Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Independent Bank Review

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


Independent Bank started in 1913 with headquarters located in Mckinney, Texas. It has $9 billion in assets along with deposits totaling $7 billion, which makes it a large bank. Independent Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Independent Bank is a respectable bank that deserves your consideration, with a score of 4.0 stars out of 5 from the SmartAsset team. Independent Bank offers a full suite of product offerings, 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 looking for a checking account for everyday use, Independent Bank's most basic checking account does not have a monthly maintenance fee. Institutions that offer no-fee checking as well as a high interest rate savings account are your best bet for accruing the highest income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.15%, Independent Bank ranks poorly as compared against the national average. Its CD rates are 1.00% and 2.02% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.15%. Given Independent Bank's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Independent Bank's Savings Rates Compare

Independent Bank Savings 0.15 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

Independent Bank charges customers low fees compared to the national average. With no monthly fee, Independent Bank's checking account is ideal for people who need a hassle-free banking experience. For those who visit the ATM often, it is fair because it charges an out-of-network ATM fee of $1.25, which is reasonable compared to other U.S. banks. Additionally, at $35.00, Independent Bank has a lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Independent Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll need to search for an Independent Bank ATM or pay the withdrawal fee.

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
Back to Overview

Service Quality

SmartAsset Average: 3.7

Independent Bank is a brick-and-mortar bank, with 81 total branches in Colorado and Texas. With mobile and web apps, Independent Bank makes mobile banking easy, even on the go. Independent Bank gets unsatisfactory marks from users for its online presence. The Independent Bank mobile app is rated at 3.2 out of 5 (with 110 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Independent Bank's mobile app to manage your funds by reviewing account balances, transferring funds and accessing customer service. Independent Bank gets an exceptional consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Independent Bank is a large bank and handles assets totaling $9 billion as well as $7 billion in deposits. Independent Bank's Texas Ratio is 1.61%, signifying a negligible possibility 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.

Back to Overview

Compare Independent Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.76% APY
  • 36 Month: 2.02% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Account 0.15% APY $25000

Independent Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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 in comparison to the average U.S. bank.

Back to Overview

Find a Independent Bank Near Me

Independent Bank has 81 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