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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

Established in 1953, First Advantage Bank has $572 million in assets along with deposits totaling $449 million, making it a medium-size bank. First Advantage Bank, whose headquarters are in Clarksville, Tennessee, lacks premium access to support representatives, with no live chat or all-day service options available. 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. We ranked First Advantage Bank at a 4.3 stars out of 5, suggesting it is a great choice and should warrant serious consideration. First Advantage Bank provides customers with a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly maintenance charge. Using an institution with no-fee checking and a high interest rate savings account is the best bet for getting the highest income on your deposits while maintaining convenient 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 fair compared to the national average. First Advantage Bank's one-year CD earns at a rate of 1.35% and the five-year CD has a rate of 2.25%, while its highest-yielding money market account has a rate of 0.40%. Given First Advantage Bank's noncompetitive savings rate, you should think about other options 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 charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, First Advantage Bank's checking account is ideal for those who want a hassle-free banking experience. First Advantage Bank refunds their out-of-network ATM charges, making getting cash a free and straightforward process.

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 branches in Tennessee. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with 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 gets relatively high praise from users for its mobile platform. With 35 customer reviews across both Apple and Android platforms, the First Advantage Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can utilize First Advantage Bank's app to manage your accounts by looking at current statements, sending and receiving money as well as reaching customer service. First Advantage Bank gets an exceptional consumer satisfaction score due to comparatively few consumer complaints filed with 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 ranks as a medium-size bank and handles assets totaling $572 million and deposits totaling $449 million. It has an excellent Texas Ratio of 4.63%, denoting a minute probability of 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: 1.35% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.4% APY $10000 $15000

First Advantage Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Advantage Bank 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. First Advantage Bank's CD rates are fair compared to the average U.S. bank.

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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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