Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

First Federal Bank of Louisiana Review

Your Details Done
by Updated
First Federal Bank of Louisiana Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Federal Bank of Louisiana first started operating in 1949 and has its headquarters in Lake Charles, Louisiana. First Federal Bank of Louisiana manages $823 million in assets along with deposits totaling $636 million, classifying it as a medium-size bank. First Federal Bank of Louisiana lacks premium access to customer service, with no options for live chat or all-day service. 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. Overall, First Federal Bank of Louisiana is a respectable bank that deserves your consideration, with a score of 4.1 out of 5 stars from the SmartAsset experts. First Federal Bank of Louisiana offers a selection of product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. First Federal Bank of Louisiana has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $3.00, which is not too high in comparison to other U.S. banks. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for returning the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.15%, First Federal Bank of Louisiana ranks poorly compared to other U.S. banks. First Federal Bank of Louisiana's one-year and five-year term lengths CDs earn at a rate of 1.25% and 2.25%, respectively. Given First Federal Bank of Louisiana's below average savings rate, you should think about other options to earn more on your deposits.

How First Federal Bank of Louisiana's Savings Rates Compare

First Federal Bank of Louisiana Savings 0.15 National Average 0.26 Compare Offers
Back to Overview

Fees

4.0
SmartAsset Average: 4.4

On average, First Federal Bank of Louisiana charges customers average fees as compared against the national average. First Federal Bank of Louisiana's checking account has a monthly fee of $3.00, ranking it slightly worse for anyone looking for a simple account. For those who will need cash in a pinch, First Federal Bank of Louisiana is good because it has an out-of-network ATM fee of $1.00, which is solid in comparison to other U.S. banks. First Federal Bank of Louisiana doesn't reimburse out-of-network ATM charges, meaning you will be required to locate a First Federal Bank of Louisiana ATM or pay the ATM charge.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

First Federal Bank of Louisiana is a brick-and-mortar bank, with 16 total bank locations in Louisiana. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. First Federal Bank of Louisiana's online and mobile banking platforms get moderately high scores from customers. The First Federal Bank of Louisiana mobile app has an overall rating of 4.0 out of 5 (out of 50 reviews on Apple and Android) compared to the national average of 3.8. First Federal Bank of Louisiana's mobile app allows you to manage your funds by monitoring current statements, sending and receiving money and reaching support representatives. First Federal Bank of Louisiana gets a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial 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
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

First Federal Bank of Louisiana ranks as a medium-size bank with $823 million in assets and deposits totaling $636 million. Its Texas Ratio is 2.32%, indicating that the bank is in outstanding financial condition and improbable to fail. Additionally, First Federal Bank of Louisiana 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.

Back to Overview

Compare First Federal Bank of Louisiana to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.65% APY
  • 36 Month: 1.80% APY
  • 48 Month: 2.10% APY
  • 60 Month: 2.25% APY
$500 for all terms

First Federal Bank of Louisiana offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. First Federal Bank of Louisiana 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 Louisiana's CD rates are fair in comparison to the national average.

Back to Overview

Find a First Federal Bank of Louisiana Near Me

First Federal Bank of Louisiana has 16 branches across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure