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Industrial Bank Review

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Industrial Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Industrial Bank was founded in 1934 and has its headquarters in Washington, District of Columbia. It owns $423 million in assets as well as $335 million in deposits, classifying it as a medium-size bank. Industrial Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.6 out of 5 stars, Industrial Bank should be near the middle of the pack in your search for a bank. Industrial Bank offers a variety of product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Industrial Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a $3.00 monthly fee, which is not too high as compared against the national average. Using an institution with no-fee checking, in addition to a high savings APY is the best bet for returning the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
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

Industrial Bank has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Industrial Bank's one-year CD earns at a rate of 0.75%, while its highest-yielding money market account has an APY of 0.15%. Given Industrial Bank's below average savings rate, you should think about looking elsewhere to open savings accounts.

How Industrial Bank's Savings Rates Compare

Industrial Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

Industrial Bank typically has average fees in comparison to the national average. At $3.00 per month, Industrial Bank is less than the best product for those who want a simple checking account. For those who will need cash in a pinch, Industrial Bank is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Also, Industrial Bank has an overdraft fee of $30.00, which is noticeably lower than the national average. Industrial Bank reimburses their out-of-network ATM fees (with conditions), which means convenient access to cash at any time.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Industrial Bank is a brick-and-mortar bank, with eight total branches in District of Columbia. With mobile and web apps, Industrial Bank makes mobile banking straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 6:00 p.m. ET. Industrial Bank receives moderate feedback from users for its mobile app. The Industrial Bank mobile app has an overall rating of 3.9 out of 5 (out of 44 ratings on Apple and Android) compared to the national average of 3.8. You can access Industrial Bank's mobile app to manage your accounts by looking at monthly statements, transferring money as well as accessing support representatives. Industrial Bank gets an exceptional consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.1
SmartAsset Average: 4.8

Industrial Bank is currently a medium-size bank with $423 million in assets and deposits totaling $335 million. It has a good Texas Ratio of 39.36%, suggesting that the bank is in satisfactory financial health. Additionally, Industrial Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

39.36%
High Risk 75% 50% 20% 10% Low Risk

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 Industrial Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.70% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Industrial Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Industrial Bank does not have the best savings rate, which means you should think about looking 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. Industrial Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Industrial Bank Near Me

Industrial Bank has eight locations in the U.S.

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