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First PREMIER Bank Banking Review

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by Javier Simon Updated
First PREMIER Bank

First PREMIER Bank is a full-service community bank based in Sioux Falls, South Dakota. The state is home to all of its 17 branches. The bank offers checking accounts, savings accounts, credit cards, IRAs, certificates of deposit (CDs) and more. You can also invest in stocks, mutual funds and other securities through its partner Cetera Investment Services.

One thing that helps it stand out is that all of its checking accounts collect interest. It also offers a variety of retirement planning solutions. Most of the bank's accounts are also fairly light on fees whether they're checking or savings accounts. One of its savings accounts generate a tiered interest rate, but you’d need to keep a large balance to get a rate that can compete with some online banks. Still, First PREMIER Bank offers other benefits such as access to thousands of ATMs.

In addition, the bank offers several free online services including a mobile banking app. The bank still operates branches at its home state of South Dakota, so if you're based there, you'll have easy access to a customer service team members with strong ties to the communities they work in.

Products Offered

Product Key Details
Savings Accounts
  • One standard savings account
  • Fee-free access to more than 23,000 ATMs in the MoneyPass network
  • Low opening and minimum balance of $50
Certificates of Deposit 
  • Terms range from 30 days to more than 60 months
  • Descent interest rates on standard CDs
  • Special CDs offered
  • Option to boost interest rate by having a Rewards Checking account
Money Market Account
  • One account with tiered interest rates
  • No minimum monthly balance
Interest Earning Checking Accounts
  • Free+ checking pays interest on balances over $500
  • Rewards Checking account offers tiered interest rates
Retirement Planning Solutions
  • IRA savings account with low opening balance
  • IRA CDs and brokerage accounts
  • Traditional and Roth IRA options available

First PREMIER Bank Interest Rate Comparison

First PREMIER Bank Overview

First PREMIER Bank opened its doors in Sioux Falls, South Dakota, in 1914. Today, it serves communities throughout South Dakota with 17 full-service branches. It provides banking and investing services to individuals as well as businesses of all sizes. 

The bank is the 13th largest issuer of MasterCard. It also claims it’s one of the strongest capitalized banks in the country. In addition, First PREMIER Bank serves as one of the largest Small Business Administration (SBA) lenders in South Dakota, and it’s the official bank for the state.

First PREMIER Bank Account Features

All of First PREMIER Bank’s checking accounts collect interest, and they require small opening balances. While they don't have the best interest rates around, these accounts are relatively easy to manage and carry low fees that you can waive. Most other banks' basic checking accounts don’t pay interest, so this is a considerable perk. One of its savings accounts generate a tiered interest rate, but you’d need to keep a large balance to get a rate that can compete with some online banks. Still, First PREMIER Bank offers other benefits such as access to thousands of ATMs and customer service through community-focused branches.  

Regular Savings

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, by the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $2 monthly fee unless you maintain a balance of at least $50
Current Terms and Rates Call the bank to find the most accurate rates for your area. Rates based on a call with SmartAsset: 0.11% APY

First PREMIER Bank’s Regular Savings account offers easy access to your money. As an account holder, you can make fee-free ATM transactions through more than 23,000 machines in the MoneyPass network. 

You need at least $50 to open an account, and you’ll need to maintain that monthly balance to avoid a fee. However, the monthly service fee is relatively low at $2. Overall, this is a solid option for someone looking for a basic savings account with small fees or none at all. You can also set up direct deposit and link the account to any First PREMIER Bank checking account for overdraft protection. 

In the event that a charge is processed when you don’t have enough money in your account to cover it, the bank will automatically transfer available savings funds to your checking account to cover the damage. This will help you avoid an insufficient funds fee. Or you can opt out of overdraft protection, and transactions would be declined when you don’t have enough money in the account. 

As with all of the bank’s checking and savings accounts, the Regular Savings option provides you with free mobile banking and online bill pay.  

PREMIER Money Market

Key Features Details
Minimum Deposit $500
Access to Your Account  Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service charge
Current Terms and Rates Call the bank to find the most accurate rates for your area. Rates based on a call with SmartAsset:
  • For balances of $0 - $9,999.99: 0.16% APY
  • For balances of $10,000 - $24,999.99: 0.26% APY
  • For balances of $25,000 - $49,999.99: 0.39% APY
  • For balances of $50,000 - $99,999.99: 0.44% APY
  • For balances of $100,000 - $249,999.99: 0.51% APY
  • For balances of $250,000 - $499,999.99: 0.58% APY
  • For balances of $500,000 - $999,999.99: 0.64% APY
  • For balances of $1,000,000 and over: 0.70% APY

The PREMIER Money Market account (MMA) comes with all the same perks as the Regular Savings account, but it waives the monthly service fee. You also need a larger $500 balance to open one. However, you don’t need to maintain a minimum balance once you open a money market account.

