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First Neighbor Bank Review

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First Neighbor Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Neighbor Bank started in 1933 with headquarters in Toledo, Illinois. It has $350 million in assets and $303 million in deposits, which makes it a small bank. First Neighbor Bank 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. Coming in at a commendable 4.2 stars out of 5, First Neighbor Bank is a great bank that you should seriously consider. First Neighbor Bank has a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. First Neighbor Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Neighbor Bank's standard checking account does not have a monthly fee. Finding an institution with free checking as well as a high savings APY is the best option for accruing the highest income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

First Neighbor Bank features a savings rate of 0.15%, which is fair in comparison to the national average. First Neighbor Bank's one-year CD earns at a rate of 1.00% and the five-year CD has a rate of 1.76%, while its highest-yielding money market account has a rate of 0.20%. Given First Neighbor Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How First Neighbor Bank's Savings Rates Compare

First Neighbor Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Neighbor Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, First Neighbor Bank is ideal for people who want a basic banking experience. First Neighbor Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll have to search for a First Neighbor Bank ATM or eat 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

3.9
SmartAsset Average: 3.7

First Neighbor Bank is a brick-and-mortar bank, with seven total bank locations in Illinois. With mobile and web apps, First Neighbor Bank makes mobile banking straightforward, even on the go. First Neighbor Bank receives average marks from customers for its online presence. With 22 ratings across both Apple and Android platforms, the First Neighbor Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). First Neighbor Bank's mobile app allows you to manage your accounts by monitoring account balances, sending and receiving funds as well as accessing customer service. First Neighbor Bank receives a superb consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.2
SmartAsset Average: 4.8

First Neighbor Bank is currently a small bank with assets totaling $350 million as well as deposits totaling $303 million. First Neighbor Bank's Texas Ratio is 16.34%, denoting that the bank is in good financial condition and unlikely to fail. Additionally, First Neighbor Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

16.34%
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 Neighbor Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.15% APY $500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.31% APY
  • 36 Month: 1.51% APY
  • 60 Month: 1.76% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

First Neighbor Bank 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 Neighbor Bank does not have the best savings rate, which means you should consider taking a look 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 Neighbor Bank's CD rates are fair in comparison to the national average.

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Find a First Neighbor Bank Near Me

First Neighbor Bank has seven branches in the U.S.

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