First Independence Bank Review: Black-Owned, Fuel Discounts

Pros and cons

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.

First Independence Perks Checking 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.

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.

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.

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.

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 the bank for a rating.

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

We’ve compared First Independence Bank to two other minority-led institutions in Michigan: ABD Federal Credit Union and Liberty Bank and Trust.

First Independence Bank vs. 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 select employers. If you aren’t eligible to join, First Independence is the clear choice between the two.

ABD is part of a national shared branch and ATM network, which makes banking more convenient if you leave Detroit. But First Independence has multiple checking accounts to choose from, including a couple that offer BaZing perks, so you may find an account you like.

First Independence Bank vs. Liberty Bank and Trust

Liberty Bank and Trust has one branch in Detroit, and it has a robust online/

digital banking
platform. If you like banking digitally, you may 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 an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.