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FirstBank 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
FirstBank Savings
0.26% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

FirstBank was founded in 1963 and its headquarters are located in Lakewood, Colorado. It manages assets of $18 billion along with deposits totaling $16 billion, which makes it a very large bank. FirstBank has above-average access to customer service with all-day support available, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, FirstBank is an excellent bank that warrants a strong look, with a score of 4.6 out of 5 stars from the SmartAsset team. FirstBank provides customers with a variety of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs and mortgage products. FirstBank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, FirstBank offers an option without a monthly fee. Banks that offer no-fee checking as well as a high savings APY are the best bet for returning the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.6/5
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 0.26%, FirstBank ranks poorly compared to the national average. FirstBank's one-year and five-year term lengths CDs earn at a rate of 1.41% and 2.17%, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given FirstBank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How FirstBank's Savings Rates Compare

FirstBank Savings 0.26 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

FirstBank generally has extremely low fees in comparison to other U.S. banks. With no monthly fee, FirstBank is ideal for those who want a basic checking account. FirstBank unfortunately does not refund out-of-network ATM charges, meaning you'll be required to locate a FirstBank ATM or accept 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

4.5
SmartAsset Average: 3.7

FirstBank is a brick-and-mortar bank, with 119 total bank locations in Arizona, California and Colorado. It also offers access to mobile and web apps for simple access and banking on the go. It provides all-day customer service. FirstBank's online and mobile banking platforms receive high praise from customers. Out of 35,000 ratings on Apple and Android platforms, the FirstBank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). FirstBank's mobile app lets you control your bank accounts by reviewing monthly statements, transferring money as well as reaching customer service. FirstBank gets a superb consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

FirstBank is a very large bank owning $18 billion in assets and $16 billion in deposits. Its Texas Ratio is 0.91%, indicating a low possibility of failure. Additionally, FirstBank 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.

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Compare FirstBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.26% APY $1
Checking Account 0.21% APY $500
Certificates of Deposit
  • 12 Month: 1.41% APY
  • 24 Month: 1.66% APY
  • 60 Month: 2.17% APY
$10000 for all terms
Money Market Accounts 0.28% APY 0.3% APY $10000 $15000

FirstBank has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. FirstBank does not have the best savings rate, which means you should think about 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. FirstBank's CD rates are fair compared to other U.S. banks.

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Find a FirstBank Near Me

FirstBank has 119 physical locations in the U.S.

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