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First Command Bank Review

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First Command Bank Money Market
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1997, First Command Bank has assets totaling $750 million and $690 million in deposits, making the institution a medium-size bank. First Command Bank, whose headquarters are in Fort Worth, Texas, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.1 stars out of 5, First Command Bank proves it is a good bank that gets the job done. First Command Bank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs and credit cards. First Command Bank has a fair savings rate compared to the average savings account. Using an institution with no-fee checking as well as a high interest rate savings account is the best option for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

First Command Bank's one-year and five-year term lengths CDs earn at a rate of 0.75% and 2.15%, respectively, while its highest-yielding money market account has a rate of 0.15%.

How First Command Bank's Savings Rates Compare

First Command Bank Money Market 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, First Command Bank charges customers extremely low fees as compared against the national average. Also, at $29.00, it has a considerably lower overdraft fee compared to the national average overdraft fee. First Command Bank does not reimburse out-of-network ATM charges, meaning you will need to find a First Command Bank ATM or pay the cost of withdrawal.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $29.00 National Average: $35.00
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Service Quality

2.7
SmartAsset Average: 3.7

First Command Bank is a brick-and-mortar bank, with one total bank locations in Texas. It also offers access to mobile and web apps for a simple mobile-banking experience. First Command Bank receives unsatisfactory marks from users for its mobile app. Out of 170 ratings on Apple and Android platforms, the First Command Bank mobile app is scored at 1.7 out of 5 (compared to the national average of 3.8). First Command Bank's mobile app allows you to manage your finances by looking at account balances, sending and receiving money and reaching support representatives. First Command Bank receives an excellent consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 1.7/5
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 Command Bank ranks as a medium-size bank owning $750 million in assets as well as deposits totaling $690 million. It has an excellent Texas Ratio of 1.18%, suggesting that the bank is in terrific financial condition and far from failure. Additionally, First Command 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 Command Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.02% APY $1000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.90% APY
  • 60 Month: 2.15% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

First Command 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 Command Bank does not have the best savings rate, which means you should think about 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 Command Bank's CD rates are fair in comparison to the national average.

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Find a First Command Bank Near Me

First Command Bank has one branches in the U.S.

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