As with all savings and money market accounts, federal law generally limits withdrawls to six per month. However, you can make unlimited withdrawals through an ATM.

You can also connect the money market account to a PREMIER checking account for overdraft protection.

First PREMIER Bank Certificate of Deposit (CD)

Key Features Details
Minimum Deposit
  • Standard CDs: $500
  • Special 14 month and 28 month CDs: $5,000
  • Special 56 month CD: $10,000
Access to Your CD Online, by phone or at a branch
Security FDIC insurance up to the maximum amount allowed by law.
Fees No maintenance fees, but you will face an early withdrawal penalty.
Current Terms and Rates Standard CDs
  • 30 Day - 6 Month: 0.20% APY 
  • 6 - 12 Month: 0.39% APY 
  • 12 - 24 Month: 0.78% APY 
  • 24 - 36 Month: 1.09% APY 
  • 36 - 48 Month: 1.24% APY 
  • 48 - 60 Month: 1.44% APY 
  • 60 - 72 Month: 1.64% APY
Special CDs
  • 14 Month: 1.51% APY
  • 28 Month: 1.92% APY
  • 56 Month: 2.12% APY
With Reward Checking Account 
  • 30 Day - 6 Month: 0.26% APY
  • 6 - 12 Month: 0.51% APY
  • 12 - 24 Month: 1.01% APY
  • 24 - 36 Month: 1.32% APY
  • 36 - 48 Month: 1.52% APY
  • 48 - 60 Month: 1.72% APY
  • 60 - 72 Month: 1.93% APY

First PREMIER Bank offers various certificate of deposit (CD) accounts. These savings vehicles allow you to save money for a set amount of time while it earns interest that’s typically higher than the rates for your standard savings account. The catch is you can’t touch your money until the term ends without being hit with an early withdrawal penalty. But if you can commit to socking away your money for the term length you choose, you may be able to draw significant savings. 

First PREMIER Bank provides flexibility offering CDs with term lengths that span from as little as 30 days to as long as 60 months. You also have the opportunity to bump up your rates. For example, the bank will raise the APY on standard CDs if you also have a Rewards Checking account. And if you’re willing to deposit a large chunk of money for a certain period of time, you could qualify for the bank’s special CDs. For example, the special 56-month CD with a minimum deposit of $10,000 currently carries an APY of 2.12%.

Overall, First PREMIER Bank offers CDs with descent APYs, but you can still compare CD rates at several banks to see if some offer specific features that may suit you. 

Free+ Checking

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates Call the bank to find the most accurate rates for your area. Rates based on a call with SmartAsset: 0.08% APY

First PREMIER Bank’s Free+ Checking Account charges no monthly service fees and you don’t need to maintain a minimum balance to keep it open. As a bonus, the account also pays interest on balances of more than $500. The card is compatible with Apple Pay, Google Pay, Samsung Pay and Masterpass. 

By opening an account, you’ll get a free Debit MasterCard backed by the company’s zero liability program. You also get free online and mobile banking, free bill pay and free mobile deposit. In addition, you can link your checking account to a First PREMIER bank savings account for overdraft protection.

Reward Checking

Key Features Details
Minimum Deposit $50
Access to Your Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fees
Current Terms and Rates Call the bank to find the most accurate rates for your area. Rates based on a call with SmartAsset.
  • For balances of $0 - $9,999.99: 0.08% APY 
  • For balances of $10,000 - $24,999.99: 0.10% APY 
  • For balances of $25,000 - $49,999.99: 0.14% APY 
  • For balances of $50,000 - $99,999.99: 0.19% APY 
  • For balances of $100,000 and over: 0.24% APY 

PREMIER Bank’s Reward Checking account comes with all the perks of the Free+ option. And by maintaining a total deposit relationship of at least $15,000, you’d receive exclusive benefits. The account earns a tiered interest rate. However you don’t need to maintain a minimum balance to keep the account open. 

You also get free single or duplicate custom checks and cashier checks. The minimum opening balance is also relatively low at just $50.

