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First Choice Bank Review

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


First Choice Bank was founded in 2005 with headquarters in Cerritos, California. It owns $904 million in assets as well as deposits totaling $773 million, making it a medium-size bank. First Choice 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. SmartAsset experts rated First Choice Bank 3.6 out of 5 stars, which means it is a decent choice, but with better options out there. First Choice Bank offers a diverse array of product offerings, including savings accounts, checking accounts, money market accounts and CDs. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a $10.00 monthly fee, which ranks on the higher end of monthly fees. Locating a bank with no-fee checking, in addition to a high interest rate savings account is the best option for getting the highest income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

First Choice Bank has a savings rate of 0.25%, which is fair as compared against the national average. Its CD rates are 0.35% and 1.11% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.35%. Given First Choice Bank's poor savings rate, you should consider looking elsewhere to open savings accounts.

How First Choice Bank's Savings Rates Compare

First Choice Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, First Choice Bank charges customers high fees compared to other U.S. banks. Its checking account has a monthly fee of $10.00, which makes it fair for anyone looking for a simple account. First Choice Bank unfortunately doesn't refund out-of-network ATM charges, meaning you'll need to locate a First Choice Bank ATM or accept the fee.

Monthly Fee $10.00 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

SmartAsset Average: 3.7

First Choice Bank is a brick-and-mortar bank, with six total bank locations in California. It also offers access to mobile and web apps for easy access and banking on the go. First Choice Bank's online and mobile banking services get high praise from customers. The First Choice Bank mobile app has been given a 4.5 out of 5 (with 2 ratings on Apple and Android) compared to the national average of 3.8. First Choice Bank's mobile app allows you to manage your accounts by checking current statements, sending and receiving money and accessing support representatives. First Choice Bank receives a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

First Choice Bank ranks as a medium-size bank with $904 million in assets and deposits totaling $773 million. Its Texas Ratio is 1.54%, denoting that First Choice Bank is in terrific financial well-being and far from failure. Additionally, First Choice 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 Choice Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $500
Checking Account 0.2% APY $500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.11% APY
$10000 for all terms
Money Market Account 0.35% APY $10000

First Choice 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 Choice 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 Choice Bank's CD rates are fair compared to other U.S. banks.

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Find a First Choice Bank Near Me

First Choice Bank has six physical locations across the U.S.

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