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First Western Bank Review

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First Western Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1910, First Western Bank has assets totaling $380 million along with deposits totaling $332 million, making it a small bank. First Western Bank, whose headquarters are in Booneville, Arkansas, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.2 stars out of 5, First Western Bank proves it is a solid pick to be your bank. First Western Bank has the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. First Western Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, First Western Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best option for getting the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.10%, First Western Bank ranks poorly as compared against the national average. Its one-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at a rate of 0.10%. Given First Western Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How First Western Bank's Savings Rates Compare

First Western Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Western Bank typically has extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. First Western Bank unfortunately does not refund out-of-network ATM charges, which means you'll be required to search for a First Western Bank ATM or pay the withdrawal 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

4.0
SmartAsset Average: 3.7

First Western Bank is a brick-and-mortar bank, with 10 total bank locations in Arkansas. It also offers access to mobile and web apps for easy access and banking on the go. First Western Bank gets relatively good feedback from customers for its mobile banking services. The First Western Bank mobile app has an overall rating of 4.1 out of 5 (out of 22 reviews on Apple and Android) compared to the national average of 3.8. You can access First Western Bank's app to control your funds by looking at current statements, sending and receiving funds as well as reaching customer service. First Western Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.1
SmartAsset Average: 4.8

First Western Bank is currently a small bank and manages assets totaling $380 million as well as deposits totaling $332 million. First Western Bank has a strong Texas Ratio of 19.01%, indicating a tiny opportunity of failure. Additionally, First Western Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

19.01%
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 Western Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.37% APY
  • 36 Month: 0.25% APY
$1000 for all terms
Money Market Account 0.1% APY $25000

First Western Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Western Bank does not have the best savings rate, which means you should consider looking elsewhere 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 Western Bank's CD rates are fair compared to other U.S. banks.

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Find a First Western Bank Near Me

First Western Bank has 10 branches across the U.S.

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