Independent Financial offers scalable business checking accounts. Small businesses with minimal banking needs can open the Basic Small Business Checking account, which requires no monthly fee and provides up to 150 fee-free transactions.
For transaction volumes closer to 250, the Small Business Checking account is ideal. Although it has a $12 monthly fee, you can avoid it by maintaining a $3,000 daily balance. Meanwhile, larger businesses can opt for Commercial Account Analysis Checking to benefit from earnings credit and offset account fees.
Independent Financial is a trademark of Independent Bank and a wholly owned subsidiary of Independent Bank Group, Inc. It is a Federal Deposit Insurance Corp. (FDIC)-insured traditional bank with 62 branches in Colorado and 115 in Texas. It provides free ATM access at Independent Financial and approximately 40,000 MoneyPass ATMs nationwide. Opening a business checking account requires visiting a branch.
- Branches only in Colorado and Texas
- $500 opening deposit for Commercial Account Analysis Checking
- No annual percentage yield (APY)
- Free business debit card
- Business online and mobile banking
- Free access to MoneyPass ATMs
- Business savings, money market account, and certificates of deposit (CDs)
- Small Business Administration (SBA) loans, and commercial lending available
- Business index funds, Simplified Employee Pension (SEP) plans, and IntraFi® Network Deposits
How Independent Financial Stacks Up With Its Competitors
Monthly Service Fees
Monthly Transaction Limit Before Fees
Minimum Opening Deposit
Basic Small Business Checking
150, then 25 cents per item
None at Independent Financial and MoneyPass ATMs, up to $1.25 at non-network
Biz Rite Checking
250 items, then 50 cents per item
Silver Business Checking
125, then 50 cents per item
When Independent Financial Business Checking Is a Good Fit
- You want a free business checking account: Independent Financial offers a Basic Small Business Checking account with no monthly fee and 150 free monthly transactions.
- You have a moderate or high monthly transaction volume: Businesses with moderate or high transaction volumes can open an Independent Financial Small Business Checking or Commercial Account Analysis Checking account, which provides higher fee-free transaction limits.
- You want to earn cash back from your debit card: Independent Financial business checking accounts come with a free Mastercard debit card, which rewards users with cash back for credit and signature-based transactions.
When To Consider Independent Financial Business Checking Alternatives
- You prefer in-person banking, but your business is outside the bank’s service area: Independent Financial only has brick-and-mortar branches in Colorado and Texas. We recommend Chase for businesses based outside these states favoring in-person banking since it has more than 5,000 branches nationwide. Check out our review of Chase Business Complete Banking to learn more about Chase’s basic checking account.
- You want to earn interest: None of Independent Financial’s business checking accounts earn APY. Consider Bluevine, which offers a 2.0% APY for qualifying balances up to $250,000. Our Bluevine business checking review provides more details of the provider’s interest-earning feature.
- You seek robust bookkeeping tools as a freelancer: Independent Financial offers limited accounting software integration, unlike Found, which has built-in business software for freelancers wanting to streamline accounting and tax preparation. Found is one of our best banks for self-employed professionals for its detailed expense tracking, and you can learn more about it through our review of Found business checking.
Check out more providers in our list of the top small business checking accounts.
Independent Financial Business Checking Overview
Independent Financial Business Checking Requirements
You must visit an Independent Financial branch to open a business checking account. The bank may ask for a separate authorization for information on who is authorized to act on the entity’s behalf.
Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of required documents that banks typically require upon account opening.
Independent Financial Business Checking Features
Scalable Business Checking Accounts
- Basic Small Business Checking: With a low opening deposit of $50 and no monthly maintenance fee, this account is for small business owners looking to cut costs. It provides 150 fee-free monthly transactions; beyond that, 25 cents apply per transaction.
- Small Business Checking: This account provides up to 250 free transactions for businesses with moderate transaction activity. The opening deposit is $100, and the $12 monthly maintenance fee is avoided by maintaining a $3,000 daily minimum balance.
- Commercial Account Analysis Checking: This account is created for businesses with higher transactions and larger balances. It has a $500 opening deposit and provides an earnings credit that can offset account fees.
Business Debit Card Cash Back Rewards
Independent Financial’s Mastercard Easy SavingsTM Business Debit Card provides cash back rewards. For credit and signature-based transactions, you get 4% cash back at restaurants and hotels and 1% at gas stations. Automatic rebates are also available for qualified business purchases with participating merchants.
