First Central Savings Bank Review

Overview

Founded in 1999, First Central Savings Bank has assets totaling $591 million as well as deposits totaling $522 million, making the institution a medium-size bank. First Central Savings Bank, whose headquarters are in Glen Cove, New York, 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 offerings. Coming in at 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 the full slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $3.00, which is not too high compared to the national average. Institutions that offer free checking, in addition to a high savings APY are the best bet for gaining the most income on your deposits while having convenient access to your funds.

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

First Central Savings Bank features a savings rate of 0.05%, which is poor compared to other U.S. banks. First Central Savings Bank's one-year CD has a rate of 4.24% and the five-year CD earns at a rate of 2.74%, while its highest-yielding money market account has a rate of 0.55%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How First Central Savings Bank's Savings Rates Compare

First Central Savings Bank charges its customers low fees in comparison to the national average. At $3.00/month, First Central Savings Bank is less than the best product for those who want a simple checking account. For those who use cash often, it is perfect because it has no out-of-network ATM fees. First Central Savings Bank doesn't refund out-of-network ATM charges, meaning you'll need to locate a First Central Savings Bank ATM or pay the cost of withdrawal.

First Central Savings Bank is a brick-and-mortar bank, with nine total branches 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 manage your bank accounts by checking current statements, sending and receiving money and reaching support representatives. First Central Savings Bank receives a superb consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

First Central Savings Bank ranks as a medium-size bank with $591 million in assets and deposits totaling $522 million. It has an excellent Texas Ratio of 1.65%, denoting that the bank is in terrific financial well-being and far from 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.

Products Offered

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 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 Central Savings Bank's CD rates are fair compared to the average U.S. bank.

Find a First Central Savings Bank Near Me

First Central Savings Bank has nine physical locations in the U.S.