Opening a Business Bank Account for Your Indiana LLC

A dedicated business bank account protects your LLC's liability shield by keeping personal and business finances separate. Indiana courts examine commingling of funds as a primary factor in veil-piercing claims. Open an account as soon as your LLC is formed and your EIN is issued. For all compliance, see our after-formation guide.

What You Need

Indiana Banking Options

Regional/local banks:

• Indiana Members Credit Union — Indiana-focused, strong LLC account options
• First Internet Bank — Headquartered in Indianapolis, online-first with business accounts
• Centier Bank — Northwest Indiana community bank
• Old National Bank — Southern Indiana and across the state
• First Merchants Bank — Central/Eastern Indiana

National banks with Indiana presence:

• PNC Bank — Strong Indiana network
• Chase — Indianapolis metro area
• Fifth Third Bank — Multiple locations
• BMO (formerly Harris Bank) — Northern Indiana

Online options:

• Mercury, Relay, Novo — Popular with tech and remote businesses

Best Practices

1. Open immediately after formation
2. Deposit ALL LLC income into business account
3. Pay ALL business expenses from business account
4. Never use personal accounts for business transactions
5. Pay yourself via owner's draw or payroll (S-corp)
6. Keep adequate reserves

FAQ

Can I use my personal account for my LLC?

Legally possible but strongly discouraged. Commingling funds is the top factor in Indiana veil-piercing claims. Use a dedicated business account.

Do I need my EIN first?

Yes. Indiana banks require an EIN for LLC accounts.

How much should I deposit initially?

No legal minimum, but $500-$1,000 demonstrates adequate capitalization.