RANKING & REVIEWS
TOP RANKING INDIANAPOLIS BANKS & CREDIT UNIONS
Find the 7 Best Banks & Credit Unions in Indianapolis, and Find Out Which 2 to Avoid
The city of Indianapolis is known around the world for its famous Indianapolis Motor Speedway and Indy 500 race, which is over a century old. Several of the Indianapolis, Indiana banks and credit unions on our ranking also have a rich history here.
If you’re one of the 2 million people living in and around the Indianapolis metropolitan area, it’s important to know where to find the best bank in Indianapolis to open a personal or business account or go to for retirement planning.
Award Emblem: Best 7 Banks & Credit Unions in Indianapolis, IN
Things that we looked at in our 2018 Ranking of Best Credit Unions and Banks in Indianapolis, IN were things like offerings, reputation, loan rates, and ease of doing business with them online and in person.
The financial institutions on our list include a mix of traditional banks in Indianapolis and not-for-profit Indianapolis credit unions that stood out among the others in the city. We’ve also included two that you may want to avoid for the time being.
Top 7 Best Indianapolis Banks & Credit Unions (& 2 to Avoid) | Brief Comparison & Ranking
Banks & Credit Unions in Indianapolis, IN | Ratings |
| Elements Financial | 5 |
| Financial Center First Credit Union | 5 |
| Old National Bank | 5 |
| The National Bank of Indianapolis | 5 |
| Forum Credit Union | 3 |
| Indiana Members Credit Union | 3 |
| The Huntington National Bank | 3 |
| Hoosier United Credit Union | 1 |
| KeyBank | 1 |
Table: Top 7 Bank or Credit Union in Indianapolis, IN (& 2 to Avoid) | Above list is sorted by rating
Indianapolis Credit Unions and Banks FAQ | Which are the Main Cities in the Indianapolis Metropolitan Area?
For those moving to the Indianapolis area for the first time, it’s important to know which suburbs are in the city’s metropolitan area. After all, you may end up working just outside this capital city and want to find a bank in Indianapolis that’s in a nearby town.
The Indianapolis metropolitan area is rather large and is made up of 11 counties with the principal cities defined as Indianapolis, Carmel, and Anderson. Other large cities included that have over 50,000 people are Fishers, Noblesville, and Greenwood.
As you’re searching for the best credit union or bank in Indianapolis, you’ll want to take a look at their branch locations to make sure they’re convenient to your particular part of that larger metropolitan area.
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AdvisoryHQ’s Selection Methodology
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Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Banks & Credit Unions in Indianapolis, IN (& 2 to Avoid)
Below, please find a detailed review of each firm on our list of best Indianapolis banks & credit unions. We have highlighted some of the factors that allowed each bank or credit union in Indianapolis, IN to score so highly in our selection ranking.
Click on any of the names below to go directly to the review section for that firm.
- Elements Financial
- Financial Center First Credit Union
- Old National Bank
- The National Bank of Indianapolis
- Forum Credit Union
- Indiana Members Credit Union
- The Huntington National Bank
- Hoosier United Credit Union
- KeyBank
See Also: Ameris Bank Review | Ranking | What You Should Know Before Using Ameris
Elements Financial Review
Elements Financial is one of the credit unions in Indianapolis that looks to be positioning itself closer to a bank, dropping the “credit union” from their displayed name. Elements was founded in 1930 by the management of the Eli Lilly company and today serves nearly 90,000 members.
Below are the highlights that make Elements Financial stand out on this 2018 best banks & credit unions in Indianapolis, IN ranking.
Elements Financial Credit Union Services at a Glance:
- 6 branch locations in Indianapolis, Indiana & surrounding areas
- Ranked among top 3% of credit unions nationally
- Serves members in all 50 states through shared branches
- Financial wellness resources & workshops
- Better Business Bureau A+ rating
“Like a Bank, Only Better”
Elements Financial does the best job we’ve seen of any Indianapolis credit unions to help people understand the benefits of credit unions and position themselves competitively. They state on their site that the average member saves an estimated $309 just by banking with them instead of a bank in Indianapolis.
