First National Bank (ME) Review

First National Bank Savings

0.02% APY

First National Bank started in 1864 with headquarters in Damariscotta, Maine. First National Bank has $2.91 billion in assets as well as $2.6 billion in deposits, classifying it as a large bank. First National Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at an average 3.9 out of 5 stars, First National Bank proves it is a respectable bank that gets the job done. 

First National Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First National Bank has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking account carries a $5.00 monthly fee, which is not too bad as compared to the national average. Opening accounts in the same place can be best for getting the most return on your income while keeping access to your money without having to wait for money to transfer between accounts.

Service Quality

First National Bank is a brick-and-mortar bank, with 18 total bank locations in Maine. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 5:30 p.m. ET; Saturday, 8:00 a.m. to 12:00 p.m. ET. 

First National Bank's online and mobile banking platforms receive great feedback from customers: the First National Bank mobile app has been given a 4.1 out of 5 (out of 210 ratings on iOS and Android) compared to the national average of 3.8. First National Bank's mobile app lets you control your finances by looking at account balances, sending and receiving money as well as accessing support representatives. First National Bank receives a superb consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

It has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First National Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

With a savings rate of 0.02%, First National Bank ranks below the mean compared to the average U.S. bank. Its one-year CD earns at a rate of 0.15% and the five-year CD has a rate of 0.40%, while its highest-yielding money market account has a rate of 0.06%. First National Bank has a fair savings rate compared to the average savings account. Think about choosing another bank to earn more on your deposits.

Fees

First National Bank charges its customers high fees in comparison to other U.S. banks. First National Bank's checking account has a monthly fee of $5, ranking it slightly worse for anyone looking for a simple account. 

Financial Health

First National Bank is currently a large bank and handles $2.91 billion in assets as well as deposits totaling $2.6 billion. First National Bank's Texas Ratio is 1.09%, suggesting a small chance of failure. Additionally, First National Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a First National Bank Near Me

First National Bank has 18 physical locations in the U.S.