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1st Summit Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
1st Summit Bank Savings
0.21% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

1st Summit Bank started in 1924 with headquarters in Johnstown, Pennsylvania. It owns assets totaling $1 billion as well as deposits totaling $912 million, ranking it as a medium-size bank. 1st Summit Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Our experts rated 1st Summit Bank a 4 stars out of 5, 1st Summit Bank should be near the middle of the pack in your search for a bank. 

1st Summit Bank has a full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a monthly fee of $5.95, although banks sometimes have requirements that allow you to waive the fee. Using the same bank for checking and savings can be perfect for getting the highest interest rates on your income while maintaining access to your money without getting penalized for withdrawing.

Service Quality

1st Summit Bank is a brick-and-mortar bank, with 16 total branches in Pennsylvania. With mobile and web apps, 1st Summit Bank makes account access convenient, even on the go.  

1st Summit Bank's online and mobile banking platforms receive high praise from users: the 1st Summit Bank mobile app scored a 4.7 out of 5 (with 440 reviews on iOS and Android) compared to the national average of 3.8. 1st Summit Bank's mobile app lets you manage your finances by checking monthly statements, transferring money and reaching support representatives. 1st Summit Bank receives an excellent consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.21% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 1.26% APY
  • 24 Month: 1.16% APY
  • 36 Month: 1.46% APY
  • 48 Month: 2.16% APY
  • 60 Month: 2.31% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.36% APY
  • 25K tier: 0.41% APY
  • $300
  • $25,000
Compare Offers
Checking Accounts 0.31% APY $300 Compare Offers

1st Summit Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. 1st Summit Bank does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. 1st Summit Bank's CD rates are competitive in comparison to the national average.

Rates

1st Summit Bank has a savings rate of 0.21%, which is poor compared to the national average. Its CD rates are 1.26% and 2.31% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.41%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

Compare 1st Summit Bank to Other Competitive Offers

Fees

1st Summit Bank charges customers high fees in comparison to the national average. Its checking account has a monthly fee of $5.95, which makes it fair for anyone looking for a hassle-free account. 

Financial Health

1st Summit Bank ranks as a medium-size bank with $1 billion in assets and $912 million in deposits. Its Texas Ratio is 2.30%, denoting that 1st Summit Bank is in outstanding financial health and very far from failure. Additionally, 1st Summit Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a 1st Summit Bank Near Me

1st Summit Bank has 16 physical branches across the U.S.

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