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First Harrison Bank Review

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First Harrison Bank Savings
0.04% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1891, First Harrison Bank has $757 million in assets and $667 million in deposits, classifying it as a medium-size bank. First Harrison Bank, whose headquarters are in Corydon, Indiana, 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 in-person service, in addition to its online and mobile apps. Coming in at a commendable 4 stars out of 5, First Harrison Bank is a respectable bank that gets the job done. First Harrison Bank offers a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly charge. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best option for accruing the most income from your deposits alongside convenient 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

With a savings rate of 0.04%, First Harrison Bank ranks poorly as compared against the national average. First Harrison Bank's one-year CD earns at a rate of 0.70% and the five-year CD has a rate of 1.35%, while its highest-yielding money market account has an APY of 0.05%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How First Harrison Bank's Savings Rates Compare

First Harrison Bank Savings 0.04 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Harrison Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, First Harrison Bank is perfect for people who want a basic checking account. First Harrison Bank doesn't refund out-of-network ATM charges, which means you will be required to find a First Harrison Bank ATM or accept 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

3.4
SmartAsset Average: 3.7

First Harrison Bank is a brick-and-mortar bank, with 18 total bank locations in Indiana and Kentucky. It also offers access to mobile and web apps for a simple mobile-banking experience. First Harrison Bank gets unsatisfactory feedback from customers for its mobile app. Out of 110 customer reviews across both Apple and Android platforms, the First Harrison Bank mobile app rates a 2.9 out of 5 (compared to the national average of 3.8). First Harrison Bank's mobile app lets you control your accounts by monitoring monthly statements, sending and receiving funds as well as accessing customer service. First Harrison Bank receives an outstanding consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 2.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

First Harrison Bank ranks as a medium-size bank owning assets totaling $757 million and $667 million in deposits. Its Texas Ratio is 8.48%, suggesting a small opportunity of failure. Additionally, First Harrison Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.48%
High Risk 75% 50% 20% 10% Low Risk

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 Harrison Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.04% APY $2500
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.20% APY
  • 60 Month: 1.35% APY
$2500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

First Harrison Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Harrison Bank 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 Harrison Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a First Harrison Bank Near Me

First Harrison Bank has 18 branches across the U.S.

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