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First National Bank of Scotia Review

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

Overview

Founded in 1923, First National Bank of Scotia has $463 million in assets and $422 million in deposits, ranking the institution as a medium-size bank. First National Bank of Scotia, whose headquarters are in Scotia, New York, 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 offerings. On the whole, First National Bank of Scotia is a good bank that deserves your consideration, with a rating of 4.0 stars out of 5 from our team. First National Bank of Scotia offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product features a $1.00 monthly fee, which is acceptable compared to the average U.S. bank. Using a bank with free checking, in addition to a high interest rate savings account is the best option for getting the highest income from your deposits while having easy 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, First National Bank of Scotia ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.60% and 1.45%, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given First National Bank of Scotia's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How First National Bank of Scotia's Savings Rates Compare

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

4.5
SmartAsset Average: 4.4

First National Bank of Scotia charges customers low fees compared to other U.S. banks. At $1.00/month, First National Bank of Scotia's checking account is perfect for those who want an easy checking account. First National Bank of Scotia unfortunately does not refund out-of-network ATM fees, meaning you will need to search for a First National Bank of Scotia ATM or accept the withdrawal fee.

Monthly Fee $1.00 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

3.6
SmartAsset Average: 3.7

First National Bank of Scotia is a brick-and-mortar bank, with 10 total bank locations in New York. With mobile and web apps, First National Bank of Scotia makes account access straightforward, even on the go. First National Bank of Scotia's online and mobile banking platforms get mediocre scores from users. The First National Bank of Scotia mobile app has been given a 3.3 out of 5 (with 18 reviews on iOS and Android) compared to the national average of 3.8. First National Bank of Scotia's mobile app allows you to control your finances by monitoring current statements, sending and receiving funds as well as reaching customer service. First National Bank of Scotia receives an exceptional consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

First National Bank of Scotia ranks as a medium-size bank with $463 million in assets and deposits totaling $422 million. Its Texas Ratio is 3.14%, denoting that First National Bank of Scotia is in terrific financial shape and unlikely to fail. Additionally, First National Bank of Scotia is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.14%
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 Scotia to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.23% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.45% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

First National Bank of Scotia 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 Scotia does not have the best savings rate, which means you should consider other options 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 Scotia's CD rates are fair as compared against the national average.

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Find a First National Bank of Scotia Near Me

First National Bank of Scotia has 10 physical branches across the U.S.

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