Industrial Bank review: Black-owned bank with cash back and high interest rates
- Industrial Bank is a Black-owned bank in Maryland, New Jersey, New York, and Washington, DC.
- Its best products are Kasasa savings and checking accounts, which offer high rates and cash back.
- You may like Industrial Bank if you qualify to waive monthly service fees.
- See Insider’s guide to Black-owned banks and credit unions »
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Should you use Industrial Bank?
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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.
Industrial Bank Goal Savings Account
- Kasasa Cash Checking: 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 savings accounts. 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 works
Industrial 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 compares
We’ve compared Industrial to other Black-owned institutions in many of the same areas: Democracy Federal Credit Union, and Andrews Federal Credit Union.
DC, MD, NJ, NY
DC, MD, PA, VA
DC, MD, NJ, VA, WA
Early direct deposit
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Industrial Bank vs. Andrews Federal Credit Union
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 Union
Industrial 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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