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First Advantage Bank Review

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

Overview

First Advantage Bank first started operating in 1953 and its headquarters are located in Clarksville, Tennessee. First Advantage Bank owns assets of $572 million and $449 million in deposits, which makes it a medium-size bank. First Advantage Bank 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 apps. With a score of 4.3 stars out of 5, First Advantage Bank should be solidly in contention for your choice of bank. First Advantage Bank offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. First Advantage Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, First Advantage Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for getting the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

First Advantage Bank features a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. First Advantage Bank's one-year CD has a rate of 0.70% and the five-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at a rate of 0.40%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How First Advantage Bank's Savings Rates Compare

First Advantage Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Advantage Bank has generally extremely low fees compared to the national average. With no monthly fee, First Advantage Bank's checking account is ideal for people who need a hassle-free checking account. First Advantage Bank refunds any incurred out-of-network ATM charges, which means easy 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

4.0
SmartAsset Average: 3.7

First Advantage Bank is a brick-and-mortar bank, with eight total bank locations in Tennessee. With mobile and web apps, First Advantage Bank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 7:30 a.m. to 5:00 p.m. CT. First Advantage Bank's online and mobile banking platforms receive relatively satisfactory feedback from users. With 35 ratings on both Apple and Android platforms, the First Advantage Bank mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). You can access First Advantage Bank's app to manage your funds by checking account balances, sending and receiving money as well as reaching support representatives. First Advantage Bank gets an outstanding consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

First Advantage Bank is currently a medium-size bank owning $572 million in assets as well as deposits totaling $449 million. Its Texas Ratio is 4.63%, denoting that First Advantage Bank is in excellent financial health and far from failure. Additionally, First Advantage Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.63%
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 Advantage Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Account 0.25% APY $10000

First Advantage Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Advantage Bank does not have the best savings rate, which means you should consider 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. First Advantage Bank's CD rates are fair compared to the national average.

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Find a First Advantage Bank Near Me

First Advantage Bank has eight locations in the U.S.

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