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

Overview

First American Bank was founded in 1903 with its headquarters in Artesia, New Mexico. It has $1 billion in assets along with deposits totaling $836 million, making it a medium-size bank. First American Bank lacks premium access to customer service, 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 apps. With a commendable 4.4 out of 5 stars, First American Bank is a solid contender in your bank search. First American Bank provides customers with an array product offerings, including savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First American Bank's ordinary checking account does not have a monthly fee. Locating an institution with free checking and a high savings APY is your best bet for returning the most income from your deposits while maintaining convenient access to your funds.

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

3.2
SmartAsset Average: 3.5

First American Bank features a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.00% and 1.65%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given First American Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How First American Bank's Savings Rates Compare

First American Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, First American Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, First American Bank is perfect for those who want a simple checking account. First American Bank unfortunately does not refund out-of-network ATM fees, meaning you'll be required to search for a First American Bank ATM or pay the cost of withdrawal.

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

4.3
SmartAsset Average: 3.7

First American Bank is a brick-and-mortar bank, with 19 total bank locations in New Mexico. It also offers access to mobile and web apps for easy access and banking on the go. First American Bank receives high marks from customers for its mobile banking services. The First American Bank mobile app rates a 4.6 out of 5 (with 330 ratings on iOS and Android) compared to the national average of 3.8. First American Bank's mobile app lets you manage your finances by monitoring monthly statements, transferring money as well as accessing customer service. First American Bank receives an excellent consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial 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 No
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Financial Health

4.9
SmartAsset Average: 4.8

First American Bank is a medium-size bank with $1 billion in assets and deposits totaling $836 million. It has an excellent Texas Ratio of 2.94%, signifying that the bank is in outstanding financial health and improbable to fail. Additionally, First American Bank 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 First American Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.45% APY
  • 60 Month: 1.65% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

First American Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. First American Bank 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. First American Bank's CD rates are fair in comparison to the national average.

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Find a First American Bank Near Me

First American Bank has 19 physical locations across the U.S.

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