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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. First Choice Bank owns assets of $904 million along with deposits totaling $773 million, ranking it as a medium-size bank. First Choice Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 3.6 out of 5 stars, First Choice Bank should be near the middle of the pack in your search for a bank. First Choice Bank has a diverse array of product offerings, including savings accounts, checking accounts, money market accounts and CDs. First Choice Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $10.00, making it a rather pricey bank for checking. Locating an institution with free checking and a high savings APY is your best option for returning the most income on your deposits while maintaining 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 poor compared to the average U.S. bank. First Choice Bank's CD rates are 0.35% and 1.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.35%. Given First Choice Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

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

First Choice Bank typically has high fees compared to other U.S. banks. At $10.00 per month, First Choice Bank's checking account is less than great for people who want a hassle-free checking account. First Choice Bank does not refund out-of-network ATM charges, meaning you'll have to find a First Choice Bank ATM or eat the withdrawal 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 a simple mobile-banking experience. First Choice Bank's online and mobile banking platforms receive high marks from customers. With 2 ratings on Apple and Android platforms, the First Choice Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). You can access First Choice Bank's mobile app to control your bank accounts by looking at account balances, sending and receiving money and accessing customer service. First Choice Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints filed 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 and has $904 million in assets as well as $773 million in deposits. First Choice Bank has an excellent Texas Ratio of 1.54%, indicating that the bank is in superb financial health and improbable to fail. 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: 1.00% APY
$10000 for all terms
Money Market Account 0.35% APY $10000

First Choice Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Choice 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 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 branches across the U.S.

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