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First Palmetto Bank Review

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

Overview

Started in 1904, First Palmetto Bank has $657 million in assets as well as $577 million in deposits, classifying the institution as a medium-size bank. First Palmetto Bank, whose headquarters are in Camden, South Carolina, 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 in-person service, in addition to its online and mobile apps. On the whole, First Palmetto Bank is a solid contender in your bank search, with a rating of 4.2 out of 5 stars from our team. First Palmetto Bank offers a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. First Palmetto Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly charge. Banks that offer no-fee checking and a high interest rate savings account are the best bet for gaining the most income from your deposits while maintaining convenient access to your money.

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

3.0
SmartAsset Average: 3.5

First Palmetto Bank has a savings rate of 0.10%, which is poor compared to the national average. Its one-year CD has a rate of 0.50%, while its highest-yielding money market account earns at an APY of 0.35%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How First Palmetto Bank's Savings Rates Compare

First Palmetto Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Palmetto Bank has typically extremely low fees in comparison to the national average. First Palmetto Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. First Palmetto Bank doesn't reimburse out-of-network ATM charges, which means you will need to search for a First Palmetto Bank 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

4.1
SmartAsset Average: 3.7

First Palmetto Bank is a brick-and-mortar bank, with 23 total branches in South Carolina. It also offers access to mobile and web apps for simple access and banking on the go. First Palmetto Bank's online and mobile banking services receive relatively decent ratings from customers. The First Palmetto Bank mobile app has been given a 4.3 out of 5 (with 9 reviews on Apple and Android) compared to the national average of 3.8. You can access First Palmetto Bank's app to manage your funds by checking monthly statements, transferring funds and reaching support representatives. First Palmetto Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
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 Palmetto Bank is currently a medium-size bank owning assets totaling $657 million as well as deposits totaling $577 million. Its Texas Ratio is 5.49%, denoting a tiny chance of failure. Additionally, First Palmetto Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.49%
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 Palmetto Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $250
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.80% APY
$300 for all terms
Money Market Account 0.25% APY $10000

First Palmetto Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Palmetto Bank does not have the best savings rate, which means you should think about 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 Palmetto Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a First Palmetto Bank Near Me

First Palmetto Bank has 23 physical locations across the U.S.

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