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First Volunteer Bank 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 Volunteer Bank Savings
0.10% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

First Volunteer Bank was founded in 1904 with its headquarters in Chattanooga, Tennessee. First Volunteer Bank handles assets totaling $952 million as well as deposits totaling $840 million, making it a medium-size bank. First Volunteer Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. On the whole, First Volunteer Bank is a good bank that gets the job done at a rating of 4.1 out of 5 stars from the SmartAsset team. 

First Volunteer Bank provides customers with a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate, which means you can find higher rates with other banks. The bank's standard checking product has a $8.00 monthly fee, which may be better for customers that will always carry a large balance. Using one bank for checking and savings is perfect for getting the largest interest rates on your deposits while maintaining easy control over your money.

Service Quality

First Volunteer Bank is a brick-and-mortar bank, with 24 total bank locations in Georgia and Tennessee. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 5:30 p.m. CT. First Volunteer Bank also offers a live chat feature, which may provide helpful service without getting on the phone.

First Volunteer Bank's online and mobile banking services get high marks from users: the First Volunteer Bank mobile app rates a 4.2 out of 5 (with 96 ratings on Apple and Android) compared to the national average of 3.8. First Volunteer Bank's mobile app lets you manage your accounts by checking account balances, transferring money and reaching customer service. First Volunteer Bank gets an excellent consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 0.85% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.10% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • 25K tier: 0.20% APY
  • $9,999
  • $24,999
Compare Offers
Checking Accounts 0.06% APY $100 Compare Offers

It has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. First Volunteer Bank 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 Volunteer Bank's CD rates are competitive compared to other U.S. banks.

Rates

With a savings rate of 0.10%, First Volunteer Bank ranks below the mean in comparison to other U.S. banks. Its CDs feature a rate of 0.85% and 1.10% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. First Volunteer Bank has a fair savings rate, which means you can find higher rates with other banks. Consider other options to earn more on your deposits.

Compare First Volunteer Bank to Other Competitive Offers

Fees

On average, First Volunteer Bank charges customers above-average fees as compared against the national average. At $8.00 per month, First Volunteer Bank's checking account is not great for people who want a hassle-free banking experience. For those who use cash often, it is solid because it has ATM fee of $1.00, which is solid in comparison to other U.S. banks. Also, First Volunteer Bank has an overdraft fee of $33.93, which is lower than the national average. First Volunteer Bank unfortunately does not refund ATM charges meaning you'll be required to search for a First Volunteer Bank ATM or accept the ATM charge.

Financial Health

First Volunteer Bank is currently a medium-size bank and manages assets totaling $952 million and $840 million in deposits. It has a very good Texas Ratio of 9.94%, suggesting a small possibility of failure. Additionally, First Volunteer Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a First Volunteer Bank Near Me

First Volunteer Bank has 24 branches across the U.S.

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