Rating Summary
This Indianapolis credit union earned a perfect 5 rating on our Ranking of Best Credit Unions & Banks in Indianapolis, Indiana. They have an excellent reputation and were honored as a Best Place to Work in Indiana, and we know that happy employees often equate to great customer service.
They’re also one of the few banks or credit unions in Indianapolis, IN, or anywhere else, that have done a great job explaining why people should choose them while backing it up with dollar figures.
Elements Financial is definitely one of the Indianapolis credit unions that’s growing and competing to best serve it’s members now and in the future.
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Financial Center First Credit Union Review
The next credit union in Indianapolis, IN on our list is also an award-winning financial institution. Financial Center First Credit Union has earned multiple awards, including being named as a top workplace by the Indianapolis Star and Indiana Chamber of Commerce.
Below are the highlights that make Financial Center First Credit Union stand out on this 2018 Best Banks & Credit Unions in Indianapolis, IN ranking.
Financial Center First Credit Union Services at a Glance:
- 8 branch locations in Indianapolis, Indiana & surrounding areas
- Three time winner of CUNA’s DesJardins Award for Financial Literacy
- A member of the Shared Branching Network
- Free financial education through seminars & one-on-one appointments
- Better Business Bureau A rating
Low Rates on Car Loans through Enterprise
Are you looking for a pre-owned vehicle at a great rate? Financial Center is one of Indianapolis credit unions that partners with Enterprise Car Sales to help their members get a trust-worthy automobile with a loan rate as low as 1.84% APR.
Rating Summary
Financial Center First Credit Union earns a 5 rating as one of the credit unions in Indianapolis that we recommend checking out. Their award winning financial literacy programs illustrate the care they put into their members’ financial health & wellbeing.
This is also an Indianapolis credit union where you have a choice of four different checking accounts to meet your needs. You can choose from two that are free with no service fee or others with tiered and high interest rates.
Related: Comerica Bank Review & Ranking | What You Should Know About Comerica Bank
Old National Bank Review
This best bank in Indianapolis is proud of the “old” in their name and is one of the oldest in the area, being founded nearly 200 years ago, in 1834. Old National Bank now serves several Midwest states with locations in Indiana, Michigan, Kentucky, and Wisconsin.
Below are the highlights that make Old National Bank stand out on this 2018 Ranking of Best Indianapolis Banks and Credit Unions.
Old National Bank Services at a Glance:
- 20 branch locations in Indianapolis, Indiana & surrounding areas
- Recognized as one of the World’s Most Ethical Companies
- Promotes environmental sustainability
- Rated as a 5-star by Bauer Financial
- Better Business Bureau A+ rating
Driven by Community Values
Looking for one of the best banks in Indianapolis that you can feel good about banking with? Then Old National Bank is one you’ll want to consider. Their focus on sustainability and community giving make them a standout among other Indianapolis, Indiana banks.
Rating Summary
Old National Bank scored a 5 in our Ranking of Best Indianapolis Banks and Credit Unions. They’ve shown that being founded over 180 years ago doesn’t hold you back from being on the cutting edge of both mobile banking and corporate sustainability.
They’ve also garnered an impressive amount of banking awards and are one of the best Indianapolis banks to work with if you’re looking for an ethical a trustworthy financial partner that’s driven by community values.
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The National Bank of Indianapolis Review
One of the youngest Indianapolis, Indiana banks on our list was founded in 1993. But that didn’t stop The National Bank of Indianapolis from earning the distinction of becoming one of the largest and best Indianapolis banks or credit unions in town.
Below are the highlights that make The National Bank of Indianapolis stand out on our 2018 Ranking of Best Indianapolis Banks and Credit Unions.
The National Bank of Indianapolis Services at a Glance:
- 13 branch locations in Indianapolis, Indiana & surrounding areas
- Non-profit banking services
- The largest local bank in greater Indianapolis area
- Market Street fund management accounts
- Better Business Bureau A+ rating
Convenient Online & Mobile Banking
While we must admit that The National Bank of Indianapolis’ website looks a little outdated, their mobile banking app has a 4 star rating in both the iTunes and Google Play stores. They also offer consumer mobile check deposit, Apple Pay, and debit card alerts.
