Independent Bank Review: Full-Service Bank With Mobile Banking
Written by
Daria Uhlig
Edited by
Elizabeth Constantineau
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Unlock high earnings on your ONE Account balance by meeting simple transaction requirements.
Independent Bank offers high-yield checking and CD specials, along with standard and relationship accounts. Manage all your accounts, including loans, with the ONE Wallet app.
Independent Bank is a local state-chartered financial institution with 60 locations on Michigan’s Lower Peninsula. It operates as part of a larger financial group, offering a range of financial services including banking, mortgages, auto loans, title services and investing.
GOBankingRates has recognized Independent Bank as one of the Best Banks in Michigan for its exceptional offerings.
Independent Bank Checking Accounts
Independent Bank’s ONE checking account offers a higher interest rate than most high-yield savings accounts, though it’s capped at $500 per year. The account also comes with nice perks and a new-customer bonus, but keep in mind that overdraft fees are high, no matter which protection option you choose.
- ONE checking has a $3 monthly fee that is waivable if you enroll in e-statements.
- Several overdraft options are available, but they’re expensive: $34 per transaction for overdraft coverage; $7 per overdraft transfer from a linked account; and $10-per-month subscription fee to cover up to two overdrafts per month.
- APYs start at for up to 10 debit card transactions per month and go up to for 46 or more transactions. Balances over $10,000 earn a flat APY, no matter how many transactions are made.
- Checks can be ordered through Harland Clarke, which does not disclose pricing unless you log in using your bank routing and account numbers.
- This account comes with perks — up to $400 of cell phone coverage, mobile coupons, discounted movie tickets and roadside assistance reimbursements.
- Account holders get free ATM use at over 32,000 MoneyPass ATMs.
- New account holders can qualify for a $100 bonus by meeting direct deposit and transaction requirements.
Best For
Banking in Michigan
Low Monthly Fees
Mobile App
Loan Options
Low Minimum Deposit
Earn Up to With Qualifying Transactions
The ONE Account offers a high APY with the potential for great perks and a new-customer bonus. However, costly overdraft fees could quickly offset the benefits.
Fees
$3 waivable monthly fee
APY
Up to
Min Opening
$10
Pros
- High APY
- Perks bundle
- Sign-on bonus available
Cons
- Expensive overdraft options
- Checks not included
Quick Take
The ONE Account offers an outstanding interest rate and a bundle of perks, but exorbitant overdraft fees could more than offset those benefits.
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Independent Bank Savings Accounts
Independent Bank’s Eagle Savings Account offers competitive interest rates on high balances, and a low waivable quarterly fee.
- Eagle Savings’ $12 quarterly fee is waivable with a minimum daily balance of $500 and combined or electronic statements.
- Tiered interest rates range from APY to , depending on your account balance.
- The Change It Up savings program automatically rounds up your debit card purchases to the nearest dollar and deposits the difference into your savings account.
- Unlike savings accounts from many other banks, Independent Bank’s Eagle Savings Account comes with a free ATM card.
- Restrictions may apply to the number of withdrawals and transfers you can make from the account.
Best For
Banking in Michigan
Low Monthly Fees
Mobile App
Loan Options
Low Minimum Deposit
No Minimum Balance Requirement
The Eagle Savings Account offers competitive APYs, with no minimum balance required to start earning. Enjoy the convenience of a free ATM card and automated savings through the Change It Up program.
Fees
$12 a quarter — can be waived
APY
Up to
Min Opening
$0
Pros
- No minimum balance requirement
- Comes with ATM card
- Change It Up program automates savings
Cons
- Low APY on smaller balances
Quick Take
Eagle Savings is no-frills account with above-average APYs on high balances.
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Independent Bank CD Accounts
Independent Bank CDs offer slightly higher-than-average interest rates with low minimum opening deposits. If you have an Independent Bank checking account at the time you open a CD, you’ll qualify for CD specials. These come with highly competitive rates.
- The minimum deposit to open a standard CD is just $500.
- Standard CD terms are limited to six, 12 and 24 months.
- CD specials have three-month, seven-month and 13-month terms, with rates that are more than double the standard CD rates.
- The minimum deposit for a special CD is $1,000.
- Independent Bank imposes high penalties for early withdrawals.
Best For
Banking in Michigan
Low Monthly Fees
Mobile App
Loan Options
Low Minimum Deposit
Open Your CD With Just $500
Independent Bank offers competitive CD rates with low minimum deposits and attractive CD specials for checking account holders. Keep in mind, early withdrawals come with hefty penalties.
Fees
Early withdrawal penalties may apply
APY
Up to
Min Opening
$500 to $1,000
Pros
- Higher-than-average rates, especially with CD specials
- Low minimum deposit
Cons
- Few terms to choose from
- High early-withdrawal penalties
Quick Take
Independent Bank offers just three standard CD terms, but rates are competitive. CD specials expand the choices with higher-yielding options.
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Independent Bank Money Market Accounts
A Relationship Money Market account from Independent Bank can earn you higher interest than the standard savings account. But you’ll need an Independent Bank checking account or a high balance to benefit.
- Without a checking account, the Relationship Money Market earns the same rates as the savings account for balances under $25,000.
- When you have an open checking account, you’ll earn higher rates on all balance tiers.
- Does not come with check-writing privileges.
- The Relationship Money Market account has a $12 monthly fee, which Independent Bank will waive if your average daily balance is at least $2,500.
- With or without a checking account, Relationship Money Market accounts have no minimum balance requirement.
