Started in 1910, First Western Bank has $380 million in assets as well as $332 million in deposits, ranking it as a small bank. First Western Bank, whose headquarters are in Booneville, Arkansas, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, First Western Bank is a solid contender in your bank search, with a score of 4.2 out of 5 stars from our experts. First Western Bank offers a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. First Western Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Western Bank offers an option without a maintenance or monthly fee. Using an institution with free checking and a high interest rate savings account is the best option for accruing the highest income on your deposits alongside convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
First Western Bank has a savings rate of 0.10%, which is poor compared to other U.S. banks. Its one-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at an APY of 0.10%. Given First Western Bank's poor savings rate, you should think about looking at the competition to open savings accounts.
How First Western Bank's Savings Rates Compare
First Western Bank generally has extremely low fees compared to the average U.S. bank. With no monthly fee, First Western Bank is ideal for those who want a basic checking account. First Western Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll need to search for a First Western Bank ATM or accept the fee.
First Western Bank is a brick-and-mortar bank, with 10 total branches in Arkansas. With mobile and web apps, First Western Bank makes mobile banking straightforward, even on the go. First Western Bank gets moderately good ratings from customers for its online presence. Out of 22 customer reviews across Apple and Android platforms, the First Western Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). You can utilize First Western Bank's mobile app to manage your finances by looking at monthly statements, sending and receiving funds and accessing support representatives. First Western Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
First Western Bank is currently a small bank with $380 million in assets and $332 million in deposits. First Western Bank's Texas Ratio is 19.01%, denoting that the bank is in good financial condition and far from 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
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.Back to Overview
Compare First Western Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$1|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.1% APY 0.1% APY||$10000 $15000|
First Western Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Western Bank does not have the best savings rate, which means you should consider taking a look 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 the national average.Back to Overview
Find a First Western Bank Near Me
First Western Bank has 10 physical branches across the U.S.Back to Overview