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First American Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First American Bank Easy Savings Account
0.15% APY

First American Bank has been in business for more than 40 years, serving communities in Illinois, Wisconsin and Florida. The bank offers a number of savings account and checking account options, as well as a money market account (MMA) and several certificates of deposit (CDs).

It has some competitive interest rates on its accounts, particularly the special CD accounts and the Everyday Rewards Checking account (provided you can meet the activity requirements). Furthermore, all accounts that have monthly service fees also have ways you can waive those fees.

On the other hand, the bank also has some disappointing interest rates, especially on its sole savings account option. Also, you’ll need at least $5,000 to open any CD account, an above-average amount that could price out some bankers.

Products Offered

Products Key Details
Savings Accounts
  • $100 minimum opening balance
  • 0.15% APY
  • $250 required to waive fee
Money Market Accounts
  • Tiered interest rates
  • $1,000 minimum opening balance
  • $5,000 required to waive fee
Certificates of Deposit
  • Terms from three months to five years
  • $5,000 minimum deposit
  • Early withdrawal penalties
Checking Accounts
  • Four different account options
  • $50 - $100 minimum opening balance
  • Interest-bearing and non-interest-bearing options

First American Bank Interest Rate Comparison

First American Bank Overview

First American Bank operates 53 branch locations in Illinois, Wisconsin and Florida. The bank’s headquarters are in Elk Grove Village, Illinois.

Although this article will focus on the personal banking options, First American Bank also offers business banking services, trust and estate services and investment management. In the personal banking realm, the bank offers one savings account, one money market account, four checking accounts and several different CDs. Read on to learn more about each of these options.

First American Bank Account Features

Many of the deposit accounts at First American Bank are accessible online or via the bank’s mobile app. Accounts also come with a Mastercard debit or ATM card, depending on the type of account.

Many of the accounts at First American Bank come with monthly service fees, but all of these are waivable provided you meet certain requirements that vary in difficulty. You may also face fees for excessive transactions with the savings and money market accounts.

Compare First American Bank to Other Competitive Offers

Easy Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $5 monthly service fee, which could be waived with a $250 minimum balance
Current Terms and Rates 0.15% APY

The Easy Savings account is the only savings account available at First American Bank. You’ll need to deposit $100 to open the account but $250 to waive the $5 monthly service fee. Interest is compounded and credited to your account daily.

Like all savings accounts, you’re limited to six pre-authorized withdrawals or transfers in each statement cycle. If you exceed your limit, you’ll likely have to pay a fine. If you exceed it on a regular basis, you’ll run the risk of having the bank close or convert your account.

Optimal Money Market Account

Key Features Details
Minimum Deposit $1,000
Access to Your Money Market Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $14.95 monthly service fee, which can be waived with a minimum balance of $5,000
Current Terms and Rates
  • Account balances of $1,000 - $4,999.99: 0.20% APY
  • Account balances of $5,000 - $24,999.99: 0.25% APY
  • Account balances of $25,000 - $49,999.99: 0.55% APY
  • Account balances of $50,000 - $249,999.99: 0.65% APY
  • Account balances of $250,000 and above: 1.25% APY

The Optimal Money Market account at First American Bank offers the opportunity to earn interest at higher rates than the Easy Savings account. On the other hand, you’ll also face a higher monthly fee and a much higher balance threshold to waive that fee.

With this account, you’ll have access to limited check writing ability, but you’ll also still be limited to six pre-authorized withdrawals/transfers per statement cycle.

Certificates of Deposit

Key Features Details
Minimum Deposit $5,000
Access to Your CD Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalties may apply
Current Terms and Rates
  • 3 - 5 Months: 0.25% APY
  • 6 - 11 Months: 0.40% APY
  • 12 - 23 Months: 0.75% APY
  • 24 - 35 Months: 1.14% APY
  • 36 - 47 Months: 1.25% APY
  • 48 - 59 Months: 1.35% APY
  • 60 Months: 1.50% APY

First American Bank offers a wide variety of CD accounts, with term lengths ranging from three months to five years. Interest is compounded and credited to your account monthly.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term. Once your term matures, you’ll have 10 days to withdraw your money before the bank renews you automatically for a new CD of the same term.

Special Certificates of Deposit

Key Features Details
Minimum Deposit $5,000
Access to Your CD Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalties may apply
Current Terms and Rates
  • 7 Months: 1.70% APY
  • 14 Months: 2.15% APY
  • 20 Months: 2.50% APY

First American Bank also offers three special CD accounts, with significantly more competitive interest rates. With these accounts, it is especially important to take advantage of your grace period once your CD matures. If you don’t withdraw your funds and you allow your CD to auto-renew, it will likely be at the much lower, traditional rate. 

