Advantages and disadvantages

Unlike most savings accounts, the First Independence Bank Personal Savings Account includes an ATM card that gives you quick access to your savings if needed. But he pays a low interest rate and only compounds the interest quarterly.

First Independence Perks Checking is a solid checking account overall, with free overdraft protection and no monthly service fees. First Independence is also a partner of BaZing. Download the BaZing app and receive fuel discounts at participating Shell stations and savings at select retailers depending on where you live.

The First Independence has a variety of

verify accounts
to choose from, including one for people who would not normally qualify for an account and one for people 60 years of age or older.

First Independence Bank pays better rates on CDs than many physical banks, but you can still get higher rates with online banking.

You might like the First Independence Bank Money Market Account if you can maintain a balance of $ 2,500 because then you will forgo the high monthly fees and qualify for interest. It is best to keep between $ 2,500 and $ 999.99 in the account because First Independence pays the higher rate on that level of balance.

First Independence Bank is a black owned bank in Michigan. There are two branches in Detroit and one in Clinton Township. The lobby and drive-thru at the Clinton Township branch are currently closed, but you can still use the ATM machine.

You have free access to 147 ATMs in Metro Detroit, including those in the First Independence Bank, Fifth Third, and TCF networks.

The bank’s mobile app has 4.8 out of 5 stars in the Apple Store. There is a Google Play app, but it does not yet have customer reviews online.

To contact customer service, call one of the Detroit branches Monday through Friday. The Seven Mile branch in Detroit is also open on Saturdays from 9:30 a.m. to 1 p.m. ET, but both branches are closed on Sundays.

Your deposits are FDIC insured up to $ 250,000, or up to $ 500,000 for joint accounts.

First Independence Bank has no recent public controversies.

Normally, we include Better Business Bureau ratings when assessing a bank’s reliability. However, the BBB gives First Independence Bank an NR (“No Rating”) in terms of reliability, because it does not have enough information about the bank for a rating.

You may want to read customer reviews online or ask family and friends about their experiences with First Independence.

We compared the First Independence Bank to two other minority run institutions in Michigan: ABD Federal Credit Union and Liberty Bank and Trust.

First Independence Bank v ABD Federal Credit Union

ABD Federal Credit Union is a credit union, not a bank, so only certain people can join. ABD membership is limited to people who work for Fiat Chrysler Automobiles facilities and other selected employers. If you are not eligible, First Independence is the clear choice between the two.

ABD is part of a nationwide network of branches and shared ATMs, which makes banking more convenient if you are leaving Detroit. But First Independence has several checking accounts to choose from, including a few that offer BaZing benefits, so you can find an account you like.

First Independence Bank v Liberty Bank and Trust

Liberty Bank and Trust has a branch in Detroit and has a strong online network /

digital bank
Platform. If you like digital banking, you might prefer Liberty.

Liberty pays high rates on savings and CDs, but its checking accounts are less competitive than what you’ll get with First Independence Bank.

About the Author

Laura Grace Tarpley is a writer at Personal Finance Insider, covering banking journals and guides. She is also a Certified Personal Finance Educator (CEPF). In her five years of personal finance coverage, she has written extensively on ways to save.