Independence Bank Rates & Review

Independence Bank Review

Independence Bank, based in Newport Beach, Calif., is a community-based institution that provides financial services and products for personal and business customers.

Established in 2004, Independence Bank is headquartered in Newport Beach, Calif. with branch offices in San Juan Capistrano and Fountain Valley. This full-service commercial bank works to reinvest in the communities it serves and is involved with a variety of community organizations.

Personal banking

Individual customers can choose from several checking account products, including Totally Free, Prime Plus 55, and Higher Yield checking. A savings account can be opened with a minimum deposit of $100. The bank offers a savings account for kids that can be opened with $50. Other deposit accounts at the bank include Premium and Super Money Market accounts. The bank's best savings rates include CD rates for terms ranging from 7 days to 5 years. The bank's Liquid CD has a term of 6 months and allows unlimited deposits and one withdrawal each month. Traditional and Roth IRAs are available to build a retirement nest egg.

Business checking

Business customers can choose from several types of checking account. Companies can open a business money market account or CD. Loans and lines of credit are available to business customers. The bank's Income Property Lending Program specializes in multi-family and commercial real estate loans.

The bank offers adjustable rates tied to the 12 month average treasury (MAT), 6 month LIBOR, WSJ Prime, and COFI indices. It also has 2, 3 and 5 year fixed rates which revolve into the adjustable program.

Deposit insurance

Independence Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from Independence Bank and more than 400 other banks at SavingsAccounts.com.