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First 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 Bank Savings
0.05% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Founded in 1934, First Bank has assets totaling $6 billion along with $4 billion in deposits, which makes the institution a large bank. First Bank, whose headquarters are in Southern Pines, North Carolina, does not have the customer service bells and whistles of other banks. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated First Bank 4.1 stars out of 5, which means it is a respectable bank that you should consider. 

First Bank has a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. First Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking does not have a monthly charge. Why use checking and savings accounts with the same bank? Seamless transferring of funds between both accounts translates to higher interest rates in your savings account with the flexibility of spending from your checking.

Service Quality

First Bank is a brick-and-mortar bank, with 110 total bank locations in North Carolina and South Carolina. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET. 

First Bank gets fairly high marks from users for its online presence: the First Bank mobile app scored a 3.3 out of 5 (out of 190 reviews on iOS and Android) compared to the national average of 3.8. First Bank's mobile app lets you control your finances by reviewing current statements, transferring money and accessing customer service. First Bank gets an outstanding consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $250 Compare Offers
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.25% APY
  • 48 Month: 0.30% APY
  • 60 Month: 0.35% APY
$10,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.05% APY $1 Compare Offers
Checking Accounts 0.05% APY $50 Compare Offers

First Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. First Bank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

First Bank has a savings rate of 0.01%, which is fair in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 0.35%, while its highest-yielding money market account has an APY of 0.05%. First Bank has a fair savings rate, which means other popular banks have higher rates. Think about other options to earn more on your deposits.

Compare First Bank to Other Competitive Offers

Fees

First Bank has typically low fees as compared against the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who often withdraw cash from the ATM, it is ideal because it offers no ATM fees. Also, it has an overdraft fee of $36, which is marginally steeper than that of other U.S. banks. 

Financial Health

First Bank is a large bank and owns $6 billion in assets as well as deposits totaling $4 billion. Its Texas Ratio is 4.44%, suggesting an extremely minute chance of failure. Additionally, First Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a First Bank Near Me

First Bank has 110 physical locations in the U.S.

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