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First National Bank of America Review

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First National Bank of America Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1955, First National Bank of America has $1 billion in assets and $993 million in deposits, which makes it a medium-size bank. First National Bank of America, whose headquarters are in East Lansing, Michigan, 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. SmartAsset experts rated the bank 4 out of 5 stars, indicating that First National Bank of America is a good bank that deserves your consideration. First National Bank of America offers a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. First National Bank of America has a fair savings rate compared to the average savings account. Using an institution with free checking as well as a high savings APY is your best bet for accruing the most income from your deposits while having convenient access to your funds.

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

4.3
SmartAsset Average: 3.5

With a savings rate of 0.25%, First National Bank of America ranks poorly compared to the national average. Its one-year CD earns at a rate of 2.60% and the five-year CD earns at a rate of 3.25%, while its highest-yielding money market account has an APY of 1.55%. Given First National Bank of America's below average savings rate, you should consider looking at the competition to open savings accounts.

How First National Bank of America's Savings Rates Compare

First National Bank of America Savings 0.25 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on First National Bank of America's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

4.2
SmartAsset Average: 3.7

First National Bank of America is a brick-and-mortar bank, with three total branches in Michigan. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:30 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. First National Bank of America gets relatively good scores from customers for its mobile banking services. The First National Bank of America mobile app is rated at 4.4 out of 5 (with 8 customer reviews on Apple and Android) compared to the national average of 3.8. You can use First National Bank of America's mobile app to manage your bank accounts by looking at account balances, transferring funds as well as accessing support representatives. First National Bank of America gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

3.5
SmartAsset Average: 4.8

First National Bank of America is currently a medium-size bank and has assets totaling $1 billion and deposits totaling $993 million. First National Bank of America's Texas Ratio is 31.69%, denoting that First National Bank of America is in satisfactory financial health. Additionally, First National Bank of America is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

31.69%
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 National Bank of America to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 2.60% APY
  • 24 Month: 2.70% APY
  • 36 Month: 2.80% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.25% APY
$1000 for all terms
Money Market Account 1.15% APY $5000

First National Bank of America has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First National Bank of America 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 National Bank of America's CD rates are fair compared to the average U.S. bank.

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Find a First National Bank of America Near Me

First National Bank of America has three physical locations in the U.S.

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