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FirstBank Southwest Review

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FirstBank Southwest Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1907, FirstBank Southwest has $962 million in assets and deposits totaling $868 million, classifying it as a medium-size bank. FirstBank Southwest, whose headquarters are in Amarillo, Texas, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.4 stars out of 5, FirstBank Southwest should be solidly in contention for your choice of bank. FirstBank Southwest has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. FirstBank Southwest has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, FirstBank Southwest offers an option without a monthly fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for accruing the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
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 0.05%, FirstBank Southwest ranks poorly in comparison to other U.S. banks. FirstBank Southwest's one-year CD earns at a rate of 1.55% and the five-year CD earns at a rate of 2.62%, while its highest-yielding money market account has an APY of 0.45%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How FirstBank Southwest's Savings Rates Compare

FirstBank Southwest Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

FirstBank Southwest charges customers extremely low fees in comparison to the national average. With no monthly fee, FirstBank Southwest is perfect for those who want a basic banking experience. FirstBank Southwest unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to find a FirstBank Southwest 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

4.0
SmartAsset Average: 3.7

FirstBank Southwest is a brick-and-mortar bank, with nine total branches in Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. FirstBank Southwest's online and mobile banking platforms get fairly high marks from customers. Out of 29 customer reviews on Apple and Android platforms, the FirstBank Southwest mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can utilize FirstBank Southwest's mobile app to manage your finances by checking monthly statements, sending and receiving money as well as accessing support representatives. FirstBank Southwest gets an outstanding consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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

4.9
SmartAsset Average: 4.8

FirstBank Southwest is a medium-size bank and has assets totaling $962 million and $868 million in deposits. FirstBank Southwest's Texas Ratio is 3.84%, suggesting a negligible probability of failure. Additionally, FirstBank Southwest is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.84%
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 FirstBank Southwest to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 1.55% APY
  • 24 Month: 1.81% APY
  • 36 Month: 2.06% APY
  • 48 Month: 2.21% APY
  • 60 Month: 2.62% APY
$2500 for all terms
Money Market Account 0.45% APY $1000

FirstBank Southwest has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. FirstBank Southwest 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. FirstBank Southwest's CD rates are fair compared to the average U.S. bank.

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Find a FirstBank Southwest Near Me

FirstBank Southwest has nine branches in the U.S.

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