Loading
Tap on the profile icon to edit
your financial details.

Independence Bank Review

Your Details Done
by Updated
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
Independence Bank Savings
0.45% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Independence Bank started in 1973 with headquarters in Havre, Montana. Independence Bank has $715 million in assets as well as deposits totaling $608 million, ranking it as a medium-size bank. Independence Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Independence Bank a 4.5 stars out of 5, which means it is a superb bank that you should strongly consider. Independence Bank provides customers with a selection of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Independence Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for returning the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.0
SmartAsset Average: 3.5

Independence Bank has a savings rate of 0.45%, which is fair compared to other U.S. banks. Its one-year CD earns at a rate of 1.76% and the five-year CD has a rate of 3.29%. Given Independence Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Independence Bank's Savings Rates Compare

Independence Bank Savings 0.45 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Independence Bank charges customers extremely low fees compared to the average U.S. bank. Independence Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Independence Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will need to search for an Independence Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.1
SmartAsset Average: 3.7

Independence Bank is a brick-and-mortar bank, with seven total branches in Montana. It also offers access to mobile and web apps for easy access and banking on the go. Independence Bank receives reasonably decent feedback from customers for its mobile banking services. Out of 19 customer reviews on Apple and Android platforms, the Independence Bank mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). You can access Independence Bank's app to manage your bank accounts by reviewing current statements, transferring funds as well as reaching customer service. Independence Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Independence Bank is a medium-size bank with $715 million in assets and deposits totaling $608 million. Independence Bank's Texas Ratio is 0.60%, indicating that the bank is in excellent financial well-being and far from failure. Additionally, Independence Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Back to Overview

Compare Independence Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.45% APY $1000
Checking Account 0.2% APY $750
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.52% APY
  • 36 Month: 2.78% APY
  • 60 Month: 3.29% APY
$500 for all terms

Independence Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Independence Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Independence Bank's CD rates are fair as compared against the national average.

Back to Overview

Find a Independence Bank Near Me

Independence Bank has seven physical branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure