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First Independence Bank review: Black-owned bank with discounts on fuel and select businesses


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Table of Contents: Masthead StickySummary List Placement

The bottom line: First Independence Bank Perks Checking Account are its most competitive products. It has several to choose from, with perks that vary by account, like free overdraft protection and discounts on fuel and select retailers.

Overall bank rating

Feature
Insider rating (out of 5)

Savings
3.5

Checking
4

CD
3.75

Money market account
3.25

Trustworthiness
5

Total
3.9

Pros and cons

Pros
Cons

Black-owned bank
Partners with BaZing to offer fuel and retailer discounts
Savings account includes an ATM card
Free overdraft protection

Only available to people in the Metro Detroit area
Low interest rates on some accounts/savings tiers
Compounds interest monthly or quarterly, not daily

Savings
First Independence Bank Personal Savings Account

Unlike most savings accounts, the First Independence Bank Personal Savings Account includes an ATM card so you can access your savings quickly if necessary. But it pays a low interest rate and only compounds interest quarterly.

Checking
First Independence Bank Perks Checking Account

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

First Independence has a variety of checking accounts to choose from, including one for people who wouldn’t normally qualify for an account and one for people age 60 or over.

CD
First Independence Bank Certificate of Deposit

First Independence Bank pays better rates on CDs than many brick-and-mortar banks, but you can still earn higher rates with an online bank.

Money market account
First Independence Bank Money Market Account

You may like the First Independence Bank Money Market Account if you can maintain a $2,500 balance, because then you’ll waive the high monthly fee and qualify to earn interest. It’s best if you plan to keep between $2,500 and $9,999.99 in the account, as First Independence pays the highest rate on this balance tier.

How First Independence Bank works

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

You have free access to 147 ATMs in the Metro Detroit area, including ones 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 doesn’t have any online customer reviews yet.

To contact customer service, call one of the Detroit branches Monday through Friday. The Seven Mile branch in Detroit is also open Saturdays from 9:30 a.m. to 1:00 p.m. ET, but both branches are closed on Sunday.

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

Is First Independence Bank trustworthy?

First Independence Bank doesn’t have any recent public controversies.

Normally, we include Better Business Bureau grades when evaluating a bank’s trustworthiness. However, the BBB gives First Independence Bank an NR (“No Rating”) in trustworthiness, because it doesn’t have enough information about …read more

Source:: Business Insider

      

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