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First Savings Bank (IN) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Savings Bank Savings
0.01% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

First Savings Bank started in 1938 and has its headquarters in Clarksville, Indiana. First Savings Bank handles assets totaling $928 million and $678 million in deposits, classifying it as a medium-size bank. First Savings Bank has above-average customer service access with all-day support available, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 4 out of 5 stars, First Savings Bank proves it is a respectable bank that deserves your consideration. 

First Savings Bank offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Savings Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $5.00, which is not too bad compared to other U.S. banks. Why use checking and savings accounts with the same bank? Fast transferring of funds between the two accounts means you can still get better interest rates in your savings account but still have access to your funds from your checking.

Service Quality

First Savings Bank is a brick-and-mortar bank, with 16 total bank locations in Indiana. It also offers access to mobile and web apps for an easy mobile-banking experience.  

First Savings Bank gets high marks from users for its online presence: out of 33 customer reviews on iOS and Android platforms, the First Savings Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can use First Savings Bank's mobile app to control your finances by reviewing current statements, sending and receiving money as well as reaching support representatives. First Savings Bank receives a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.55% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.95% APY
  • 60 Month: 1.26% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.10% APY $10,000 Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

First Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Savings Bank's CD rates are fair compared to the national average.

Rates

First Savings Bank features a savings rate of 0.01%, which is poor in comparison to other U.S. banks. Its CDs feature a rate of 0.30% and 1.26% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.10%. Given First Savings Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

Compare First Savings Bank to Other Competitive Offers

Fees

First Savings Bank charges customers high fees compared to other U.S. banks. First Savings Bank's checking account has a monthly fee of $5.00, ranking it slightly worse for anyone looking for a hassle-free account. 

Financial Health

First Savings Bank is a medium-size bank and manages assets totaling $928 million as well as $678 million in deposits. First Savings Bank's Texas Ratio is 3.06%, indicating that the bank is in superb financial shape and very far from failure. Additionally, First Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a First Savings Bank Near Me

First Savings Bank has 16 physical branches in the U.S.

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