Bank Independent

Overview / Commentary
710 South Montgomery Avenue
Sheffield, AL 35660

Bank Independent is headquartered in Sheffield and is the 5th largest bank in the state of Alabama. It is also the 509th largest bank in the nation. It was established in 1947 and as of June of 2019, it had grown to 575 employees at 29 locations. Bank Independent's CD rates are 46% higher than the national average, and it has an A health rating.

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Reviews (1)

A fantastic local bank

Posted by: Schedrop | Nov 11, 2017

I have several types of accounts with Bank Independent. I have a checking account, a Safe Deposit box, and a CD at this bank, and I have honestly never had a problem with anything. Anytime there have been issues with my account, typically as a result of fraud from businesses and hackers, the representatives at the bank were friendly and helped resolve the issue as quickly as they could. Although there are some account fees, there are always ways around those, such as signing up for online banking and receiving e-statements. There are also several account options for pretty much anyone!


Health Grade Components

FDIC Certificate #16604
Year Established1947
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.35%
Return on Equity - YTD13.95%
Annual Interest Income$49.5MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$1.67B$1.54B
LoansQ2 2019vs Q2 2018$1.29B$1.24B
DepositsQ2 2019vs Q2 2018$1.39B$1.27B
Equity CapitalQ2 2019vs Q2 2018$164.0MM$145.8MM
Loan Loss AllowanceQ2 2019vs Q2 2018$16.5MM$13.0MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$14.6MM$14.0MM
Real Estate OwnedQ2 2019vs Q2 2018$947.00K$1.9MM
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Always verify rates and promotions with the bank or credit union. We are not Bank Independent; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank Independent Savings Account Rates

0.25%$2-Christmas Club
0.05%--Regular Savings
0.05%--Business Savings

Bank Independent Money Market Rates

0.21%*$100k*-Business Smart Money Market
OTHER TIERS: 0.11% Up to $100k
0.13%$1-Premier Money Market

Bank Independent Checking Account Rates

0.18%*$100k*-Premier Checking
OTHER TIERS: 0.05% Up to $10k | 0.07% $10k - $25k | 0.10% $25k - $50k | 0.15% $50k - $100k

Bank Independent CD Rates

2.01%$1k-5 Year CD
1.51%$1k-2 Year CD
1.51%$1k-3 Year CD
1.51%$1k-4 Year CD
1.41%$1k-18 Month CD
1.31%$1k-1 Year CD
1.01%$1k-6 Month CD
0.51%$1k-3 Month CD
0.31%$10k-6 Month Premier Growth CD
0.31%$10k-12 Month Premier Growth CD
0.31%$10k-60 Month Premier Growth CD


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