Business Online & Mobile Banking
Independent Financial provides online banking to help business owners streamline processes, manage accounts, and perform timely transactions. They can also download the bank’s mobile app and monitor their accounts on the go.
Independent Financial’s mobile banking app has a rating of 4.1 out of 5 (based on about 1,600 reviews) on the App Store1 and 4.4 out of 5 (based on around 735 reviews) on Google Play2. Users appreciate its mobile deposit feature and mentioned that the app is reliable and provides easy account access.
However, some wished for more app features, such as setting up monthly recurring payments and adding notes in Bill Pay. Others complained that it takes a long time to sign into the app.
Small Business Cash Management
Independent Financial offers free online banking, mobile remote deposit, and bill pay. It also provides additional services, such as remote deposit capture (RDC), automated clearing house (ACH), wire transfers, and positive pay. You can select up to three additional services, each with a monthly fee of $30.
Other Independent Financial Business Products
This account requires an opening deposit of $150 and a minimum balance of $50 to earn interest. The $10 quarterly service charge is waived by maintaining a $250 minimum daily balance. A limit of six free withdrawals is imposed per quarter. After that, $2 will be charged.
Business customers seeking competitive, tiered rates with direct check-writing ability can open this account. A $2,500 opening deposit is required and, to avoid the $10 monthly service charge, you must maintain a minimum $2,500 daily balance. Only six free withdrawals are permitted per statement cycle. Past the limit, a $10 fee will be collected.
See our business money market account guide to learn about what it is and how it works.
Independent Financial CDs are available for a minimum opening deposit of $1,000, with terms ranging from 30 days to five years. The interest is compounded and paid quarterly.
Independent Financial offers convenient funding with favorable rates and longer repayment terms through SBA loans:
- SBA 7(a) loan: You can borrow up to $5 million at a competitive interest rate and up to a 25-year term for commercial real estate (CRE) property. For other purposes, a 10-year loan term is given.
Our article on SBA 7 (a) loan rates, requirements, and terms that may be of interest to you.
- SBA Express loan: With up to 25-year repayment terms, business owners can borrow up to $500,000 for working capital and machinery and equipment purchases.
Our guide on SBA Express loans provides information on rates and how to apply and includes how it differs from an SBA 7(a) loan.
- SBA 504 loan: For real estate expansion or equipment purchases, you can apply for this loan, which offers an SBA debt portion of up to $5.5 million and a total project size of up to $20 million. Apart from buying real estate and equipment, the funds can also be used to construct a new facility or upgrade an existing property.
Check out our article on the SBA 504 loan to learn how it works and its pros and cons.
Independent Financial offers commercial solutions to its business customers:
- CRE lending
- Builder financing
- Middle market lending
- Mortgage warehouse lending
Independent Financial offers four credit cards in partnership with Elan Financial Services:
- Business Cash Preferred Card
- Business Card
- Smart Business Rewards Card
- Business Real Rewards Card
Independent Financial provides an investment product with tiered premium rates. The opening deposit is $25,000, and the monthly service charge of $15 is waived by maintaining a $25,000 daily balance. Six free withdrawals are allowed each statement period. Beyond the limit, a $10 fee applies.
This product requires a $250 opening deposit. Business owners can contribute up to 25% of each participant’s annual compensation through flexible contributions. The employees retain full ownership of the SEP funds through their individual retirement accounts.
Business owners can manage their cash flow efficiently, reduce fraud risks, and optimize excess cash through Independent Financial’s treasury management services:
- Merchant services
- Remote deposit capture (RDC)
- Lockbox services
- Fraud prevention tools, including positive pay
- IntraFi® Network Deposits
- Sweep services
Independent Financial Business Checking Reviews From Users
As of this writing, there are no Independent Financial business checking reviews online. The bank itself, however, has a few reviews from a year to more than four years ago. Based on around five reviews, it has a 2 out of 5 rating on DepositAccounts3.
Clients stated that the bank provided excellent customer service, having shared that they had pleasant encounters with staff who went the extra mile to facilitate banking procedures. Still, others had negative experiences, with some having claimed that they did not receive a direct deposit.
Independent Financial’s business checking accounts are well-designed for businesses at different stages of growth. The bank’s Basic Small Business Checking is an excellent starter account for smaller businesses with low transaction activity wanting to save on monthly fees. As a business expands, clients can transition to a Small Business Checking or Commercial Account Analysis product with higher fee-free transaction limits and an earnings credit for the latter account.
User review resources: