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First Bank Richmond Review

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First Bank Richmond Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1887, First Bank Richmond has assets totaling $750 million and deposits totaling $564 million, which makes the institution a medium-size bank. First Bank Richmond, whose headquarters are in Richmond, Indiana, lacks premium access to customer service, with no options for live chat or all-day service. 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 score of 4.2 out of 5 stars, First Bank Richmond should be solidly in contention for your choice of bank. First Bank Richmond offers a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Bank Richmond has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, First Bank Richmond offers an option without a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for gaining the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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 Bank Richmond features a savings rate of 0.25%, which is fair compared to the average U.S. bank. Its CDs feature a rate of 0.75% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.25%. Given First Bank Richmond's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How First Bank Richmond's Savings Rates Compare

First Bank Richmond Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Bank Richmond has typically extremely low fees as compared against the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. First Bank Richmond unfortunately doesn't reimburse out-of-network ATM fees, which means you will need to find a First Bank Richmond ATM or eat the withdrawal fee.

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

3.9
SmartAsset Average: 3.7

First Bank Richmond is a brick-and-mortar bank, with 13 total branches in Indiana and Ohio. With mobile and web apps, First Bank Richmond makes account access straightforward, even on the go. First Bank Richmond receives moderate marks from customers for its mobile platform. The First Bank Richmond mobile app rates a 3.8 out of 5 (with 23 ratings on iOS and Android) compared to the national average of 3.8. First Bank Richmond's mobile app allows you to control your accounts by monitoring current statements, sending and receiving money and reaching support representatives. First Bank Richmond gets a superb consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
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 Bank Richmond is a medium-size bank and owns assets totaling $750 million and $564 million in deposits. First Bank Richmond's Texas Ratio is 5.64%, suggesting that First Bank Richmond is in fine financial well-being and far from failure. Additionally, First Bank Richmond is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.64%
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 Bank Richmond to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 2.00% APY
$500 for all terms
Money Market Account 0.2% APY $1

First Bank Richmond offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Bank Richmond does not have the best savings rate, which means you should consider 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 Bank Richmond's CD rates are fair compared to the average U.S. bank.

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Find a First Bank Richmond Near Me

First Bank Richmond has 13 physical locations across the U.S.

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