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Firstrust Savings Bank Review

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

Overview

Started in 1934, Firstrust Savings Bank has assets totaling $3 billion along with $2 billion in deposits, which makes it a large bank. Firstrust Savings Bank, whose headquarters are in Conshohocken, Pennsylvania, 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 offerings. Coming in at an average 3.7 stars out of 5, Firstrust Savings Bank proves it is a decent choice, but with better options out there. Firstrust Savings Bank has a complete choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product carries a monthly fee of $10.00, although banks sometimes have requirements that allow you to waive the fee. Finding an institution with free checking, in addition to a high savings APY is the best bet for getting the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Firstrust Savings Bank ranks poorly in comparison to the average U.S. bank. Firstrust Savings Bank's one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 1.15%. Given Firstrust Savings Bank's below average savings rate, you should consider looking at the competition to open savings accounts.

How Firstrust Savings Bank's Savings Rates Compare

Firstrust Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.6
SmartAsset Average: 4.4

Firstrust Savings Bank has typically high fees compared to other U.S. banks. Firstrust Savings Bank's checking account has a monthly fee of $10.00, making it fair for anyone looking for a simple account. Firstrust Savings Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll be required to locate a Firstrust Savings Bank ATM or accept the fee.

Monthly Fee $10.00 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

4.3
SmartAsset Average: 3.7

Firstrust Savings Bank is a brick-and-mortar bank, with 18 total branches in New Jersey and Pennsylvania. With mobile and web apps, Firstrust Savings Bank makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Firstrust Savings Bank gets great feedback from customers for its mobile platform. With 260 ratings across both iOS and Android platforms, the Firstrust Savings Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). Firstrust Savings Bank's mobile app lets you manage your finances by reviewing monthly statements, transferring funds and accessing customer service. Firstrust Savings Bank receives a superb consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.9
SmartAsset Average: 4.8

Firstrust Savings Bank is a large bank and manages $3 billion in assets as well as deposits totaling $2 billion. Firstrust Savings Bank has an excellent Texas Ratio of 2.82%, suggesting that the bank is in terrific financial health and far from failure. Additionally, Firstrust Savings 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.

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Compare Firstrust Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.10% APY
  • 36 Month: 0.10% APY
  • 48 Month: 0.10% APY
  • 60 Month: 1.15% APY
$2500 for all terms

Firstrust Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Firstrust Savings Bank 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. Firstrust Savings Bank's CD rates are fair compared to the national average.

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Find a Firstrust Savings Bank Near Me

Firstrust Savings Bank has 18 branches across the U.S.

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