Established in 1955, First National Bank of America has assets totaling $1 billion along with deposits totaling $993 million, classifying the institution as a medium-size bank. First National Bank of America, whose headquarters are in East Lansing, Michigan, 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. With a score of 4 stars out of 5, First National Bank of America should be near the middle of the pack in your search for a bank. First National Bank of America offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. First National Bank of America has a fair savings rate; you can find higher rates with other banks. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for accruing the most income from your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
First National Bank of America features a savings rate of 0.25%, which is fair in comparison to the national average. First National Bank of America's one-year CD has a rate of 2.75% and the five-year CD has a rate of 3.25%, while its highest-yielding money market account earns at an APY of 2.35%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.
How First National Bank of America's Savings Rates Compare
There is insufficient data on First National Bank of America's fees to provide a full SmartAsset rating.
First National Bank of America is a brick-and-mortar bank, with three total bank locations in Michigan. With mobile and web apps, First National Bank of America makes mobile banking convenient, even on the go. It does not offer all-day customer service with representatives. You can get help during its 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 receives fairly high marks from customers for its online presence. The First National Bank of America mobile app is rated at 4.4 out of 5 (with 8 customer reviews on iOS and Android) compared to the national average of 3.8. You can access First National Bank of America's app to control your accounts by checking monthly statements, transferring money as well as reaching customer service. First National Bank of America gets an exceptional consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
First National Bank of America is a medium-size bank and has $1 billion in assets and deposits totaling $993 million. Its Texas Ratio is 31.69%, indicating that the bank is in fine 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
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.Back to Overview
Compare First National Bank of America to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$100|
|Checking Account||0.1% APY||$500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||1.35% APY 2.35% APY||$10000 $15000|
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 in comparison to the national average.Back to Overview
Find a First National Bank of America Near Me
First National Bank of America has three physical branches in the U.S.Back to Overview