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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
0.15% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

FirstBank first started operating in 1906 with its headquarters in Nashville, Tennessee. It manages $5 billion in assets and deposits totaling $4 billion, ranking it as a large bank. FirstBank does not have the same customer service perks that others do. 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. We gave FirstBank a 3.9 stars out of 5, which means it is a good bank that warrants your consideration. 

FirstBank provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, mortgage products and credit cards. FirstBank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, FirstBank's standard checking account does not have a monthly fee. Opening both checking and savings accounts in one place can be ideal for getting the highest return on your deposits while keeping easy access to your money.

Service Quality

FirstBank is a brick-and-mortar bank, with 82 total branches in Alabama, Georgia, South Carolina and Tennessee. With mobile and web apps, FirstBank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 6:00 p.m. CT; Saturday, 7:00 a.m. to 4:00 p.m. CT. 

FirstBank receives fair marks from users for its mobile app: the FirstBank mobile app rates a 2.7 out of 5 (out of 200 customer reviews on Apple and Android) compared to the national average of 3.8. FirstBank's mobile app allows you to control your bank accounts by looking at account balances, transferring money and accessing customer service. However, FirstBank gets an average consumer satisfaction rating due to a large number of consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $25 Compare Offers
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.15% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.70% APY
  • $500
  • $500
  • $500
  • $10,000
  • $5,000
Compare Offers
Money Market Accounts 10K tier: 0.35% APY $10,001 Compare Offers
Checking Accounts 0.10% APY $1,000 Compare Offers

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

Rates

With a savings rate of 0.15%, FirstBank ranks below the mean in comparison to the national average. FirstBank's one-year and five-year term lengths CD's earn at a rate of 0.70% and 1.70%, respectively, while its highest-yielding money market account earns at a rate of 0.35%. FirstBank has a fair savings rate, which means other popular banks have higher rates. Consider other options to earn more on your deposits.

Compare FirstBank to Other Competitive Offers

Fees

FirstBank charges customers low fees in comparison to the average U.S. bank. With no monthly fee, FirstBank is perfect for people who want a simple banking experience. For those who often withdraw money from the ATM, it is good because it offers ATM fee of $1.00, which is good compared to the average U.S. bank. Also, at $35, FirstBank has a lower overdraft fee compared to the national average, making it good for those who take out money in significant amounts. FirstBank  doesn't refund ATM charges meaning you'll need to search for a FirstBank ATM or accept the ATM charge.

Financial Health

FirstBank is a large bank and owns assets totaling $5 billion and $4 billion in deposits. It has an excellent Texas Ratio of 4.80%, denoting that FirstBank is in outstanding financial condition and very unlikely to fail. Additionally, FirstBank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a FirstBank Near Me

FirstBank has 82 locations across the U.S.

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