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First Foundation Bank Review

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First Foundation Bank Savings
2.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2007, First Foundation Bank has assets totaling $5 billion as well as $3 billion in deposits, classifying the institution as a large bank. First Foundation Bank, whose headquarters are in Irvine, California, 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 apps. With a superb 4.5 stars out of 5, First Foundation Bank is a superb bank that you should strongly consider. First Foundation Bank has a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Ideal for parking and growing your money, First Foundation Bank's savings account has an extremely high interest rate. If you're looking for a checking account for everyday use, First Foundation Bank's most basic checking account does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for accruing the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 2.40%, First Foundation Bank ranks extremely competitively in comparison to the average U.S. bank. First Foundation Bank's one-year CD has a rate of 1.10% and the five-year CD earns at a rate of 0.90%, while its highest-yielding money market account has an APY of 0.25%. With an excellent APY, First Foundation Bank's savings account can be used to save towards an important life event such as retirement.

How First Foundation Bank's Savings Rates Compare

First Foundation Bank Savings 2.40 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, First Foundation Bank charges its customers extremely low fees compared to the average U.S. bank. First Foundation Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. First Foundation Bank refunds their out-of-network ATM fees, which gives convenient access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

First Foundation Bank has both an online and physical presence, with 21 total branches in California, Hawaii and Nevada. With mobile and web apps, First Foundation Bank makes mobile banking convenient, even on the go. First Foundation Bank gets fairly high marks from customers for its mobile banking services. The First Foundation Bank mobile app has been given a 4.3 out of 5 (with 130 ratings on iOS and Android) compared to the national average of 3.8. You can access First Foundation Bank's app to control your finances by reviewing account balances, sending and receiving funds and reaching customer service. First Foundation Bank gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal Yes
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

First Foundation Bank is currently a large bank with assets totaling $5 billion and $3 billion in deposits. It has an excellent Texas Ratio of 3.67%, indicating a low likelihood of failure. Additionally, First Foundation Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.67%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare First Foundation Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 2.4% APY $250
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.10% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.10% APY
  • 48 Month: 0.80% APY
  • 60 Month: 0.90% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

First Foundation Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Its savings account has an excellent interest rate, great if you want to grow your money while still having it accessible. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Foundation Bank's CD rates are fair in comparison to the national average.

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Find a First Foundation Bank Near Me

First Foundation Bank has 21 physical locations in the U.S.

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