The bank offers good rates for its checking accounts, but you'll have to keep a large balance to make the most out of this perk. You can compare checking accounts across the board to find ones that don't require such a large deposit to earn a strong APY. 

First PREMIER Bank IRAs

Key Features Details
Minimum Deposit
  • $50 for IRA savings account
  • $500 for IRA CDs
  • $2,000 for brokerage account
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law for savings and CD accounts. Brokerage account investments are not insured by the FDIC or any regulatory body.
Fees No monthly service charges, but you may face an early withdrawal penalty.
Current Terms and Rates Call the bank to find the most accurate rates for your area. Rates based on a call with SmartAsset:
  • IRA Savings Account: 0.11% APY
  • IRA CDs
    • 30 Day - 6 Month: 0.20% APY
    • 26 - 36 Month: 1.08% APY
    • 60 - 72 Month: 1.63% APY

First PREMIER bank helps you save for retirement by allowing you to open a variety of IRA options. You can open an IRA savings account, CD or brokerage account. In addition to the benefits inherent in each option, you also enjoy the perks that are exclusive to IRAs or Roth IRAs. 

The savings account comes with a low minimum deposit of $50 and it currently carries an APY of 0.11%. This option is FDIC insured and you can move the balance into another one of the bank’s IRA options at any time. You can also open an IRA CD for a variety of term lengths with varying interest rates. 

In addition, you can open an IRA brokerage account that will invest your money in stocks, bonds, mutual funds and other securities depending on your goals and risk tolerance. For more detailed information about IRA options including CD term lengths and interest rates as well as brokerage account details, you can contact customer service at 605-357-3002 or 800-501-6535. 

Where Can I Find First PREMIER Bank?

First Premier Bank operates more than 15 branches throughout eastern South Dakota, where its headquarters are also based. You can’t currently find branches outside of the state, but you can call customer service at 605-357-3002 or 800-501-6535. You can access your account 24/7 by dialing 605-335-2255 if you’re within Sioux Falls or 800-315-6350 if you’re outside that region.

What Can You Do Online With First PREMIER Bank? 

First PREMIER Bank offers some useful online features. You can check your account balance, pay bills and manage your accounts online or through a mobile device. You can also snap a photo of a check to make a mobile deposit. In addition, you can transfer money and find ATM locations from your phone or tablet. The First PREMIER mobile banking app is compatible with iPhones and Androids. 

The app also offers a Personal Financial Management tool that allows you to connect multiple accounts including those outside First PREMIER bank to get a complete picture of your finances. The tool also automatically categorizes transactions to help you take a closer look at how you’re spending your budget. You can modify transaction descriptions as you wish. 

How Do I Access My Money?

You can access your money at one of more than 15 First PREMIER Bank branches scattered throughout South Dakota. You can also access your money through ATM machines in the MoneyPass network without paying a fee. You have 24/7 access to your accounts online or through the mobile banking app.

How Can I Save More Money With First PREMIER Bank?

One easy way to save money with First PREMIER Bank is by making the most out the mobile banking app’s Personal Financial Management tool. This feature lets you connect all financial accounts including non-First PREMIER Bank ones to get a total picture of your financial foothold. The tool automatically categorizes each transaction, so you can easily set up a budget and keep track of your cash flow. When used correctly, you may find some areas to cut back on or opportunities to save more each month. 

What’s the Process for Opening an Account With First PREMIER Bank?

The easiest way to open any account with First PREMIER Bank is to visit one of its many branches throughout eastern South Dakota. You can find a nearby location by visiting the bank’s website and clicking on the Locations/ATMs tab. 

What’s the Catch? 

Unless you open a tiered-interest bearing account with a large balance, you might not get a strong APY that can compete with some online banks. However, the bank’s checking options are convenient and inexpensive. The most basic option is easy to manage, and it even collects interest. And whether you’re an individual or a business owner, you have a wide range of banking and investing options that would suit nearly all financial profiles. 

You can also check out our study of the best savings accounts and other products at multiple banks to build a strong arrangement of banking tools. 

Bottom Line

First PREMIER Bank is a convenient option for someone looking to get most or all of their banking needs serviced through a local bank with strong ties to the community. The company's basic options offer some substantial benefits, and individuals or businesses with more complex financial needs can find something suitable as well. Where it scores low is generally in its savings account options. But with its wealth of products and options available, First PREMIER Bank could have something you’re looking for.

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study