Started in 2006, Business First Bank has $1 billion in assets as well as $1 billion in deposits, which makes the institution a medium-size bank. Business First Bank, whose headquarters are in Baton Rouge, Louisiana, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 3.8 stars out of 5, Business First Bank should be near the middle of the pack in your search for a bank.
Business First Bank provides customers with a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Business First Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a monthly fee of $6.00, although banks sometimes have requirements that allow you to waive the fee. Why keep checking and savings accounts with the same bank? Fast transferring of funds between the two accounts translates to better interest rates in your savings account with the ease of spending from your checking.
Business First Bank is a brick-and-mortar bank, with 19 total branches in Louisiana and Texas. With mobile and web apps, Business First Bank makes account access straightforward, even on the go. Business First Bank also offers a live chat feature, an alternative customer service tool if you can't call in during business hours.
Business First Bank receives mediocre marks from customers for its online presence: the Business First Bank mobile app scored a 3.0 out of 5 (out of 6 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Business First Bank's mobile app to manage your funds by reviewing current statements, transferring funds as well as accessing customer service. Business First Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Accounts||0.20% APY||$300||Compare Offers|
|Certificates of Deposit|| ||$1,000 for all tiers||Compare Offers|
|Money Market Accounts||10K tier: 0.18% APY||$2,500||Compare Offers|
|Checking Accounts||0.03% APY||$1||Compare Offers|
Business First Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Business First Bank does not have the best savings rate, which means you should consider taking a look elsewhere 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. Business First Bank's CD rates are competitive compared to the national average.
With a savings rate of 0.20%, Business First Bank ranks below the mean as compared against the national average. Its CDs feature a rate of 1.31% and 2.27% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.18%. Given its poor savings rate, you should contemplate taking a look at other banks for savings accounts.
Compare Business First Bank to Other Competitive Offers
On average, Business First Bank charges its customers high fees compared to other U.S. banks. At $6.00/month, Business First Bank's checking account is not ideal for people who want an easy checking account.
Business First Bank is currently a medium-size bank and manages $1 billion in assets as well as $1 billion in deposits. Business First Bank's Texas Ratio is 10.08%, suggesting that the bank is in good financial shape and far from failure. Additionally, Business First Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.
Find a Business First Bank Near Me
Business First Bank has 19 physical locations in the U.S.