Best For
Banking in Michigan
Low Monthly Fees
Mobile App
Loan Options
Low Minimum Deposit
Earn More With a Linked Checking Account
Independent Bank’s Relationship Money Market offers higher rates for checking account holders with no minimum balance requirement. Avoid the $12 monthly fee by maintaining a $2,500 balance.
Fees
Waivable $12 monthly service charge
APY
Up to
Min Opening
$0
Pros
- Relationship rates for checking account holders
- No minimum balance requirement
Cons
- Lackluster APYs
- $2,500 balance needed to waive $12 monthly fee
Quick Take
You don’t have to have an Independent Bank checking account to qualify for its Relationship Money Market account, but you’ll earn better rates if you do.
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Banking Experience
As a smaller financial institution, Independent Bank doesn’t offer the vast range of accounts and services larger banks provide. However, what it does, it does well, and most customers are likely to have a positive experience.
Here are some factors to consider.
Interest Rates
While savings and money market rates are lower than average for balances below $25,000, CD rates are competitive. The ONE checking account rate is outstanding despite its $500 annual limit.
Customer Service
Customer service options are limited but adequate. Representatives are available by phone from 8 a.m. to 8 p.m. Monday through Friday, and from 8 a.m. to 5 p.m. on Saturdays.
You can also chat with a representative or send a secure message using ONE Wallet Online Banking. Appointments can be scheduled or you can stop in at a branch.
Services and Accessibility
Independent Bank’s ONE Wallet mobile app and desktop app make managing accounts easy, allowing you to deposit checks and monitor all your accounts in one place. The ONE Wallet + app also lets you connect external accounts, and you can use Zelle to send money to friends, family and providers.
Fees
Most of Independent Bank’s fees compare favorably to fees at banks of its size and scope. All of the monthly or quarterly account service fees can be waived when you enroll in e-statements or maintain a specific balance.
Wire transfer fees are also typical. However, despite an industry trend to reduce or eliminate overdraft fees, Independent Bank’s are quite high, no matter which option you choose.
Comparable Regional Bank Options
To help you decide whether Independent Bank is the right bank for you, here’s a look at how it compares to a few similar banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3 waivable monthly fee
$10 to $25
$0 to $25 monthly — can be waived
APY
APY
APY
Up to
N/A
Up to
Min Opening
Min Opening
Min Opening
$10
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$12 a quarter — can be waived
$4 to $10
$5 monthly
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$50
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties may apply
No monthly service fee
Early withdrawal penalties may apply
APY
APY
APY
Up to
on 5-month promo CD
Up to
Min Opening
Min Opening
Min Opening
$500 to $1,000
$1,000
$500 to $5,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Waivable $12 monthly service charge
No monthly service fee
$5 monthly
APY
APY
APY
Up to
As high as
Up to
Min Opening
Min Opening
Min Opening
$0
$1
$0
Independent Bank vs. Upper Peninsula State Bank
Upper Peninsula State Bank is similar to Independent Bank in terms of account types and available services. But all of Upper Peninsula’s personal bank accounts have a minimum required opening deposit.
The standard checking is free and interest bearing, but Upper Peninsula State Bank doesn’t disclose interest rates on its website. While savings has no monthly fee, the money market account charges $5 per month when the average balance dips below $1,000.
Independent Bank vs. First Bank Upper Michigan
With just nine offices, First Bank Upper Michigan has a smaller footprint than Independent Bank. And while it offers a nice selection of accounts, its mobile app has lower ratings on Google Play and the App Store.
Unless you live near a branch and prefer to bank in person, Independent Bank is likely to provide a much better banking experience.
Independent Bank vs. Peoples State Bank
Independent Bank and Peoples State Bank have similar offerings for checking and savings, but you’ll need a $1,000 balance to avoid Peoples State Bank’s $5 monthly fee.
The primary difference between the two is their online and mobile banking offerings. Whereas Independent Bank has full-featured mobile and desktop apps with free services, Peoples State Bank charges for bill pay, and it lacks mobile deposit capabilities. What’s more, you’ll have to fill out a paper form to authorize transfers using the app.
Final Take
Independent Bank is a community-focused financial institution serving Michigan’s Lower Peninsula. With 60 physical locations and robust online and mobile apps, Independent Bank is highly accessible to local residents as well as those outside of the immediate service area.
In addition, Independent Bank’s accounts provide unique benefits, such as high yields and perks for checking customers and low requirements to have monthly fees waived.
Independent Bank FAQ
Here are the answers to some of the most frequently asked questions about Independent Bank.- Does Independent Bank have free checking?
- Not entirely. Although you can avoid the $3 monthly fee by enrolling in e-statements, you'll still have to purchase checks if you care to use them. However, the debit card is free, and you can use it for fee-free access to over 32,000 MoneyPass ATMs.
- Who did Independent Bank merge with?
- Independent Bank hasn't had a merger recently. However, Independent Financial, based in Texas, is in the process of merging with SouthState.
- Does Independent Bank use Zelle?
- Yes. You can access Zelle through the ONE Wallet Online Banking and One Wallet Mobile Banking apps.
- How many locations does Independent Bank have?
- Independent Bank has 60 offices on Michigan's Lower Peninsula.
- What types of accounts does Independent Bank offer?
- In addition to standard and children's checking and savings accounts, Independent Bank has money market accounts and CDs. And if you have an eligible health plan, you can also open a health savings account at Independent Bank.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.
