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Bank Independent Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Bank Independent Savings
0.05% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Established in 1947, Bank Independent has assets totaling $1 billion along with $1 billion in deposits, which makes the institution a large bank. Bank Independent, whose headquarters are in Sheffield, Alabama, does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Bank Independent is a respectable bank that should be given a look at a rating of 4.0 stars out of 5 from our team. 

Bank Independent offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Bank Independent has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, Bank Independent's ordinary checking account does not have a monthly fee. Using the same bank for checking and savings is best for getting the highest interest rates on your deposits while maintaining easy access to your money.

Service Quality

Bank Independent is a brick-and-mortar bank, with 27 total bank locations in Alabama. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Saturday, 8:00 a.m. to 8:00 p.m. ET. 

Bank Independent's online and mobile banking platforms receive moderately high ratings from users: out of 200 customer reviews across Apple and Android platforms, the Bank Independent mobile app is scored at 3.8 out of 5 (compared to the national average of 3.8). Bank Independent's mobile app lets you manage your funds by reviewing current statements, sending and receiving money as well as reaching support representatives. Bank Independent gets a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $1 Compare Offers
Certificates of Deposit
  • 6 Month: 2.01%
  • 12 Month: 2.01% APY
  • 18 Month: 2.11%
  • 24 Month: 2.11%% APY
  • 36 Month: 2.31% APY
  • 48 Month: 2.41% APY
  • 60 Month: 2.51% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.11% APY $10,000 Compare Offers

Bank Independent has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank Independent's CD rates are competitive as compared against the national average. 

Rates

Bank Independent features a savings rate of 0.05%, which is fair as compared against the national average. Bank Independent's one-year CD earns at a rate of 1.31% and the five-year CD earns at a rate of 2.51%, while its highest-yielding money market account earns at a rate of 0.11%. Bank Independent has a fair savings rate, which means other popular banks have higher rates. Consider choosing another bank to earn more on your deposits.

Compare Bank Independent to Other Competitive Offers

Fees

Bank Independent has generally average fees compared to the national average. Bank Independent's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Also, it has an overdraft fee of $36, which is slightly steeper than the national average. Bank Independent reimburses any incurred ATM fees (with conditions), which means convenient access to cash at any time.

Financial Health

Bank Independent is a large bank owning assets totaling $1 billion and deposits totaling $1 billion. Bank Independent's Texas Ratio is 11.16%, signifying that the bank is in fine financial condition and far from failure. Additionally, Bank Independent is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank Independent Near Me

Bank Independent has 27 locations across the U.S.

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