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First Federal Bank of Kansas City Review

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First Federal Bank of Kansas City Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Federal Bank of Kansas City started in 1934 with headquarters located in Kansas City, Missouri. First Federal Bank of Kansas City has assets of $726 million as well as $496 million in deposits, classifying it as a medium-size bank. First Federal Bank of Kansas City lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, First Federal Bank of Kansas City is a solid pick to be your bank, with a rating of 4.2 stars out of 5 from the SmartAsset experts. First Federal Bank of Kansas City has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Federal Bank of Kansas City offers an option without a monthly fee. Locating an institution with no-fee checking, in addition to a high savings APY is your best option for accruing the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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 Kansas City has a savings rate of 0.15%, which is fair in comparison to other U.S. banks. Its one-year CD has a rate of 0.45% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account earns at a rate of 0.15%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How First Federal Bank of Kansas City's Savings Rates Compare

First Federal Bank of Kansas City Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Federal Bank of Kansas City typically has extremely low fees in comparison to the national average. With no monthly fee, First Federal Bank of Kansas City is ideal for those who want a basic checking account. First Federal Bank of Kansas City doesn't refund out-of-network ATM fees, which means you'll be required to find a First Federal Bank of Kansas City ATM or pay the ATM charge.

Monthly Fee $0 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

3.8
SmartAsset Average: 3.7

First Federal Bank of Kansas City is a brick-and-mortar bank, with 12 total branches in Kansas and Missouri. With mobile and web apps, First Federal Bank of Kansas City makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 9:00 a.m. to 4:30 p.m. CT. First Federal Bank of Kansas City's online and mobile banking platforms receive fair scores from customers. The First Federal Bank of Kansas City mobile app is rated at 3.7 out of 5 (out of 58 customer reviews on Apple and Android) compared to the national average of 3.8. You can access First Federal Bank of Kansas City's app to manage your bank accounts by monitoring monthly statements, sending and receiving money as well as reaching customer service. First Federal Bank of Kansas City receives an outstanding consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.7/5
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 Federal Bank of Kansas City is a medium-size bank owning assets totaling $726 million and $496 million in deposits. First Federal Bank of Kansas City has an excellent Texas Ratio of 1.70%, signifying a low likelihood of failure. Additionally, First Federal Bank of Kansas City 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 Kansas City to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 1.91% APY
  • 36 Month: 2.78% APY
  • 48 Month: 0.80% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Account 0.1% APY $1000

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

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Find a First Federal Bank of Kansas City Near Me

First Federal Bank of Kansas City has 12 branches in the U.S.

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