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First National Bank of Michigan Review

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First National Bank of Michigan Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First National Bank of Michigan was founded in 2006 with its headquarters in Kalamazoo, Michigan. First National Bank of Michigan handles $482 million in assets as well as $405 million in deposits, which makes it a medium-size bank. First National Bank of Michigan lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, First National Bank of Michigan is a solid pick to be your bank, with a rating of 4.4 out of 5 stars from the SmartAsset experts. First National Bank of Michigan has a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First National Bank of Michigan has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First National Bank of Michigan's ordinary checking account does not have a monthly fee. Using a bank with free checking, in addition to a high interest rate savings account is the best bet for returning the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.4
SmartAsset Average: 3.5

First National Bank of Michigan features a savings rate of 0.10%, which is fair compared to other U.S. banks. First National Bank of Michigan's CD rates are 1.01% and 2.02% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How First National Bank of Michigan's Savings Rates Compare

First National Bank of Michigan Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, First National Bank of Michigan charges customers extremely low fees compared to other U.S. banks. First National Bank of Michigan's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. First National Bank of Michigan unfortunately doesn't reimburse out-of-network ATM charges, which means you will have to search for a First National Bank of Michigan ATM or accept the fee.

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

4.5
SmartAsset Average: 3.7

First National Bank of Michigan is a brick-and-mortar bank, with five total branches in Michigan. With mobile and web apps, First National Bank of Michigan makes mobile banking convenient, even on the go. First National Bank of Michigan's online and mobile banking services get great scores from users. The First National Bank of Michigan mobile app has an overall rating of 5.0 out of 5 (with 6 ratings on iOS and Android) compared to the national average of 3.8. First National Bank of Michigan's mobile app lets you control your accounts by checking monthly statements, transferring funds as well as reaching customer service. First National Bank of Michigan receives an outstanding consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.8
SmartAsset Average: 4.8

First National Bank of Michigan is a medium-size bank and handles $482 million in assets as well as $405 million in deposits. Its Texas Ratio is 4.09%, indicating that First National Bank of Michigan is in terrific financial health and improbable to fail. Additionally, First National Bank of Michigan is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.09%
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 Michigan to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.46% APY
  • 36 Month: 1.61% APY
  • 48 Month: 1.92% APY
  • 60 Month: 2.02% APY
$500 for all terms
Money Market Account 0.15% APY $10000

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

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Find a First National Bank of Michigan Near Me

First National Bank of Michigan has five locations in the U.S.

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