Interest for these CDs is compounded and credited to your account monthly as well, and you’ll also be subject to the same early withdrawal penalties as with the standard CDs.

Free Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee

The Free Checking account at First American Bank is true to its name. You won’t have to worry about a monthly service fee or maintaining a certain balance or activity threshold. In return, you won’t receive any of the more premium features that you’d get with the other accounts.

However, with this account and all checking accounts at First American Bank, you’ll have access to online banking, mobile banking, unlimited check writing and the Allpoint ATM network.

Student Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee

Designed for college students, the Student Checking account has no monthly fee and no minimum balance after opening. Plus, if you post at least 10 deposits/withdrawals in one of your first three statement cycles, the bank will give you a $50 bonus.

The bank will also allow parents to make deposits or transfer funds from an existing First American Bank account without having to worry about any fees.

Everyday Rewards Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $4.95 monthly service fee, which can be waived with 15 qualifying payments per month
Current Terms and Rates
  • If activity requirement is not met: 0.10% APY
  • For all balance up to $15,000 if requirement is met: 1.00% APY
  • For all balance above $15,000 if requirement is met: 0.21% APY

The Everyday Rewards Checking account provides a good balance between features and fees. You can waive the monthly fee by making 15 qualifying payments per statement cycle. These include checks, online bill payments, ACH debits, outgoing wire transfers and payments made with your debit card.

You’ll also earn interest on your account balance, and the rate will depend on whether you meet the activity threshold. For all balance above $15,000, you’ll earn at a 0.21% rate, but you’ll still earn at a 1.00% on the other $15,000.

Optimal Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $14.95 monthly service fee, which can be waived by either:
  • A minimum daily balance of $2,500
  • An average monthly balance of $5,000
  • Combined minimum daily balance of $5,000
Current Terms and Rates
  • Account balances of $1,000 - $4,999.99: 0.15% APY
  • Account balances of $5,000 - $24,999.99: 0.20% APY
  • Account balances of $25,000 - $49,999.99: 0.45% APY
  • Account balances of $50,000 - $249,999.99: 0.55% APY
  • Account balances of $250,000 and above: 0.65% APY

The Optimal Checking account is the other interest-bearing checking option at First American Bank. You have a few paths by which you can waive the $14.95 monthly fee, and you’ll earn interest at different rates depending on your account balance. Interest will be compounded daily and credited to your account monthly. You’ll also receive free checks and one refunded overdraft reversal fee each year.

Where Can I Find First American Bank?

First American Bank operates 53 branch locations in Illinois, Wisconsin and Florida. The majority of these branches are in Illinois, and the bank’s headquarters are located in Elk Grove Village, Illinois. The bank also partners with the Allpoint nationwide ATM network.

What Can You Do Online With First American Bank?

You can manage most of your deposit accounts on the First American Bank website, and you can even apply for several accounts online. You can also manage your accounts with your smartphone via the First American Bank Mobile app. On iTunes, the app has a 2.2 star rating and 17 ratings as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any First American Bank ATM or Allpoint ATM. If you use an out-of-network ATM, you may face fees from both First American Bank and whichever third party operates the ATM, although you should be able to avoid this given the number of Allpoint ATMs in the country. And, of course, you can visit a First American Bank branch to access funds.

How Can I Save More Money With First American Bank?

The best interest rate you can get at First American Bank is 2.50% with the 20-month special CD. That’s a very competitive rate, especially for a CD of that term length. The only catch is that you’ll have to make sure to withdraw your money during your grace period, otherwise it will be renewed as a standard CD at a much lower rate.

The 1.00% interest rate on the Everyday Rewards Checking account is also good for a checking account, provided you can consistently meet the activity requirements.

What’s the Process for Opening an Account With First American Bank?

You can apply for several deposit accounts on the First American Bank website, or you can also visit your nearest branch in person to open any account. To open an account, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or other form of government-issued ID. You’ll also need your Social Security number, date of birth, current home address and possibly your phone number and email address.

What’s the Catch?

There are a couple downsides to banking with First American Bank. First, there is only one savings account option, and the interest rate for that account is pretty low at 0.15%. Especially with the prevalence of online banks, you can find better rates very easily. 

Further, the $5,000 minimum opening deposit on all CD accounts is quite high, making them potentially inaccessible to bankers looking to invest smaller sums. 

Bottom Line

If you live near a First American Bank branch and you’re interested in doing your banking in person, you may appreciate what the bank has to offer, especially if you’re looking to invest in a special CD or you think you can meet the requirements of the Everyday Rewards Checking account.

If you don’t live near a branch or your biggest priority is maximizing your interest-earning potential, then you will likely find more of what you’re looking for somewhere else.

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