Independent Financial

Overview / Commentary
7777 Henneman Way
McKinney, TX 75070

Independent Financial is headquartered in Mckinney and is the 8th largest bank in the state of Texas. It is also the 111th largest bank in the nation. It was established in 1913 and as of December of 2021, it had grown to 1,543 employees at 102 locations. Independent Financial's money market rates are 14% higher than the national average, and it boasts an A+ health rating.

Reviews (5)

Best Customer Service

We've had many bank accounts over the years, and Independent Bank (Lakeway branch) has given us the best customer service we have ever received. The staff are pleasant and go above and beyond to make sure their customers needs are met. The most recent example: after we moved and we wanted to close a CD, because we couldn't go in to the branch they sent the documents to us by express mail service and enclosed a return envelope to make things as easy as possible for us. Their rates overall are not the most competitive, but from time to time they offer a very competitive promotion. As far as tech goes, they may not have the most advanced web site and you may not find it convenient to deal with them from other parts of the country, but if you live near a branch, and if you appreciate the "human touch" and excellent customer service, definitely check them out!

Good Experience

Posted by: |

I've been with the Independent Bank branch in Mckinney for about 3 years and have always had positive experiences with them. I've been inside the bank about half a dozen times and have used their ATM about the same number of times.

Poor Service/Customer Service

Have been a long time customer even before it was purchased by Independent Bank. What a shame. Service is lacking, but more important, when you walk in a branch, the people working there all look like they dislike their jobs. Therefore; service is equivalent. They really don't want to help you and they made that very clear. If you want service, this is not the place to go.


Posted by: |

BEWARE! They changed the qualification criteria in Dec but didn't update the website until after the statement closed in January! When I called to complain they referred to a fine print at the very bottom of the Nov statement! Taking my money elsewhere.

Beware - This Bank Will Gouge You!

Posted by: |

My "free" checking account at Independent Bank (Little Elm, TX branch) suddenly developed monthly service charges totalling $11.00. The charges showed up on my September bank statement. When I inquired about the charges, I was told: "We mailed out a letter in June to all free checking account holders to inform them that service charges were being initiated". Further inquiry resulted in the revelation that Independent Bank offers yet another "free checking account", but I must come in and apply for the new account in person. Even if such a change were being initiated, why couldn't the bank have politely informed account holders in June that ANOTHER type of free account is available???? The simple answer is that this bank has taken this opportunity to extract funds from its account holders who either ignored their letter or, worse yet, never received it . I have no recollection and no record in my files of having received the letter supposedly mailed in June. I have closed my account at Independent Bank and will never do business with them again. Perhaps others can profit from my experience. (I have awarded one star to this bank due to the fact that it is not possible to award zero stars.)


Health Grade Components

FDIC Certificate #3076
Year Established1913
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.35%
Return on Equity - YTD8.59%
Annual Interest Income$583.5MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$18.73B$17.75B
LoansQ4 2021vs Q4 2020$12.32B$13.06B
DepositsQ4 2021vs Q4 2020$15.57B$14.40B
Equity CapitalQ4 2021vs Q4 2020$2.90B$2.88B
Loan Loss AllowanceQ4 2021vs Q4 2020$148.7MM$87.8MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$52.5MM$52.3MM
Real Estate OwnedQ4 2021vs Q4 2020$0$475.00K
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Always verify rates and promotions with the bank or credit union. We are not Independent Financial; 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 Financial Savings Account Rates

0.05%$50-Regular Savings

Independent Financial Money Market Rates

0.50%*$5m*-High Yield Index Fund
OTHER TIERS: 0.05% Up to $500k | 0.10% $500k - $1m | 0.40% $1m - $5m
0.10%*$500k*-Money Market
OTHER TIERS: 0.05% Up to $500k
0.05%--Index Fund Account

Independent Financial Checking Account Rates

0.50%-$10kFree Rewards Checking
0.25%--COLTAF (Colorado Lawyer Trust Account)
0.05%*$1.5k*-NOW Checking
OTHER TIERS: 0.01% Up to $1.5k
0.05%--Platinum Checking
0.05%*$1.5k*-Business NOW Checking
OTHER TIERS: 0.01% $500 - $1.5k

Independent Financial CD Rates

0.85%$1k-5 Year CD
0.75%$1k-3 Year CD
0.65%$1k-3 Year Step Up CD
0.50%$1k-2 Year CD
0.25%$1k-1 Year CD
0.05%$1k-30 Day CD
0.05%$1k-90 Day CD
0.05%$1k-180 Day CD

Independent Financial IRA Rates

0.75%$250-5 Year IRA CD
0.65%$250-3 Year IRA CD
0.05%$250-1 Year IRA CD
0.05%$250-18 Month IRA CD


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