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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

Founded in 1933, First Neighbor Bank has $350 million in assets along with deposits totaling $303 million, which makes the institution a small bank. First Neighbor Bank, whose headquarters are in Toledo, Illinois, lacks premium access to customer service, with no live chat or all-day service options available. 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. With a score of 4.2 out of 5 stars, First Neighbor Bank should be solidly in contention for your choice of bank. First Neighbor Bank offers a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Neighbor Bank's most basic checking does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best option for accruing the most income from your deposits while maintaining 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

With a savings rate of 0.15%, First Neighbor Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.00% and 1.76%, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

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 typically has extremely low fees in comparison to the national average. With no monthly fee, First Neighbor Bank is ideal for those who want a simple checking account. First Neighbor Bank doesn't refund out-of-network ATM charges, meaning you will be required to find a First Neighbor Bank ATM or eat the cost of withdrawal.

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 account access convenient, even on the go. First Neighbor Bank's online and mobile banking services get fair scores from customers. Out of 22 customer reviews across iOS and Android platforms, the First Neighbor Bank mobile app is scored at 3.8 out of 5 (compared to the national average of 3.8). You can utilize First Neighbor Bank's mobile app to control your finances by reviewing current statements, transferring funds and accessing support representatives. First Neighbor Bank receives a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 ranks as a small bank owning assets totaling $350 million as well as deposits totaling $303 million. It has a strong Texas Ratio of 16.34%, denoting a small likelihood of failure. 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 Account 0.15% APY $2000

First Neighbor Bank 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 Neighbor Bank 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 Neighbor Bank's CD rates are fair as compared against the national average.

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Find a First Neighbor Bank Near Me

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

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