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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

First National Bank of Scotia was founded in 1923 and its headquarters are located in Scotia, New York. It manages $463 million in assets and deposits totaling $422 million, which makes it a medium-size bank. First National Bank of Scotia lacks premium access to support representatives, 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. At a SmartAsset rating of 4 stars out of 5, First National Bank of Scotia should be near the middle of the pack in your search for a bank. First National Bank of Scotia offers a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First National Bank of Scotia 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 in comparison to the average U.S. bank. Locating an institution with no-fee checking and a high savings APY is your best bet for getting the highest 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

3.0
SmartAsset Average: 3.5

First National Bank of Scotia features a savings rate of 0.10%, which is poor compared to other U.S. banks. Its one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.32%, while its highest-yielding money market account has a rate of 0.15%. Given First National Bank of Scotia's below average savings rate, you should consider choosing another bank to earn more on your deposits.

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 has generally low fees compared to other U.S. banks. Its checking account has a monthly fee of $1.00, making it excellent for anyone looking for a simple account. First National Bank of Scotia unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to locate a First National Bank of Scotia ATM or pay 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 branches in New York. It also offers access to mobile and web apps for straightforward access and banking on the go. First National Bank of Scotia gets unsatisfactory reviews from customers for its mobile platform. Out of 18 ratings across iOS and Android platforms, the First National Bank of Scotia mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). First National Bank of Scotia's mobile app allows you to manage your accounts by monitoring current statements, transferring funds and accessing support representatives. First National Bank of Scotia receives an excellent consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is a medium-size bank with assets totaling $463 million and deposits totaling $422 million. First National Bank of Scotia's Texas Ratio is 3.14%, denoting a negligible probability of failure. 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: 0.50% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.01% APY
  • 48 Month: 1.17% APY
  • 60 Month: 1.32% APY
$500 for all terms
Money Market Account 0.15% APY $2500

First National Bank of Scotia has 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 Scotia does not have the best savings rate, which means you should think about 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 in comparison to the average U.S. bank.

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Find a First National Bank of Scotia Near Me

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

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