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First Federal Bank of Florida Review

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First Federal Bank of Florida Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1961, First Federal Bank of Florida has $1 billion in assets and $1 billion in deposits, ranking the institution as a medium-size bank. First Federal Bank of Florida, whose headquarters are in Lake City, Florida, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4 stars out of 5, First Federal Bank of Florida should be near the middle of the pack in your search for a bank. First Federal Bank of Florida offers an array banking products, including savings accounts, checking accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Federal Bank of Florida offers an option without a monthly fee. Institutions that offer free checking as well as a high savings APY are your best option for gaining the highest income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

First Federal Bank of Florida has a savings rate of 0.02%, which is fair compared to other U.S. banks. First Federal Bank of Florida's one-year CD earns at a rate of 0.72% and the five-year CD earns at a rate of 1.45%, while its highest-yielding money market account earns at a rate of 0.45%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How First Federal Bank of Florida's Savings Rates Compare

First Federal Bank of Florida Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.9
SmartAsset Average: 4.4

First Federal Bank of Florida generally has above-average fees compared to the national average. First Federal Bank of Florida's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who often withdraw money from the ATM, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to the average U.S. bank. Also, it has an overdraft fee of $36.00, which is somewhat steeper than the national average overdraft fee. First Federal Bank of Florida reimburses their out-of-network ATM charges, which means easy access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

First Federal Bank of Florida is a brick-and-mortar bank, with 26 total branches in Florida and South Carolina. It also offers access to mobile and web apps for straightforward access and banking on the go. First Federal Bank of Florida gets moderately satisfactory reviews from customers for its mobile app. The First Federal Bank of Florida mobile app scored a 4.0 out of 5 (out of 150 ratings on Apple and Android) compared to the national average of 3.8. First Federal Bank of Florida's mobile app lets you control your accounts by checking current statements, sending and receiving money and reaching customer service. First Federal Bank of Florida gets a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
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 Federal Bank of Florida is a medium-size bank with $1 billion in assets and $1 billion in deposits. First Federal Bank of Florida has an excellent Texas Ratio of 1.72%, indicating that the bank is in superb financial condition and improbable to fail. Additionally, First Federal Bank of Florida 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 Federal Bank of Florida to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $1000
Checking Account 0.01% APY $5000
Certificates of Deposit
  • 12 Month: 0.72% APY
  • 24 Month: 0.82% APY
  • 36 Month: 1.03% APY
  • 48 Month: 1.28% APY
  • 60 Month: 1.45% APY
$10000 for all terms
Money Market Account 0.45% APY $10000

First Federal Bank of Florida has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. First Federal Bank of Florida does not have the best savings rate, which means you should consider 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 Federal Bank of Florida's CD rates are fair in comparison to the average U.S. bank.

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Find a First Federal Bank of Florida Near Me

First Federal Bank of Florida has 26 physical locations in the U.S.

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