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The First, A National Banking Association Bank 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
The First Savings
0.01% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

The First Bank started in 1996 and has its headquarters in Hattiesburg, Mississippi. The First owns assets totaling $2 billion as well as $1 billion in deposits, which makes it a large bank. The First does not have the access to customer service other banks offer. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. Coming in at a commendable 4.3 out of 5 stars, The First is a solid pick to be your bank. 

The First offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The First offers one without a maintenance or monthly fee. Using the same bank for checking and savings is perfect for getting the most return on your money while retaining easy control over your money.

Service Quality

The First Bank is a brick-and-mortar bank, with 59 total bank locations in Alabama, Florida, Louisiana and Mississippi. It also offers access to mobile and web apps for easy access and banking on the go.  

The First's online and mobile banking services get high praise from users: the The First mobile app has been given a 4.4 out of 5 (with 23 customer reviews on Apple and Android) compared to the national average of 3.8. You can access The First's app to control your accounts by checking account balances, transferring money as well as reaching customer service. The First receives a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.01% APY $2500 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.25% APY
  • 48 Month: 0.20% APY
  • 60 Month: 0.40% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.01% APY $10,000 Compare Offers
Checking Accounts 0.01% APY $1 Compare Offers

It offers several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere 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. The First's CD rates are competitive compared to the average U.S. bank.

Rates

The First features a savings rate of 0.01%, which is fair compared to other U.S. banks. The First's one-year and five-year term lengths CD's earn at a rate of 0.10% and 0.40%, respectively, while its highest-yielding money market account earns at a rate of 0.01%. The First has a fair savings rate, which means you can find higher rates with other banks. Consider choosing another bank to earn more on your deposits.

Compare The First to Other Competitive Offers

Fees

On average, The First charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, The First is ideal for those who want a simple banking experience. 

Financial Health

The First is a large bank owning assets totaling $2 billion as well as $1 billion in deposits. The First's Texas Ratio is 5.58%, suggesting a small possibility of failure. Additionally, The First is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a The First Near Me

The First has 59 locations in the U.S.

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