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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

Founded in 1997, First Command Bank has assets totaling $750 million as well as $690 million in deposits, making it a medium-size bank. First Command Bank, whose headquarters are in Fort Worth, Texas, 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 in-person service, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.1 stars out of 5, which means First Command Bank is a respectable bank that you should consider. First Command Bank offers a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. It has a fair savings rate; other popular banks have higher rates. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for getting the most income from your deposits while having convenient access to your money.

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 CD rates are 0.75% and 2.15% for the one-year and five-year term lengths, 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

First Command Bank has typically extremely low fees in comparison to the average U.S. bank. Additionally, at $29.00, its overdraft fee is markedly lower than that of other U.S. banks. First Command Bank does not reimburse out-of-network ATM charges, meaning you'll have to locate a First Command Bank ATM or eat the withdrawal fee.

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 branches in Texas. With mobile and web apps, First Command Bank makes mobile banking easy, even on the go. First Command Bank gets inferior reviews from customers for its mobile platform. Out of 170 ratings across Apple and Android platforms, the First Command Bank mobile app rates a 1.7 out of 5 (compared to the national average of 3.8). First Command Bank's mobile app lets you control your accounts by reviewing account balances, transferring money and accessing customer service. First Command Bank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to 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 is a medium-size bank with $750 million in assets as well as deposits totaling $690 million. It has an excellent Texas Ratio of 1.18%, denoting a low possibility of 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 Account 0.15% APY $25000

First Command Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with 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 compared to the average U.S. bank.

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Find a First Command Bank Near Me

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

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