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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A fantastic local bank
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!
Data as of Q2 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16604 |
| Year Established | 1947 |
| Employees | 575 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.35% |
| Return on Equity - YTD | 13.95% |
| Annual Interest Income | $49.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $1.67B$1.54B |
| Loans | Q2 2019vs Q2 2018 | $1.29B$1.24B |
| Deposits | Q2 2019vs Q2 2018 | $1.39B$1.27B |
| Equity Capital | Q2 2019vs Q2 2018 | $164.0MM$145.8MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $16.5MM$13.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $14.6MM$14.0MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $947.00K$1.9MM |
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.25% | $2 | - | Christmas Club | |
| 0.05% | - | - | Regular Savings | |
| 0.05% | - | - | Business Savings |
Bank Independent Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.18%* | $100k* | - | Premier Checking | ||
| OTHER TIERS: 0.05% → Up to $10k | 0.07% → $10k - $25k | 0.10% → $25k - $50k | 0.15% → $50k - $100k | |||||
