First Foundation Bank Review

First Foundation Bank First Foundation Bank Online Savings Account

4.90% APY

Headquartered in Irvine, California, First Foundation Bank offers online and mobile banking, as well as in-person branch services for residents of California, Florida, Nevada, Hawaii, and Texas. The bank has multiple deposit accounts for customers to choose from.

Whether you need a checking account, savings account, money market account or certificate of deposit (CD) account, First Foundation Bank has options to pick from. The bank also features a Senior Interest Checking Account and Senior Savings Account for those who are 55 or older.

First Foundation Bank offers flexible and convenient mobile banking app services to both Apple and Android users. Through the First Foundation mobile app, users can view their account balances, transfer funds, make deposits, and track transactions and spending history.

Products Offered

First Foundation Bank Overview

Founded in 1990, First Foundation Bank has 31 locations in California, Florida, Nevada, Hawaii, and Texas. To use First Foundation Bank's mobile services, you can download the bank's Apple or Android app under the name "First Foundation Bank Mobile."

Personal Checking Account

First Foundation Bank's Personal Checking Account is made for customers who typically use ATMs wherever they go, while also wanting to avoid monthly fees. When you open the Personal Checking Account, you won't be required to carry a minimum daily balance. However, there is a $100 minimum opening deposit to get started and there's no interest rate attached to the account.

The Personal Checking Account comes with a free debit card for you to use at any ATM nationwide. First Foundation Bank will even reimburse ATM fees for up to $20 per transaction. There's no limit on the number of withdrawals you can make on your Personal Checking Account. The account also offers online and mobile banking services on any device. You can make mobile check deposits, utilize Zelle® for money transfers and view your billing and transaction history.

Personal Interest Checking Account

First Foundation Bank's Personal Interest Checking Account is made for clients who typically carry a higher balance in their account and want to earn interest. There's no limit on the number of withdrawals you can make on your account.

The minimum opening deposit for this account starts at $100, just like the Personal Checking Account above. However, if you open this account, you will need to carry a $2,500 minimum daily balance to avoid its rather steep $20 monthly maintenance fee.

To manage your First Foundation Bank Personal Interest Checking Account, you’ll have access to the bank’s mobile and online banking platforms. With these resources, you can view your e-statements, which come at no charge. If you decide to go with paper billing, you will be charged a $3 fee per statement. Again, this account offers a free debit card that you can use at ATMs across the country. First Foundation Bank will also reimburse your ATM fees for up to $20 per transaction.

Senior Interest Checking Account

With a Senior Interest Checking Account, seniors who are 55 years old and up get the best value among the three checking accounts. This account offers no monthly fees, free basic checks and comes with a $100 minimum. There's again no cap on the number of withdrawals you can make on your account.

While the Personal Checking Account offers no interest-bearing potential, the Senior Interest Checking Account does. And while the Personal Interest Checking Account does earn interest, the Senior Interest Checking Account does so with no monthly fees at all.

Like the other two checking accounts, the Senior Interest Checking Account has access to mobile and online banking. You also have access to mobile check deposits, Zelle® and digital billing and transaction histories. There’s also no charge for mailed banking statements.

Online Savings Account

First Foundation Bank's Online Savings Account is available to anyone nationwide. It offers one of the most competitive savings rates on the market and its interest compounds daily.

Although the APY for the Online Savings Account comes with balance tiers, most account holders will receive the best rate First Foundation has to offer. More specifically, those who have a balance between $0.01 and $5 million receive a fantastic 5.00% APY. Balances above $5 million receive a lowered 0.50% APY, though.

There is a minimum deposit of $1,000 to get started. Once you open your account, you can request an ATM card, which First Foundation Bank offers up to $20 per transaction fee.

In the first 60 days, after the account is opened, the bank will waive any incoming wire fees. However, if you open your Online Savings and close it within 90 days of it being opened, you will be charged a $20 fee. But if it's closed after 90 days, you won't be charged anything.

Senior Savings (55+) Account

The Senior Savings Account is eligible for seniors who are 55 years old and older. This account offers one of the more affordable products First Foundation Bank features. While the minimum balance to open an account is $100, you’ll need to maintain just a $250 balance to avoid its $3 monthly maintenance fee. This is also an interest-bearing account, and there are no charges for mailed or online statements.

