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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

First Federal Bank of Florida first started operating in 1961 and is headquartered in Lake City, Florida. First Federal Bank of Florida owns $1 billion in assets as well as deposits totaling $1 billion, ranking it as a medium-size bank. First Federal Bank of 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. Coming in at a commendable 4 stars out of 5, First Federal Bank of Florida proves it is a good bank that deserves your consideration. First Federal Bank of Florida offers a diversity of product offerings, including savings accounts, checking accounts, CDs, mortgage products and credit cards. First Federal Bank of Florida 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's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for returning the most income from your deposits alongside easy 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 in comparison to other U.S. banks. Its CDs feature a rate of 0.72% and 1.45% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.45%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

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 average U.S. bank. First Federal Bank of Florida's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who frequently visit the ATM, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Also, it has an overdraft fee of $36.00, which is somewhat steeper than the average overdraft fee charged by U.S. banks. First Federal Bank of Florida refunds their out-of-network ATM fees, which gives 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 an easy mobile-banking experience. First Federal Bank of Florida gets fairly positive scores from users for its online presence. The First Federal Bank of Florida mobile app rates a 4.0 out of 5 (out of 150 ratings on iOS and Android) compared to the national average of 3.8. You can access First Federal Bank of Florida's app to control your bank accounts by checking account balances, sending and receiving funds and accessing customer service. First Federal Bank of Florida gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 currently a medium-size bank and manages assets totaling $1 billion and $1 billion in deposits. First Federal Bank of Florida's Texas Ratio is 1.72%, signifying that First Federal Bank of Florida is in excellent financial shape and far from failure. 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 Accounts 0.45% APY 0.45% APY $10000 $15000

First Federal Bank of Florida has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. First Federal Bank of Florida 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 of Florida's CD rates are fair as compared against the national average.

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Find a First Federal Bank of Florida Near Me

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

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