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FirstBank Southwest Review

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FirstBank Southwest Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

FirstBank Southwest started in 1907 and is headquartered in Amarillo, Texas. FirstBank Southwest owns assets of $962 million and deposits totaling $868 million, classifying it as a medium-size bank. FirstBank Southwest lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 stars out of 5, FirstBank Southwest should be solidly in contention for your choice of bank. FirstBank Southwest provides customers with the full slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. FirstBank Southwest has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly charge. Finding a bank with free checking as well as a high savings APY is your best bet for gaining the highest income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.05%, FirstBank Southwest ranks poorly compared to other U.S. banks. FirstBank Southwest's CD rates are 1.55% and 2.62% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.45%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How FirstBank Southwest's Savings Rates Compare

FirstBank Southwest Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

FirstBank Southwest has typically extremely low fees compared to the average U.S. bank. With no monthly fee, FirstBank Southwest is perfect for people who want a simple checking account. FirstBank Southwest unfortunately doesn't reimburse out-of-network ATM charges, which means you'll be required to find a FirstBank Southwest ATM or pay the fee.

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

4.0
SmartAsset Average: 3.7

FirstBank Southwest is a brick-and-mortar bank, with nine total branches in Texas. It also offers access to mobile and web apps for simple access and banking on the go. FirstBank Southwest receives fairly high marks from customers for its mobile platform. The FirstBank Southwest mobile app has an overall rating of 4.1 out of 5 (out of 29 reviews on iOS and Android) compared to the national average of 3.8. FirstBank Southwest's mobile app allows you to manage your finances by reviewing current statements, transferring funds as well as reaching customer service. FirstBank Southwest gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

FirstBank Southwest ranks as a medium-size bank owning $962 million in assets as well as deposits totaling $868 million. It has an excellent Texas Ratio of 3.84%, signifying that the bank is in outstanding financial condition and improbable to fail. Additionally, FirstBank Southwest is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.84%
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 FirstBank Southwest to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 1.55% APY
  • 24 Month: 1.81% APY
  • 36 Month: 2.06% APY
  • 48 Month: 2.21% APY
  • 60 Month: 2.62% APY
$2500 for all terms
Money Market Account 0.45% APY $1000

FirstBank Southwest offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. FirstBank Southwest does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. FirstBank Southwest's CD rates are fair compared to other U.S. banks.

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Find a FirstBank Southwest Near Me

FirstBank Southwest has nine locations across the U.S.

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