First Palmetto Bank Review

Overview

First Palmetto Bank started in 1904 with headquarters in Camden, South Carolina. It has $657 million in assets along with $577 million in deposits, ranking it as a medium-size bank. First Palmetto Bank lacks premium access to support representatives, 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. Overall, First Palmetto Bank is a great choice and should warrant serious consideration, with a rating of 4.2 out of 5 stars from our experts. First Palmetto Bank has the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. First Palmetto Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, First Palmetto Bank's most basic checking does not have a monthly fee. Finding a bank with no-fee checking, in addition to a high savings APY is your best option for accruing the highest income from your deposits while having easy access to your funds.

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

With a savings rate of 0.10%, First Palmetto Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 1.00%, while its highest-yielding money market account earns at an APY of 0.45%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How First Palmetto Bank's Savings Rates Compare

On average, First Palmetto Bank charges customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. First Palmetto Bank does not refund out-of-network ATM fees, which means you'll be required to locate a First Palmetto Bank ATM or eat the cost of withdrawal.

First Palmetto Bank is a brick-and-mortar bank, with 23 total bank locations in South Carolina. With mobile and web apps, First Palmetto Bank makes mobile banking straightforward, even on the go. First Palmetto Bank's online and mobile banking services get fairly high praise from customers. With 9 ratings on iOS and Android platforms, the First Palmetto Bank mobile app has an overall rating of 4.3 out of 5 (compared to the national average of 3.8). First Palmetto Bank's mobile app allows you to control your bank accounts by monitoring current statements, sending and receiving money and accessing customer service. First Palmetto Bank gets an excellent consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

First Palmetto Bank ranks as a medium-size bank owning $657 million in assets as well as deposits totaling $577 million. First Palmetto Bank's Texas Ratio is 5.49%, suggesting that the bank is in fine financial well-being and far from 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

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.

Products Offered

First Palmetto Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Palmetto 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 Palmetto Bank's CD rates are fair in comparison to the national average.

Find a First Palmetto Bank Near Me

First Palmetto Bank has 23 physical branches in the U.S.