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First Florida Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Florida Bank Savings
0.60% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Florida Bank started in 2006 with headquarters in Destin, Florida. First Florida Bank owns $391 million in assets along with deposits totaling $345 million, classifying it as a small bank. First Florida Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 4.3 stars out of 5, First Florida Bank should be solidly in contention for your choice of bank. First Florida Bank provides customers with a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. First Florida Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a $7.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding 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 gaining the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

4.4
SmartAsset Average: 3.5

With a savings rate of 0.60%, First Florida Bank ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 1.00%, while its highest-yielding money market account has an APY of 0.50%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How First Florida Bank's Savings Rates Compare

First Florida Bank Savings 0.60 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

On average, First Florida Bank charges its customers high fees as compared against the national average. At $7.00/month, First Florida Bank's checking account is not great for those who want a hassle-free banking experience. Additionally, at $28.00, it has a significantly lower overdraft fee compared to the national average. First Florida Bank doesn't reimburse out-of-network ATM charges, meaning you'll have to locate a First Florida Bank ATM or eat the cost of withdrawal.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $28.00 National Average: $35.00
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Service Quality

4.4
SmartAsset Average: 3.7

First Florida Bank is a brick-and-mortar bank, with six total branches in Florida. It also offers access to mobile and web apps for a simple mobile-banking experience. First Florida Bank gets positive ratings from customers for its mobile app. With 40 ratings on iOS and Android platforms, the First Florida Bank mobile app has an overall rating of 4.8 out of 5 (compared to the national average of 3.8). First Florida Bank's mobile app lets you control your accounts by monitoring account balances, transferring funds and reaching support representatives. First Florida Bank receives an excellent consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.8/5
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 Florida Bank is a small bank with assets totaling $391 million and deposits totaling $345 million. Its Texas Ratio is 1.87%, suggesting a low likelihood of failure. Additionally, First Florida Bank 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 Florida Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.6% APY $300
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.00% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.5% APY $10000 $15000

First Florida Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Florida Bank does not have the best savings rate, which means you should think about 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 Florida Bank's CD rates are fair compared to the average U.S. bank.

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Find a First Florida Bank Near Me

First Florida Bank has six branches in the U.S.

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