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

Overview

First Bank Richmond started in 1887 and has its headquarters in Richmond, Indiana. First Bank Richmond owns $750 million in assets along with deposits totaling $564 million, ranking it as a medium-size bank. First Bank Richmond lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We gave First Bank Richmond a 4.2 out of 5 stars, which means it is a solid pick to be your bank. First Bank Richmond offers the full slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Bank Richmond has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Bank Richmond's standard checking account does not have 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 accruing the most income on your deposits alongside 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 poor in comparison to the national average. First Bank Richmond's CDs feature a rate of 1.00% and 3.25% 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 poor savings rate, you should consider other options 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

On average, First Bank Richmond charges customers extremely low fees compared to the average U.S. bank. First Bank Richmond's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. First Bank Richmond unfortunately doesn't reimburse out-of-network ATM fees, meaning you will be required to search for a First Bank Richmond ATM or eat the ATM charge.

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 bank locations in Indiana and Ohio. It also offers access to mobile and web apps for simple access and banking on the go. First Bank Richmond gets moderate marks from users for its mobile platform. With 23 customer reviews on both Apple and Android platforms, the First Bank Richmond mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). First Bank Richmond's mobile app allows you to manage your accounts by checking current statements, sending and receiving funds as well as reaching customer service. First Bank Richmond gets a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 ranks as a medium-size bank and handles $750 million in assets and $564 million in deposits. It has a strong Texas Ratio of 5.64%, indicating a tiny possibility of 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 0.25% APY $500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.06% APY
  • 36 Month: 1.25% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.25% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

First Bank Richmond has 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 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 Bank Richmond's CD rates are fair as compared against the national average.

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Find a First Bank Richmond Near Me

First Bank Richmond has 13 branches in the U.S.

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