Industrial Bank; Alyssa Powell/Insider
| You might like Industrial if you ... | You might not like Industrial if you ... |
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The bottom line: Industrial Bank is a solid brick-and-mortar bank overall. But its strongest products are Kasasa accounts, which you may be able to find at other small banks or credit unions.
Savings Industrial Bank Goal Savings AccountIndustrial Bank Goal Savings Account is a decent savings account, as long as you have $100 to get started and qualify to waive the $3 monthly service fee. But if you want to earn a high interest rate, you're better off looking at online high-yield savings accounts or Industrial's Kasasa accounts.
Checking Industrial Bank Personal Checking AccountYou may like Industrial Bank Personal Checking Account if you can waive the monthly service fee. But it probably isn't a good checking account if you're worried about overdrawing. It has two overdraft protection options — savings transfers and a line of credit — but neither of them are free.
CD Industrial Bank Certificate of DepositIndustrial Bank pays higher CD rates than many brick-and-mortar banks, particularly on longer terms. But if you want to earn the highest rate, consider opening a CD with an online bank.
Money market account Industrial Bank Money Market AccountMoney market accounts are similar to savings accounts, but the former usually gives you easier access to your money. The Industrial Bank Money Market Account comes with both a debit card and paper checks. It could be useful for an emergency fund, because you can withdraw money quickly.
But the minimum opening deposit is $2,500. If you don't have this much money, you may prefer an Industrial Bank Goal Savings Account or a money market account with a different bank.
Kasasa accountsAlong with its regular checking and savings accounts, Industrial Bank offers Kasasa accounts. Kasasa is a financial company that partners with small banks and credit unions so they can give customers competitive perks.
You can get three types of Kasasa accounts at Industrial Bank:
- Kasasa Cash® Checking Account: a high-interest checking account
- Kasasa Cash Back Checking: earn cash back when you swipe your debit card
- Kasasa Saver: a high-yield savings account
Kasasa accounts offer much better perks than the Industrial Bank Personal Checking Account or Industrial Bank Goal Savings Account. But there are a couple of things you'll want to keep in mind before you choose which accounts to open.
First, you must open one of the Kasasa checking accounts to qualify for Kasasa Saver.
Second, you have to meet certain qualifications to earn Kasasa perks, including high interest rates and cash back. You'll need to make at least 12 debit card transactions per month, enroll in online banking, and enroll in e-statements.
How Industrial Bank worksIndustrial Bank is a Black-owned bank in the following areas:
- Maryland (Forestville, Oxon Hill)
- New Jersey (Newark)
- New York (New York City)
- Washington DC (Georgia Avenue, U Street, JH Mitchell)
Industrial Bank has its own ATMs in these areas. You can also use over 55,000 Allpoint ATMs for free nationwide.
The Industrial Bank mobile app has 4.7 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
To speak with customer service, call Monday through Friday from 8:30 a.m. to 6:00 p.m. ET.
Deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Is Industrial Bank trustworthy?The Better Business Bureau gives Industrial Bank an F in trustworthiness. The BBB cites Industrial's lack of response to most customer complaints for its bad score — but there have only been seven complaints total. Of those seven, Industrial hasn't answered five.
BBB scores aren't everything. You may want to read online reviews or ask family and friends about their experiences with Industrial Bank. It's also worth noting that Industrial doesn't have any public controversies.
How Industrial Bank comparesWe've compared Industrial to other Black-owned institutions in many of the same areas: Democracy Federal Credit Union, and Andrews Federal Credit Union.
 Industrial |  Democracy |  Andrews |
Locations DC, MD, NJ, NY | Locations DC, MD, PA, VA | Locations DC, MD, NJ, VA, WA |
Standout feature Kasasa accounts | Standout feature Kasasa accounts | Standout feature Early direct deposit |
| Industrial Bank Personal Checking Account | Open an account | Andrews Federal Credit Union Base Share Savings Account |
You may prefer Andrews Federal Credit Union if you want early direct deposit. Industrial also has higher minimum opening deposits than Andrews, and you'll pay a monthly fee on some accounts unless you qualify to waive them.
But Industrial has Kasasa accounts, so you could earn higher rates or cash back with Industrial.
Industrial Bank vs. Democracy Federal Credit UnionIndustrial Bank and Democracy Federal Credit Union have many of the same features, including Kasasa accounts. But Kasasa perks vary by institution. You might like Democracy FCU if you have your eye on Kasasa accounts, because its interest rates and cash-back perks are better.
Democracy is a credit union, so you must become a member to use its banking services. If you aren't eligible to join, Industrial is the clear choice.
But if you can't afford Industrial Bank's minimum opening deposits, you may prefer Democracy.
Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.
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