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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

Started in 1970, BankFirst has assets totaling $445 million as well as deposits totaling $290 million, classifying the institution 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 in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.4 stars out of 5, BankFirst proves it is a great bank that you should seriously consider. BankFirst has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. BankFirst has a fair savings rate; you can find higher rates with other banks. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best option for accruing the most 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

3.6
SmartAsset Average: 3.5

BankFirst features a savings rate of 0.10%, which is poor as compared against the national average. Its one-year CD earns at a rate of 1.71% and the five-year CD earns at a rate of 2.03%, while its highest-yielding money market account has an APY of 1.42%. Given its noncompetitive savings rate, you should think about looking at the competition to open 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. Additionally, BankFirst customers can access live chat for customer service questions, a helpful way to reach a representative during the work day. BankFirst's online and mobile banking platforms receive high praise from customers. Out of 30 ratings on both iOS and Android platforms, the BankFirst mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can access BankFirst's mobile app to control your bank accounts by looking at account balances, transferring funds and reaching support representatives. BankFirst gets a superb consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government 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 a medium-size bank and owns $445 million in assets and deposits totaling $290 million. Its Texas Ratio is 1.43%, suggesting 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: 1.71% APY
  • 24 Month: 1.70% APY
  • 36 Month: 1.92% APY
  • 60 Month: 2.03% APY
$10000 for all terms
Money Market Account 1.12% APY $10000

BankFirst has 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 think about other options 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 average U.S. bank.

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Find a BankFirst Near Me

BankFirst has nine branches across the U.S.

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