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First Reliance Bank Review

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First Reliance Bank Savings
0.08% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Reliance Bank first started operating in 1999 with its headquarters in Florence, South Carolina. It handles $457 million in assets and $371 million in deposits, which makes it a medium-size bank. First Reliance 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 offerings. With a score of 4.4 out of 5 stars, First Reliance Bank should be solidly in contention for your choice of bank. First Reliance Bank offers a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Reliance Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, First Reliance Bank offers an option without a maintenance or monthly fee. Finding an institution with no-fee checking and a high interest rate savings account is your best bet for accruing the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

First Reliance Bank features a savings rate of 0.08%, which is poor in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.76% and 2.56%, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How First Reliance Bank's Savings Rates Compare

First Reliance Bank Savings 0.08 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Reliance Bank generally has extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. First Reliance Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will be required to find a First Reliance Bank ATM or accept 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

4.1
SmartAsset Average: 3.7

First Reliance Bank is a brick-and-mortar bank, with 12 total bank locations in South Carolina. It also offers access to mobile and web apps for a straightforward mobile-banking experience. First Reliance Bank receives fairly high praise from users for its mobile platform. The First Reliance Bank mobile app has an overall rating of 4.2 out of 5 (out of 40 customer reviews on iOS and Android) compared to the national average of 3.8. You can access First Reliance Bank's mobile app to control your funds by reviewing monthly statements, transferring funds as well as reaching customer service. First Reliance Bank gets an exceptional consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

First Reliance Bank is a medium-size bank and manages assets totaling $457 million as well as deposits totaling $371 million. First Reliance Bank has a strong Texas Ratio of 7.34%, denoting a small chance of failure. Additionally, First Reliance Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.34%
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 Reliance Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.08% APY $250
Checking Account 0.04% APY $2500
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.06% APY
  • 36 Month: 2.16% APY
  • 48 Month: 2.36% APY
  • 60 Month: 2.56% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

First Reliance Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Reliance 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 Reliance Bank's CD rates are fair compared to the average U.S. bank.

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Find a First Reliance Bank Near Me

First Reliance Bank has 12 physical locations in the U.S.

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