First Independence Bank Review: Black-owned Bank With Discounts on Fuel and Select Businesses

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First Independence Bank: Overall Bank Rating

First Independence Bank: Pros and Cons

First Independence Bank Personal Savings Account - Product Name Only

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 Bank Perks Checking Account - Product Name Only

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.

First Independence Bank CD - Product Name Only

First Independence Bank CDs pay about the same as the average account. However, you can still earn the best CD rates at an online bank.

First Independence Bank Money Market Account - Product Name Only

You may like the First Independence Bank Money Market Account if you can maintain a First Independence Bank Money Market Account balance, because then you'll waive the high monthly fee and qualify to earn interest. It's best if you plan to keep a minimum of $100,000 in the account if you can, 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 and Minnesota. There are two branches in Detroit and two in Minneapolis.

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 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.

The Role of Black-led Financial Institutions

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.

First Independence Bank has partnered with the insurance company MassMutual Great Lakes to create an online financial wellness series starting later this year.

It also has a second chance checking account called First Choice Checking. Second chance banking helps people who normally can't open a checking account by providing access to financial products and services. If you've struggled to open a checking account because of your past banking history, you'll be able to open a second chance bank account.

Is First Independence Bank Trustworthy?

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

In our First Independence Bank review, we also include Better Business Bureau. The BBB gives First Independence Bank an A+ rating.

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

First Independence Bank Review vs. ABD Federal Credit Union Review

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 Review vs. Liberty Bank and Trust Review

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 solid rates on savings and CDs, but its checking accounts are less competitive than what you'll get with First Independence Bank.

First Independence Bank: Frequently Asked Questions

Where is First Independence Bank?

First Independence Bank has two branches in Detroit, Michigan, and two in Minneapolis, Minnesota.

Is First Independence Bank FDIC insured? 

Yes, First Independence Bank bank accounts are federally insured by the FDIC. Up to $250,000 is secure per depositor in an account.