Rating Summary
While the website definitely could use an upgrade, we still awarded The National Bank of Indianapolis a 5 rating. They have multiple excellent reviews on sites like Glassdoor, DepositAccounts, and Facebook, which shows they’re considered one of the best banks in Indianapolis by many.
For being a smaller, homegrown bank they also provide services for personal and business banking that you find at larger banks or credit unions in Indianapolis, IN and beyond.
And of course, we can’t ignore that they’ve grown in a relatively short period of time to being the largest local bank in Indianapolis, Indiana and the surrounding area.
Read More: Great Southern Bank Ranking & Review
Forum Credit Union Review
In 1941, the employees of Indiana Bell Telephone Company started this next credit union in Indianapolis, IN. Through their 75 year+ history, Forum Credit Union has continued to focus on their mission of “Helping members live their financial dreams.”
Below are the highlights that make Forum Credit Union stand out on this 2018 Best Banks & Credit Unions in Indianapolis, IN ranking.
Forum Credit Union Services at a Glance:
- 13 branch locations in Indianapolis, Indiana & surrounding areas
- Voted one of the Best Places to Work in Indiana
- Offers access to over 5,000 shared branches nationwide
- In-branch community promotional events
- Better Business Bureau A+ rating
Member Perks and Discounts
If you like getting discounts just from joining one of the Indianapolis credit unions or banks, then you’ll like the multiple perks with Forum. Just a few of these discounts include, insurance products through TruStage™, local estate planning services, TurboTax products, and ADT rewards.
Rating Summary
We gave a 3 rating to Forum Credit Union. They have some great services to offer to their members, but we found their website is lacking information and style. An update would definitely improve their ranking among the best Indianapolis banks & credit unions.
They do have some excellent discounts that can help their members save money in a variety of areas, which is a big plus. Their in-branch community events are also a great way to take advantage of things like their Free Shred Day.
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Indiana Members Credit Union Review
Indiana Members Credit Union was started in 1956 by employees at Indiana University Medical Center. It’s not difficult to meet eligibility requirements for this Indianapolis credit union, you only need to live or work in one of 25 Indiana townships or counties, or work for one of their member companies.
Below are the highlights that make Indiana Members Credit Union stand out on this 2018 Best Credit Unions & Best Banks in Indianapolis ranking.
Indiana Members Credit Union Services at a Glance:
- 24 branch locations in Indianapolis, Indiana & surrounding areas
- They regularly support local charities
- Free checking with no minimum balance required
- Investment & retirement services
- Better Business Bureau A+ rating
Simple Online Loan and Account Options
Do you like the convenience of applying for a new loan or opening an account from your living room? Indiana Members Credit Union is the best bank in Indianapolis to use for convenient online options just like that. Apply for a loan or open your account online in minutes.
Rating Summary
Indiana Members Credit Union earned a high 3 in our ranking. A few mixed online reviews from sites like DepositAccounts and Yelp, were one of the things that held them back from getting a perfect score.
On the plus side, this is one of the best credit unions or banks in Indianapolis with a simple and easy to use website that also offers excellent online tools. Their 24 locations in the area also make them one of the most convenient Indianapolis credit unions to visit in person.
Related: JSC Federal Credit Union (Ranking & Review)
The Huntington National Bank Review
A regional bank that’s been growing ever since the founding in 1866 is The Huntington National Bank. They are mid-west born in the neighboring state of Ohio, serve eight states, including Indiana, and are one of the best banks in Indianapolis.
Below are the highlights that make The Huntington National Bank stand out on this 2018 best Indianapolis banks and credit unions ranking.
This Best Bank in Indianapolis at a Glance:
- 6 branch locations in Indianapolis, Indiana & surrounding areas
- They waive closing costs on VA loans
- Highest score among Mid-Atlantic/North Central banks for satisfaction
- Private bank services
- Better Business Bureau A+ rating
A Wealth of Banking Tools for Everyone
Are you searching for one of the Indianapolis, Indiana banks that has online calculators, budget balancing worksheets, and other tools you can use to plan your financial future?
