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First Central Savings Bank Review

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First Central Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1999, First Central Savings Bank has assets totaling $591 million along with deposits totaling $522 million, classifying the institution as a medium-size bank. First Central Savings Bank, whose headquarters are in Glen Cove, New York, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.8 stars out of 5, First Central Savings Bank proves it is a decent choice, but with better options out there. First Central Savings Bank offers a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a monthly fee of $3.00, which is not too high compared to the national average. Banks that offer no-fee checking, in addition to a high savings APY are the best bet for returning the highest income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.3
SmartAsset Average: 3.5

First Central Savings Bank features a savings rate of 0.05%, which is poor as compared against the national average. Its one-year CD has a rate of 0.95% and the five-year CD earns at a rate of 2.84%, while its highest-yielding money market account has a rate of 0.55%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How First Central Savings Bank's Savings Rates Compare

First Central Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

First Central Savings Bank charges its customers low fees in comparison to the average U.S. bank. At $3.00 per month, First Central Savings Bank is less than ideal for those who want a simple banking experience. For those who will need cash in a pinch, it is perfect because it charges no out-of-network ATM fees. First Central Savings Bank doesn't reimburse out-of-network ATM fees, meaning you will have to search for a First Central Savings Bank ATM or accept the cost of withdrawal.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

First Central Savings Bank is a brick-and-mortar bank, with nine total bank locations in New York. With mobile and web apps, First Central Savings Bank makes mobile banking straightforward, even on the go. First Central Savings Bank's mobile app allows you to control your bank accounts by reviewing monthly statements, transferring money as well as reaching customer service. First Central Savings Bank gets an excellent consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

First Central Savings Bank ranks as a medium-size bank with $591 million in assets as well as $522 million in deposits. First Central Savings Bank's Texas Ratio is 1.65%, signifying a minute probability of failure. Additionally, First Central Savings 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 Central Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $250
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.15% APY
  • 36 Month: 2.53% APY
  • 48 Month: 1.55% APY
  • 60 Month: 2.84% APY
$500 for all terms
Money Market Account 0.35% APY $10000

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

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Find a First Central Savings Bank Near Me

First Central Savings Bank has nine locations across the U.S.

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