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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


Founded in 1999, First Reliance Bank has assets totaling $457 million and deposits totaling $371 million, classifying it as a medium-size bank. First Reliance Bank, whose headquarters are in Florence, South Carolina, 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 in-person service, in addition to its online and mobile offerings. Overall, First Reliance Bank is a solid contender in your bank search, with a score of 4.4 stars out of 5 from the SmartAsset team. First Reliance Bank provides customers with a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Reliance Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Reliance Bank offers an option without a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best option for returning the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.08%, First Reliance Bank ranks poorly in comparison to other U.S. banks. First Reliance Bank's CD rates are 1.76% and 2.56% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.12%. Given its noncompetitive savings rate, you should consider looking at the competition 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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SmartAsset Average: 4.4

First Reliance Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, First Reliance Bank is perfect for those who want a simple checking account. First Reliance Bank unfortunately doesn't refund out-of-network ATM charges, meaning you'll be required to locate a First Reliance Bank ATM or pay 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

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 easy access and banking on the go. First Reliance Bank gets fairly good scores from customers for its mobile platform. Out of 40 ratings across both iOS and Android platforms, the First Reliance Bank mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). First Reliance Bank's mobile app allows you to manage your accounts by monitoring account balances, transferring funds as well as accessing support representatives. First Reliance Bank receives a superb consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

First Reliance Bank is currently a medium-size bank owning $457 million in assets as well as $371 million in deposits. First Reliance Bank has a strong Texas Ratio of 7.34%, suggesting a small possibility 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

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 Account 0.12% APY $25000

First Reliance 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 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 national average.

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Find a First Reliance Bank Near Me

First Reliance Bank has 12 physical branches across the U.S.

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