You also get access to online and mobile banking, like all others at First Foundation. The Senior Savings Account allows you to make mobile check deposits, view your credit score, utilize Zelle® money transfer services and view your billing and transaction history whenever you want.

Online Money Market Account 

With First Foundation Bank's Online Money Market Account, you get quality savings opportunities. The account has the same balance tiers as the Online Savings Account, as well as the same rates. More specifically, you’ll receive a 5.25% APY on balances up to $5 million, and a 0.50% APY on balances beyond that mark. You can also watch your savings grow on First Foundation Bank’s mobile app, as you can access your account on any mobile device.

The Online Money Market Account requires a $1,000 minimum deposit to open an account. And the first 60 days, after the account is opened, the bank will waive any incoming wire fees. You can also request a debit card when you open your account.

Personal CD and Personal IRA CD

First Foundation Bank has multiple CD accounts to choose from with the intent of helping you save for both your short-term and long-term goals, and they include the Personal CD and Personal IRA CD. Both accounts offer nearly identical features, as they each have no maintenance fees and monthly bank statements are free either online or in the mail.

With these accounts, you get access to mobile and online banking, as well as external transfers and credit scores. The minimum deposit to open each is $2,500. Like any CD, both accounts have limitations on how you can withdraw from your account, as penalties may apply.

Where Can I Find First Foundation Bank?

First Foundation Bank is both an online- and branch-based bank. First Foundation Bank has 31 branch locations across five states, which include California, Texas, Florida, Hawaii and Nevada. You can find branch locations on your mobile app or online at its website.

What Can You Do Online With First Foundation Bank?

At First Foundation Bank, you can apply on the web for an Online Savings Account and an Online Money Market Account. If you have a checking account or a personal savings account, you view your account balance and transactions online on your desktop or on your mobile device.

If you’re on the go and need to make a deposit, all you have to do is log in to your account and use mobile check deposit to safely secure the money you need. First Foundation Bank also gives you access to initiate external transfers through Zelle® or the bank itself. You can also view your credit score to help you keep up to date with your financial situation.

How Do I Access My Money?

You can access your money at a First Foundation Branch in California, Texas, Florida, Hawaii or Nevada. The bank also provides ATM fee reimbursements nationwide (up to $20 per transaction) to help you make a withdrawal or deposit. If you can't reach an ATM, First Foundation Bank offers access to Zelle® where you can receive and send money in seconds.

How Can I Save More Money With a First Foundation Bank Account?

For checking customers looking to steer clear of fees, you can choose to open a Personal Checking Account. This account offers no monthly maintenance fees, as well as ATM fee reimbursements of up to $20 per transaction. If you're looking to save more money with a high APY while still avoiding monthly fees, the Online Savings Account is a good choice. It has one of the best rates out there with a 5.00% APY and no monthly fees.

What’s the Process for Opening an Account With First Foundation Bank?

To get started applying for an account with First Foundation Bank, you’ll need:

• Your Social Security Number
• A form of identification (driver's license or another government-issued ID)

To get started with funding your accounts, you will also need an account and routing numbers to transfer from, or simply a check. Remember that with the Online Savings Account, you must fund it with “new money” to receive its rate. This means that the assets you fund the account cannot come from an existing First Foundation account.

What’s the Catch?

Possibly the biggest drawback is the fact First Foundation Bank doesn't have a widespread network of branches. You can only see the bank in person in five different states. That could be an issue considering that not all bank accounts can be applied for online.

For instance, if you're interested in a Personal Checking Account, you would need to meet with a First Foundation representative in person. The only accounts available where you can apply online would be the Online Savings Account and the Money Market Account.

Bottom Line

First Foundation Bank offers a variety of bank accounts that can fit many people's needs. The bank doesn't issue a lot of monthly fees, and those accounts do come with ways to avoid them. This helps make it easier for clients to save more money and keep it in their wallets. First Foundation Bank also consistently offers one of the higher APYs on the market between its Online Savings Account and Online Money Market Account.