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BankFirst Review

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BankFirst Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1970, BankFirst has assets totaling $445 million as well as deposits totaling $290 million, classifying it as a medium-size bank. BankFirst, whose headquarters are in Norfolk, Nebraska, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, BankFirst should be solidly in contention for your choice of bank. BankFirst has a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for getting the most income on your deposits while maintaining 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

3.6
SmartAsset Average: 3.5

BankFirst has a savings rate of 0.10%, which is poor in comparison to the national average. Its one-year CD earns at a rate of 1.30% and the five-year CD has a rate of 2.03%, while its highest-yielding money market account earns at an APY of 1.32%. Given BankFirst's poor savings rate, you should think about taking a look at other banks for savings accounts.

How BankFirst's Savings Rates Compare

BankFirst Savings 0.10 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on BankFirst's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.5
SmartAsset Average: 3.7

BankFirst is a brick-and-mortar bank, with nine total branches in Nebraska. It also offers access to mobile and web apps for easy access and banking on the go. BankFirst also offers a live chat feature, which may provide helpful service without getting on the phone. BankFirst gets great ratings from customers for its mobile banking services. With 30 ratings across iOS and Android platforms, the BankFirst mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can access BankFirst's mobile app to control your accounts by reviewing current statements, sending and receiving funds as well as reaching customer service. BankFirst gets a superb consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

BankFirst is currently a medium-size bank owning assets totaling $445 million as well as deposits totaling $290 million. BankFirst's Texas Ratio is 1.43%, denoting a minute chance of failure. Additionally, BankFirst is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 BankFirst to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 2.53% APY $1
Certificates of Deposit
  • 12 Month: 1.30% APY
  • 24 Month: 1.70% APY
  • 36 Month: 1.92% APY
  • 60 Month: 2.03% APY
$10000 for all terms
Money Market Account 1.01% APY $10000

BankFirst offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. BankFirst does not have the best savings rate, which means you should consider taking a look 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. BankFirst's CD rates are fair compared to the national average.

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Find a BankFirst Near Me

BankFirst has nine physical branches across the U.S.

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