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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

Overview

First Federal Bank first started operating in 1936 with headquarters in Dickson, Tennessee. It has $508 million in assets as well as $436 million in deposits, ranking it as a medium-size bank. First Federal Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional 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 Federal Bank 3.6 stars out of 5, which means it is an acceptable bank choice, but may leave you wanting more. First Federal Bank offers numerous product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account maintains a monthly fee of $8.00, which places it at the higher end of monthly fees. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for getting the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.25%, First Federal Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 2.63% and the five-year CD earns at a rate of 0.15%, while its highest-yielding money market account has an APY of 0.25%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How First Federal Bank's Savings Rates Compare

First Federal Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

First Federal Bank has typically high fees compared to the average U.S. bank. At $8.00 per month, First Federal Bank is not the best product for people who want a basic checking account. First Federal Bank doesn't refund out-of-network ATM charges, meaning you'll need to find a First Federal Bank ATM or pay the withdrawal fee.

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

3.6
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 account access straightforward, even on the go. First Federal Bank receives unsatisfactory reviews from users for its mobile platform. The First Federal Bank mobile app is rated at 3.3 out of 5 (out of 27 reviews on Apple and Android) compared to the national average of 3.8. You can use First Federal Bank's mobile app to control your finances by looking at current statements, sending and receiving funds and reaching support representatives. First Federal Bank receives an outstanding consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

4.8
SmartAsset Average: 4.8

First Federal Bank is a medium-size bank owning $508 million in assets as well as deposits totaling $436 million. First Federal Bank's Texas Ratio is 4.85%, denoting that First Federal Bank is in outstanding financial condition and far from 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

4.85%
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
$500 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

First Federal Bank offers several deposit products including 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 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 Federal Bank's CD rates are fair compared to other U.S. banks.

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Find a First Federal Bank Near Me

First Federal Bank has 17 physical branches in the U.S.

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