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 102nd largest bank in the nation. It was established in 1913 and as of March of 2023, it had grown to 1,478 employees at 102 locations. Independent Financial's money market rates are 11X the national average, and it has a B+ health rating.

Reviews (6)

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.

Direct Deposit Not Deposited

Posted by: |

My paycheck should have appeared in my account Saturday morning as it did for every other person I work with. Instead, Independent Bank held onto my money. Shame on you! We will be changing banks!

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 - YTD-0.66%
Return on Equity - YTD-4.48%
Annual Interest Income$201.2MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$18.79B$17.96B
LoansQ1 2023vs Q1 2022$13.88B$12.40B
DepositsQ1 2023vs Q1 2022$14.06B$14.86B
Equity CapitalQ1 2023vs Q1 2022$2.73B$2.84B
Loan Loss AllowanceQ1 2023vs Q1 2022$146.9MM$146.3MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$36.5MM$65.3MM
Real Estate OwnedQ1 2023vs Q1 2022$22.7MM$0
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* 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

4.85%*$5m*-High Yield Index Fund
OTHER TIERS: 0.20% Up to $250k | 1.51% $250k - $500k | 3.04% $500k - $1m | 4.07% $1m - $5m
4.50%*$25k*-High Yield Money Market - New Money
OTHER TIERS: 0.01% Up to $25k
3.04%*$500k*-Money Market
OTHER TIERS: 0.20% Up to $100k | 0.50% $100k - $250k | 1.51% $250k - $500k
3.04%*$100k*-Index Fund Account
OTHER TIERS: 0.20% Up to $100k

Independent Financial Checking Account Rates

3.04%--IOLTA (TX)
3.04%--COLTAF (Colorado Lawyer Trust Account)
0.50%-$10kFree Rewards Checking
0.20%*-$1.5kNOW Checking
OTHER TIERS: 0.01% $1.5k+
0.05%--Platinum Checking

Independent Financial CD Rates

5.50%$1k-6 Month CD
5.25%$1k-11 Month CD Special
4.50%$1k-2 Year CD
4.06%$1k-15 Month CD Special
0.85%$1k-5 Year CD
0.75%$1k-3 Year CD
0.25%$1k-1 Year CD
0.05%$1k-30 Day CD
0.05%$1k-90 Day CD

Independent Financial IRA Rates

0.75%$250-18 Month IRA CD
0.75%$250-5 Year IRA CD
0.65%$250-3 Year IRA CD
0.20%$250-1 Year IRA CD


Dallas Area

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