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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 and has its headquarters in Kalamazoo, Michigan. It handles $482 million in assets and $405 million in deposits, classifying it as 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 traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, First National Bank of Michigan is a great bank that you should seriously consider, with a rating of 4.4 out of 5 stars from our team. First National Bank of Michigan provides customers with a full selection of banking products, which include 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 standard checking account does not have a monthly fee. Institutions that offer free checking and a high interest rate savings account are the best bet for gaining the most income from your deposits while having easy 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

With a savings rate of 0.10%, First National Bank of Michigan ranks poorly as compared against the national average. First National Bank of Michigan's one-year and five-year term lengths CDs earn at a rate of 1.01% and 2.02%, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should think about taking a look at other banks for 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

First National Bank of Michigan generally has extremely low fees compared to the average U.S. bank. With no monthly fee, First National Bank of Michigan's checking account is perfect for those who need a hassle-free banking experience. First National Bank of Michigan unfortunately doesn't refund out-of-network ATM charges, which means you'll need to locate a First National Bank of Michigan ATM or pay the withdrawal 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 bank locations in Michigan. With mobile and web apps, First National Bank of Michigan makes mobile banking straightforward, even on the go. First National Bank of Michigan receives great feedback from customers for its mobile app. Out of 6 ratings on both Apple and Android platforms, the First National Bank of Michigan mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). First National Bank of Michigan's mobile app lets you manage your finances by reviewing account balances, sending and receiving money and reaching customer service. First National Bank of Michigan receives an exceptional consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial 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 ranks as a medium-size bank owning assets totaling $482 million and $405 million in deposits. First National Bank of Michigan has an excellent Texas Ratio of 4.09%, denoting that the bank is in superb financial condition 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 Accounts 0.15% APY 0.15% APY $10000 $15000

First National Bank of Michigan has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First National Bank of Michigan does not have the best savings rate, which means you should consider 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 other U.S. banks.

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Find a First National Bank of Michigan Near Me

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

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