Whether you’re there looking for a mortgage or you are running a small or larger business, this is the best bank in Indianapolis that supplies all those tools and more.
Rating Summary
We came close to awarding a higher score, but ultimately we gave Huntington Bank a 3 rating. They exemplify a lot the great mid-west values that you don’t normally find in a larger regional bank, but we’d like to see a few more Indianapolis locations.
They also have some medium to low scores that could use improvement on sites like ConsumerAffairs and CreditKarma. But their A+ rating at the Better Business Bureau is definitely a plus, and shows they can easily earn a higher rating in the future among the best banks in Indianapolis.
Popular Article: MidWestOne Bank Ranking & Review
Hoosier United Credit Union Review
We’ve discussed some of the best credit unions and banks in Indianapolis to consider, and now we’re going to take a look at two that you may want to steer clear of. Hoosier United Credit Union is based in Indianapolis and has just two dedicated locations there.
Below are some of the improvements we feel Hoosier United Credit Union could make to gain a spot in the future on our Ranking of Best Credit Unions in Indianapolis, IN.
More Dedicated Locations
To be fair, Hoosier United is one of the credit unions in Indianapolis that is part of the CO-OP Shared Branch network. But with only two of their own branches, if they want to compete with the best credit unions and best banks in Indianapolis, they should add a few more.
Improve Their Website Experience
In this day and age, a website that looks like it was designed in the early 2000’s can make anyone hesitate at doing business with you. Hoosier United could greatly benefit by updating the website experience for their current and future members.
Rating Summary
As one of our credit unions in Indianapolis, IN to avoid, we rated Hoosier United Credit Union a 1 in our ranking. They need to up their game in a few areas, especially their online presence. For today’s consumer, a website is just as important a first impression as a bank lobby.
Location number is also a hold back for Hoosier United. If they focused on serving a few more communities with branches, we could easily see revisiting their ranking on our top credit unions in Indianapolis, IN list.
KeyBank Review
Let’s take a look at the second of the two banks or credit unions in Indianapolis, IN that we feel you may want to avoid. KeyBank is part of KeyCorp and has been in business for over 160 years. It was founded in Albany New York and is now based in Cleveland, Ohio.
Below are some of the improvements we feel KeyBank could make in order to gain a spot in the future on our best bank in Indianapolis ranking.
Improve their Reputation
KeyBank has some serious online reputation issues. With poor ratings on websites like ConsumerAffairs, CreditKarma, and NerdWallet, just to name a few. They are also not Better Business accredited, and thus have no rating on the site.
Get Some Awards in Customer Service
While KeyBank does have some awards, they tend to be in areas like community reinvestment and diversity. Those are definitely good signs, but if they’re aiming to become one of the best Indianapolis banks, they may want to try for some in customer service and satisfaction as well.
Rating Summary
KeyBank was given a 1 rating due to their poor customer service ratings on multiple online sites. We can expect many banks or credit unions in Indianapolis, IN to perhaps have a few mixed ratings here and there, but KeyBank’s are poor across the board.
They are on a good track with earning awards in other areas, so with more focus on their customer support and online reputation, we could see them moving up in a future Best Banks in Indianapolis ranking.
Conclusion – 7 Best Indianapolis Banks & Credit Unions (and 2 to avoid)
Indianapolis, Indiana earned the nickname “The Crossroads of America” by being centrally located to many other large metropolitan areas. This is also a reason the city has so many of the best Indianapolis banks and credit unions that have sprung up in the area over the years.
But just because you choose a local or homegrown regional bank, you don’t have the give up on any of the modern conveniences you have with larger banks. All of the best banks in Indianapolis have kept up with the times and offer top online and mobile banking along with their hometown, community feel.
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Image sources:
- https://pixabay.com/en/indianapolis-indiana-city-urban-1872528/
- https://pixabay.com/en/indianapolis-indiana-city-cities-1618301/
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