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Independent Bank Review

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Independent Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Independent Bank first started operating in 1913 with its headquarters in Mckinney, Texas. Independent Bank handles $9 billion in assets and $7 billion in deposits, making it a large bank. Independent Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave the bank a 4 out of 5 stars, which means Independent Bank is a good bank that deserves your consideration. Independent Bank offers a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Independent Bank's most basic checking does not carry a monthly charge. Institutions that offer no-fee checking, in addition to a high interest rate savings account are the best bet for returning the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.15%, Independent Bank ranks poorly as compared against the national average. Independent Bank's one-year and five-year term lengths CDs earn at a rate of 0.60% and 1.51%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Independent Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Independent Bank's Savings Rates Compare

Independent Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

Independent Bank typically has low fees compared to the national average. With no monthly fee, Independent Bank's checking account is perfect for people who need an easy checking account. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $1.25, which is reasonable in comparison to other U.S. banks. Also, it has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Independent Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to find an Independent Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.25 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Independent Bank is a brick-and-mortar bank, with 81 total branches in Colorado and Texas. It also offers access to mobile and web apps for simple access and banking on the go. Independent Bank gets unsatisfactory reviews from users for its online presence. Out of 110 customer reviews on both iOS and Android platforms, the Independent Bank mobile app has an overall rating of 3.2 out of 5 (compared to the national average of 3.8). Independent Bank's mobile app lets you manage your accounts by checking account balances, transferring funds and reaching support representatives. Independent Bank receives an exceptional consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Independent Bank is a large bank owning assets totaling $9 billion and $7 billion in deposits. Independent Bank's Texas Ratio is 1.61%, indicating a low chance of failure. Additionally, Independent 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.

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Compare Independent Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $50
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.70% APY
  • 36 Month: 1.00% APY
  • 60 Month: 1.51% APY
$1000 for all terms
Money Market Account 0.1% APY $500

Independent Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Independent Bank does not have the best savings rate, which means you should consider taking a look elsewhere 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. Independent Bank's CD rates are fair compared to the national average.

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Find a Independent Bank Near Me

Independent Bank has 81 locations across the U.S.

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