Independent Bank

Overview / Commentary
4200 E. Beltline Avenue Ne
Grand Rapids, MI 49525

Independent Bank is headquartered in GRAND RAPIDS and is the 3rd largest bank in the state of Michigan. It is also the 269th largest bank in the nation. It was established in 1890 and as of December of 2023, it had grown to 801 employees at 61 locations. Independent Bank's money market rates are 7X the national average, and it has an A health rating.

Reviews (5)

Good bank to deal with.

Posted by: |

I like this bank, they are right around the corner from my house. It's convenient and the tellers pretty much recognize everyone on sight. I don't like that a lot of times your deposits are not on available until the next day. I deposited my check one day and tried to pay a bill with my debit and it was saying I had noting in my account.

Needs Re-Working From Ground Up - Bad Bank!

Posted by: |

I've been aware for a long time now that banks can close accounts for variety of reasons, but this bank really takes the cake. Opened an account, they closed it down a day or two later - before I did any transactions and before I could make my initial deposit. The reason? "Business Decision". Admitted it was nothing derogatory, but apparently felt it was time to randomly close down a random customer's account. Cannot fathom any reason why anyone would want to bank with these people. Stay away!

Horrible Bank - 7 Months, 15+ Requests, Wont Change Addy

This bank seemed okay when I opened my account. They assigned a main log in that I could view all of my accounts with, but then also assigned individual log ins. For nearly a year I was being charged $6 per month per account for the individual log ins. They finally closed those log ins, and stated that I was charged those fees because I wasn't logging into the accounts. I was logging in, several times per month, but I was using the main log in that they provided.

Second, when I moved in Janurary I told them. In February and every month after I sent them a letter with all pertinant information and a copy of my identification to change my address. I had moved out of state so I couldn't go into their office. In addition to snail mail letters I also sent emails and phoned them. This was all to no avail, as now we are in September and they still have not updated my address, nor have they closed the accounts I asked them to close. After notifying them twice that the replacement debit cards (renewed because of a change they made to the cards), were not received due to the address issue I decided to close the accounts. They did not seem concerned that they had mailed three debit cards to my old address, along with subsequent PIN letters and none had been returned.

I opened new accounts in the state that I moved to, but have found that due to a $21.28 math error on my part (a fraction of the fees charged for "not logging in" which came to approximately $180) my old primary checking was overdrawn. They are adding fees daily for this - They still wont change my address or close my account, but they will charge me ridiculous fees daily. Talk about in it for the money!

I am so glad to be done with them, even though I doubt my story ends here. I have a feeling that regardless of me sending them a check to cover the amount overdrawn they will keep racking the fees up and try to force me to pay them. We signed papers when we opened these accounts, and they need to hold up their end of the deal.

Use great caution with this bank!

Independent Bank has the most Rude And Unprofessional Staff/ Service.

I have bank with Independent bank for Years, and going into certain branches they were polite and professional, however when you branch out and visit other locations, and apply for different services the staff becomes very rude, unprofessional, and they tend to discriminate against people, of certain status, one loan officer laugh in my face and  made fun of my situation, and said some very hurtful things, when you call to complain, they all stick together, and never listen to anything that customers are saying, I regret ever dealing with this bank, and just as soon as my business is finished with them I will be leaving indpendent bank, the tellers at the 800 number are rude, and the saddest thing is I've been with this bank a lot longer than more people have been working there, I will never apply for anything there again....VERY RUDE AND UNPROFESSIONAL LOAN OFFICERS AND UPPER MANAGEMENT!

Dishonest And Poor Customer Service

Independent Bank needs to revise their overdraft protection policy. The location in Standale is located near Grand Valley State University and has many first-time bankers and the worst policy for correcting errors on your account. You are only allowed until the end of THEIR business day to transfer funds or deposit funds into your account to avoid overdraft fees. Many peope are in class, take the bus, have unconventional working hours, etc...where they are unable to rectify any errors. In addition, the majority of their staff is helpful, but Vickie H. was extremely rude and unprofessional when my mom and I attempted to fix a situation in which they charged almost $200.00 in fees after I went through the ATM and transferred funds to cover a negative checking account balance and then deposited $60.00 into my savings account. She was unfamiliar with standard banking practices, lied to my face and over the phone and practiced extremely poor customer service. I would not recommend Independent Bank to anyone that has a life outside of watching their account!!


Health Grade Components

FDIC Certificate #27811
Year Established1890
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.23%
Return on Equity - YTD15.89%
Annual Interest Income$240.4MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$5.26B$5B
LoansQ4 2023vs Q4 2022$3.75B$3.46B
DepositsQ4 2023vs Q4 2022$4.68B$4.45B
Equity CapitalQ4 2023vs Q4 2022$430.4MM$370.4MM
Loan Loss AllowanceQ4 2023vs Q4 2022$54.7MM$52.4MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$5.2MM$3.7MM
Real Estate OwnedQ4 2023vs Q4 2022$569K$443K
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Always verify rates and promotions with the bank or credit union. We are not Independent Bank; 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.

Independent Bank Savings Account Rates

1.10%*$250k*-Eagle Savings
OTHER TIERS: 0.01% Up to $10k | 0.10% $10k - $25k | 0.16% $25k - $50k | 0.32% $50k - $100k | 0.75% $100k - $250k
1.10%*$250k*-Swift Savings
OTHER TIERS: 0.01% Up to $10k | 0.10% $10k - $25k | 0.16% $25k - $50k | 0.32% $50k - $100k | 0.75% $100k - $250k
0.03%*$2.5k*-Health Savings Account
OTHER TIERS: 0.01% Up to $2.5k

Independent Bank Money Market Rates

3.20%*$250k*-Relationship Money Market w/ Checking
OTHER TIERS: 0.06% Up to $10k | 0.15% $10k - $25k | 0.90% $25k - $50k | 1.81% $50k - $100k | 2.53% $100k - $250k
3.14%*$250k*-Relationship Money Market w/o Checking
OTHER TIERS: 0.01% Up to $10k | 0.10% $10k - $25k | 0.85% $25k - $50k | 1.76% $50k - $100k | 2.48% $100k - $250k

Independent Bank Checking Account Rates

5.00%*-$10kONE Account 46+ Transactions
OTHER TIERS: 0.10% $10k+
1.51%*-$10kONE Account 31-45 Transactions
OTHER TIERS: 0.10% $10k+
0.75%*-$10kONE Account 21-30 Transactions
OTHER TIERS: 0.10% $10k+
0.25%*-$10kONE Account 11-20 Transactions
OTHER TIERS: 0.10% $10k+
0.10%*$10k*-ONE Account 0-10 Transactions
OTHER TIERS: 0.01% Up to $10k

Independent Bank CD Rates

5.03%$1k-6 Month CD Special
4.92%$10k-3 Month CD Special - New Money
4.40%$1k-13 Month CD Special
2.33%$500-24 Month CD
2.28%$500-12 Month CD
1.82%$500-6 Month CD

Independent Bank IRA Rates

2.33%$500-24 Month IRA
2.28%$500-12 Month IRA
1.82%$500-6 Month IRA


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