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 464th largest bank in the nation. It was established in 1947 and as of March of 2023, it had grown to 625 employees at 31 locations. Bank Independent's CD rates are 4X the national average, and it has a B+ health rating.

Reviews (1)

A fantastic local bank

Posted by: |

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 - YTD1.02%
Return on Equity - YTD13.08%
Annual Interest Income$33.0MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$2.48B$2.27B
LoansQ1 2023vs Q1 2022$1.69B$1.35B
DepositsQ1 2023vs Q1 2022$2.06B$1.96B
Equity CapitalQ1 2023vs Q1 2022$199.5MM$177.5MM
Loan Loss AllowanceQ1 2023vs Q1 2022$19.9MM$17.4MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$8.5MM$6.8MM
Real Estate OwnedQ1 2023vs Q1 2022$5.00K$5.00K
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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

0.11%--Christmas Club
0.05%--Regular Savings
0.05%--Minor Savings
0.05%--Essential Student Savings

Bank Independent Money Market Rates

0.05%$2.5k-Business Smart Money Market
0.05%--Premier Money Market

Bank Independent Checking Account Rates

0.05%$100-Premier Checking

Bank Independent CD Rates

5.06%$1k-7 Month CD Special
4.67%$1k-5 Month CD Special
4.02%$1k-17 Month CD Special
4.01%$1k-1 Year CD
4.01%$1k-2 Year CD
3.52%$1k-17 Month Penalty Free CD Special
3.01%$1k-4 Year CD
3.01%$1k-5 Year CD
2.71%$1k-3 Year CD
0.05%$10k-6 Month Premier Growth CD
0.05%$10k-12 Month Premier Growth CD
0.05%$10k-60 Month Premier Growth CD


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