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First Chatham Bank Review

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First Chatham Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Chatham Bank started in 2002 and has its headquarters in Savannah, Georgia. It owns assets of $364 million and $332 million in deposits, ranking it as a small bank. First Chatham Bank lacks premium access to support representatives, 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. Overall, First Chatham Bank is an average bank that leaves room for improvement, with a rating of 3.6 out of 5 stars from the SmartAsset experts. First Chatham Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly charge. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for returning the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.20%, First Chatham Bank ranks poorly in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.49% and 2.02%, respectively, while its highest-yielding money market account has an APY of 0.10%. Given First Chatham Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How First Chatham Bank's Savings Rates Compare

First Chatham Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

On average, First Chatham Bank charges its customers low fees compared to the national average. With no monthly fee, First Chatham Bank is ideal for people who want a simple checking account. Also, First Chatham Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. First Chatham Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll need to search for a First Chatham Bank ATM or eat the fee.

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

3.9
SmartAsset Average: 3.7

First Chatham Bank is a brick-and-mortar bank, with eight total branches in Georgia. With mobile and web apps, First Chatham Bank makes account access straightforward, even on the go. First Chatham Bank's online and mobile banking platforms get fair feedback from customers. The First Chatham Bank mobile app rates a 3.8 out of 5 (with 46 reviews on iOS and Android) compared to the national average of 3.8. You can use First Chatham Bank's app to control your funds by reviewing current statements, sending and receiving money as well as accessing support representatives. First Chatham Bank gets a superb consumer satisfaction rating due to relatively few complaints reported to 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

2.0
SmartAsset Average: 4.8

First Chatham Bank ranks as a small bank and manages assets totaling $364 million as well as deposits totaling $332 million. First Chatham Bank has a fair Texas Ratio of 71.23%, signifying a moderate chance of failure. Additionally, First Chatham Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

71.23%
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 Chatham Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Certificates of Deposit
  • 12 Month: 1.49% APY
  • 24 Month: 1.69% APY
  • 36 Month: 1.81% APY
  • 48 Month: 1.93% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

First Chatham Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Chatham Bank does not have the best savings rate, which means you should consider taking a look 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 Chatham Bank's CD rates are fair in comparison to other U.S. banks.

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Find a First Chatham Bank Near Me

First Chatham Bank has eight locations in the U.S.

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