Founded in 1901, First American Bank has assets totaling $4 billion and deposits totaling $3 billion, making the institution a large bank. First American Bank, whose headquarters are in Elk Grove Villag, Illinois, 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 4.1 stars out of 5, First American Bank should be solidly in contention for your choice of bank. First American Bank provides customers with a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First American Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First American Bank offers an option without a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best option for accruing the most income from your deposits alongside easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.25%, First American Bank ranks poorly as compared against the national average. Its CD rates are 1.50% and 2.40% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.55%. Given First American Bank's poor 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 has generally extremely low fees compared to the national average. With no monthly fee, First American Bank is ideal for those who want a basic banking experience. First American Bank does not refund out-of-network ATM charges, which means you'll be required to search for a First American Bank ATM or accept the withdrawal fee.
First American Bank is a brick-and-mortar bank, with 54 total bank locations in Florida, Illinois and Wisconsin. With mobile and web apps, First American Bank makes mobile banking straightforward, even on the go. First American Bank gets poor marks from customers for its mobile platform. With 110 customer reviews on both Apple and Android platforms, the First American Bank mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). First American Bank's mobile app allows you to manage your funds by checking monthly statements, transferring funds and accessing customer service. However, First American Bank receives a fair consumer satisfaction score because of a large number of consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
First American Bank is a large bank owning $4 billion in assets as well as $3 billion in deposits. First American Bank's Texas Ratio is 4.68%, denoting that First American Bank is in outstanding financial well-being and far from failure. 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.Back to Overview
Compare First American Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$250|
|Checking Account||0.25% APY||$1000|
|Certificates of Deposit|| ||$5000 for all terms|
|Money Market Account||0.4% APY||$5000|
First American Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First American Bank does not have the best savings rate, which means you should think about 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 American Bank's CD rates are fair as compared against the national average.Back to Overview
Find a First American Bank Near Me
First American Bank has 54 branches across the U.S.Back to Overview