra Credit Union.

5.0
Bankrate Score

10. FORUM Credit Union

Savings APY:  0.05% with a $5 minimum balance

CD APY: 18-month CD, 3.00% APY, $500 minimum deposit

Monthly Fees: $0

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? The FORUM Credit Union has in total of 5,000+ branches and 5,000+ ATMs and is present in around 42 states.

Pros:

  • No monthly fee
  • Free ATMs Competitive interest rates

Cons

  • Very few branches

FORUM Credit Union is a financial cooperative providing products and services to meet the needs of our members with innovation and care. FORUM provides services such as free checking accounts, free online bill pay, home equity loans, mortgages, business accounts and auto loans.

FORUM Credit Union has proudly served Central Indiana since 1941 and has experienced tremendous growth by offering innovative services and modern ways to meet members’ financial needs.

FORUM Credit Union has branch locations in the Indianapolis area, access to over 5,000 Shared Branches nationwide and surcharge free Alliance One ATMs. And if that’s not convenient for you or you prefer a different channel, they also provide free online banking, bill pay, mobile banking, mobile deposits, and live chat online.

5.0
Bankrate Score

11. Independent Federal Credit Union

Savings APY:  0.02%

CD APY: 1-year -0.25%, 2-year -0.35%, 3-year -0.45%, 5-year -0.65% with a minimum deposit of $1,000

Monthly Fees: No Fees

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State?

Pros:

  • No monthly fee
  • Free ATMs Competitive interest rates

Cons

  • Very few branches

Independent Federal Credit Union is a private company. The company currently specializes in the Banking area. Its headquarters is located at Anderson, Indiana, USA. The number of employees ranges from 25 to 100. The annual revenue of Independent Federal Credit Union varies between 5.0M and 25M. Started in Anderson, IN as the Delco Remy Employees Credit Union in 1946 and changed to Independent Credit Union in 1966. In November 2006, IFCU gained a Community Charter where anyone who lives, works, worships, or goes to school In Madison County can have an account.


National CD Rates

Average CD Rates

1-YEAR CD 1.82%
2-YEAR CD 1.75%
6-MONTH CD 2.10%
5-YEAR CD 2.47%
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