Pros and cons
Annual Percentage Yield (APY)
0% to 0.10% APY
Pros
- $25 minimum opening deposit
- Includes an ATM card
- Easy to waive $5 monthly service fee
- Low APY; no interest earned on balances under $200
Cons
- $5 monthly service fee
- $2 out-of-network ATM fee
- Interest only compounded quarterly
- Black-owned bank in Michigan (Detroit, Clinton Township)
- 147 free ATMs in the Metro Detroit area (First Independence Bank, Fifth Third, and TCF networks)
- Waive $5 monthly service fee by maintaining a minimum $200 daily balance
- Interest compounded and paid quarterly
- FDIC insured
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.
Annual Percentage Yield (APY)
None
Pros
- $50 minimum opening deposit
- No monthly service fee
- Save on gas with BaZing fuel
- Save at select retailers with BaZing savings
- Free overdraft protection if you link to another FIB account
Cons
- $5 monthly fee if you request paper statements (online statements are free)
- $2 out-of-network ATM fee
- $35 overdraft fee
- Black-owned bank in Michigan (Detroit, Clinton Township)
- 147 free ATMs in the Metro Detroit area (First Independence Bank, Fifth Third, and TCF networks)
- With BaZing Fuel, earn $0.10 off up to 20 gallons of gas at Shell stations each month you make 15 debit card transactions; earn a bonus point for each transaction over 15, then earn a bonus reward for every 50 bonus points
- Download the BaZing app to see discounts at retailers near you
- FDIC insured
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.
Annual Percentage Yield (APY)
0.04% to 0.40% APY
Pros
- Competitive APY on longer terms
- Low early withdrawal penalties
Cons
- $1,000 minimum opening deposit
- Low APY on shorter terms
- Black-owned bank in Michigan (Detroit, Clinton Township)
- Terms range from 3 months to 5 years
- Early withdrawal penalties: 30 days interest on terms of 12 months or less; 3 months interest on terms over 12 months
- Interest compounded monthly, paid monthly
- FIDC insured
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.
Annual Percentage Yield (APY)
0% to 0.50% APY
Pros
- Debit card included
- Paper checks included
- Competitive APY on balances between $2,500 and $9,999.99
Cons
- $2,500 minimum opening deposit
- $18 monthly service fee
- $2 out-of-network ATM fee
- $5 monthly fee if you want paper statements (online statements are free)
- No interest earned on balances under $2,500; low APY on some balances
- Interest compounds monthly, not daily
- Black-owned bank in Michigan (Detroit, Clinton Township)
- 147 free ATMs in the Metro Detroit area (First Independence Bank, Fifth Third, and TCF networks)
- Waive $18 monthly service fee by maintaining daily balance of $2,500
- Tiered interest rates: No interest earned on balances under $2,500; highest rate on balances between $2,500 and $9,999.99
- Interest compounded monthly, paid monthly
- FDIC insured
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.
