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First Federal Bank Review

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


First Federal Bank first started operating in 1936 and its headquarters are located in Dickson, Tennessee. First Federal Bank manages assets of $508 million as well as $436 million in deposits, which makes it a medium-size bank. First Federal Bank 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. On the whole, First Federal Bank is a bank with better alternatives, with a rating of 3.6 stars out of 5 from the SmartAsset experts. First Federal Bank has an array product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. First Federal Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $8.00, which places it at the higher end of monthly fees. Locating a bank with free checking, in addition to a high savings APY is your best option for returning the highest income from your deposits while having 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

With a savings rate of 0.25%, First Federal Bank ranks poorly as compared against the national average. Its CDs feature a rate of 2.63% and 0.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How First Federal Bank's Savings Rates Compare

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

First Federal Bank charges customers high fees compared to the national average. First Federal Bank's checking account has a monthly fee of $8.00, ranking it fair for anyone looking for a simple account. First Federal Bank doesn't refund out-of-network ATM charges, which means you will need to search for a First Federal Bank ATM or accept the cost of withdrawal.

Monthly Fee $8.00 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 Federal Bank is a brick-and-mortar bank, with 17 total branches in Tennessee. With mobile and web apps, First Federal Bank makes mobile banking convenient, even on the go. First Federal Bank's online and mobile banking platforms get poor scores from customers. Out of 27 ratings on iOS and Android platforms, the First Federal Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). First Federal Bank's mobile app lets you manage your bank accounts by looking at monthly statements, sending and receiving money and accessing customer service. First Federal Bank receives an exceptional consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

First Federal Bank ranks as a medium-size bank and has assets totaling $508 million as well as $436 million in deposits. It has an excellent Texas Ratio of 4.85%, denoting a minute likelihood of failure. Additionally, First Federal Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Federal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 2.63% APY
  • 24 Month: 3.03% APY
  • 36 Month: 0.25% APY
  • 48 Month: 0.20% APY
  • 60 Month: 0.15% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

First Federal Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. First Federal 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 Federal Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a First Federal Bank Near Me

First Federal Bank has 17 physical locations across the U.S.

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