Everybody wants good returns with minimal risks. The financial instrument that’s the nearest approximation to this description is a high-yield savings account. It offers higher returns than the national average and is mostly insured by the Federal Deposit Insurance Corporation. But choosing one such account can be difficult from among the various options. In this blog, we’ll provide you with the 10 best high-yield savings accounts in Indiana.
Top 10 High-Yield Savings Accounts in Indiana
Choosing a high yield savings account that suits your needs can be difficult. Here are ten best options you can consider to save your money and watch it grow.
Beem
Beem offers a range of financial services. While it doesn’t offer a high-yield savings account on its own, it provides a platform where you can check offers from various banks and financial institutions.
| APY Rate | Monthly Fees | Pros | Cons |
| You can find various options offering 5.00%, making it one of the highest in the market. | Nil. | High APY. No fees. Savings are FDIC-insured up to $5,000,000. | No physical branches. |
Ally Bank
Ally Bank is an online provider catering to various needs for individuals who prefer on-the-go solutions. It also offers high-yield savings accounts at no extra fees and you can also get an ATM card if you have a checking account with Ally Bank.
| APY Rate | Monthly Fees | Pros | Cons |
| Up to 4.20% | Nil. | Competitive APY. No monthly fees. 24/7 customer support. No minimum deposit. | No physical branches. Can be slow in processing external transfers. |
Chase Bank
Chase Bank has an extensive network of ATMs and branches across the U.S. They also have a user-friendly app and website that caters to various needs.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.01% on savings accounts. You also need a minimum deposit of $25 | $5, which can be waived if you maintain a minimum daily balance of $300. | Extensive network of branches and ATMs. Excellent mobile banking app. | Low APY. Monthly fees, unless a minimum balance is maintained. |
Fifth Third Bank
Fifth Third Bank can be a good choice if you prefer in-person banking. It also has an extensive network of branches in Indiana. But when it comes to a high yield saving account, you can get a better option than Fifth Third Bank due to its low APY and monthly fees.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.01%. | $5, unless you maintain a $500 balance or have a checking account. | Wide range of banking services. Extensive branch network. | Low APY. Monthly fees unless minimum balance requirements are met. |
CIT Bank
CIT Bank is an online banking solution that is best for those looking to earn some interest on their savings and checking accounts. However, the APY is not as high as other banking solutions offering high yield saving accounts, and minimum maintenance requirements are also high.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.40%, which can go up to 1.00%. | To get 1.00%, you need to have a recurring monthly deposit of $100 or hold an account balance of more than $25,000. | Competitive APYs. There are no monthly fees for any accounts. | Need to have a recurring deposit of $100 each month or maintain $25,000 to earn maximum APY. |
PNC Bank
PNC Bank is a full-service bank that offers a variety of savings accounts. Its base APY is low, but PNC provides its customers with options to increase their APY.
| APY Rate | Monthly Fees | Pros | Cons |
| Base APY is 0.01%. However, if you link your PNC Bank account to its checking account, then you can increase it to 0.02%. You can further increase it to 0.03% if you make at least five purchases each month from your credit or debit card and maintain $2,500 in your account. | Nil, but a minimum $25 deposit is required. | Potential to get higher APY. Overdraft protection with checking account. | Low base APY. |
Huntington Bank
If you are looking for a high APY then Huntington may not be the best option for your need. However, it offers multiple checking accounts and have more than 40 branches in Indiana.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.05%, which is higher than traditional banks but not competitive enough. | $5, which can be waived if you have $5,000 deposited with the bank. | Strong regional presence. Good customer service. | Low APY. Monthly fees unless minimum requirements are met. |
First Financial Bank
Although, First Financial Bank does not offer competitive APY. It can be a good choice for students as it only requires a minimum deposit of $25. The APY offered is still higher than most traditional banks.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.05%. | Nil, but a minimum deposit of $25 is required to open an account. | Online and mobile banking facility. Lower minimum deposit requirement. | Branches available in a few locations. Low APY. |
Flagstar Bank
Flagstar Bank’s primary business is mortgages, but its savings accounts are also worth considering. They offer an APY that is much higher than that of traditional banks.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.10%. | Nil, but on the condition of maintaining a minimum deposit of $1. | Low minimum deposit requirement. Competitive APY. | Limited branches available. |
Busey Bank
Busey Bank offers its customers a variety of savings and checking accounts. However, when it comes to a high yield savings account, Busey Bank may not be the best option; their minimum deposit requirements are also on the higher side.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.01%. | Nil, but the minimum deposit requirement is $100 to open an account. | Good customer service. Easy online banking. | Low APY. Available in limited locations. |
Conclusion
Indiana citizens have access to various high-yield savings account options. To maximize savings, choose from platforms such as Beem. Consider the annual percentage yield provided by banks and other financial institutions is crucial. When choosing, read the terms and conditions carefully to check if there are some hidden costs associated with them. Some savings accounts charge fees if you exceed a withdrawal limit or if your balance falls below a limit. These fees can eat up your interest, affecting your investments in the long run.
Read Related Article: High-yield savings account in Arkansas.
FAQs
How do I open a high yield savings account in Indiana?
Opening a high yield savings account in Indiana typically involves visiting the bank’s website or local branch. You’ll need to provide personal information, including your Social Security number, a valid ID, and proof of address. Some banks also allow you to open an account entirely online.
Are high yield savings accounts in Indiana insured?
Yes, high yield savings accounts in Indiana are usually insured by the Federal Deposit Insurance Corporation (FDIC) for banks or by the National Credit Union Administration (NCUA) for credit unions, up to $250,000 per depositor, per insured bank, for each account ownership category.
What are the minimum balance requirements for high yield savings accounts in Indiana?
Minimum balance requirements vary by institution. Some banks, like CIT Bank and Ally Bank, do not have minimum balance requirements, while others, like Chase Bank and PNC Bank, require a minimum balance to waive monthly fees or earn the advertised APY.
