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Independent Bank 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
Independent Bank Savings
0.10% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Founded in 1890, Independent Bank has $3 billion in assets and deposits totaling $2 billion, which makes it a large bank. Independent Bank, whose headquarters are in Grand Rapids, Michigan, does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. With a score of 4.1 stars out of 5, Independent Bank should be solidly in contention for your choice of bank. 

Independent Bank has a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Independent Bank has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, the bank's most basic checking does not have a monthly fee. Keeping accounts in one place is perfect for getting the highest interest rates on your income while keeping easy control over your funds.

Service Quality

Independent Bank is a brick-and-mortar bank, with 70 total branches in Michigan. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturday, 8:00 a.m. to 6:00 p.m. ET. 

Independent Bank's online and mobile banking platforms receive relatively satisfactory ratings from users: out of 420 customer reviews on iOS and Android platforms, the Independent Bank mobile app is scored at 3.1 out of 5 (compared to the national average of 3.8). Independent Bank's mobile app allows you to control your finances by checking account balances, sending and receiving money and reaching support representatives. Independent Bank gets an excellent consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 1.31% APY
  • 24 Month: 1.76% APY
  • 36 Month: 1.87% APY
  • 48 Month: 2.22% APY
  • 60 Month: 2.32% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.20% APY
  • 25K tier: 0.25% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

Independent Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Independent Bank does not have the best savings rate, which means you should think about other options 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. Independent Bank's CD rates are competitive in comparison to other U.S. banks. 

Rates

Independent Bank has a savings rate of 0.10%, which is fair in comparison to the national average. Its one-year and five-year term lengths CD's earn at a rate of 1.31% and 2.32%, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Independent Bank has a fair savings rate compared to the average savings account. Consider taking a look at other banks for savings accounts.

Compare Independent Bank to Other Competitive Offers

Fees

Independent Bank has generally low fees in comparison to the national average. With no monthly fee, Independent Bank's checking account is ideal for those who need an easy checking account. For those who will need cash in a pinch, Independent Bank is fair because it has ATM fee of $2.00, which is fair compared to other U.S. banks. Additionally, at $34, it has a significantly lower overdraft fee compared to that of other U.S. banks. Independent Bank refunds any incurred ATM charges (with conditions), making withdrawing money a free and convenient process.

Financial Health

Independent Bank is currently a large bank and handles $3 billion in assets and $2 billion in deposits. Independent Bank has an excellent Texas Ratio of 3.32%, signifying an exceptionally low likelihood 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.

Find an Independent Bank Near Me

Independent Bank has 70 branches across the U.S.

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