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The First National Bank of Long Island Review

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The First National Bank of Long Island Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1927, The First National Bank of Long Island has $4 billion in assets along with $3 billion in deposits, ranking it as a large bank. The First National Bank of Long Island, whose headquarters are in Glen Head, New York, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.2 out of 5 stars, The First National Bank of Long Island proves it is a solid pick to be your bank. The First National Bank of Long Island has a selection of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best option for gaining the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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 0.10%, The First National Bank of Long Island ranks poorly in comparison to other U.S. banks. The First National Bank of Long Island's CD rates are 0.55% and 1.40% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.00%. Given The First National Bank of Long Island's poor savings rate, you should think about other options to earn more on your deposits.

How The First National Bank of Long Island's Savings Rates Compare

The First National Bank of Long Island Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, The First National Bank of Long Island charges its customers extremely low fees in comparison to the average U.S. bank. The First National Bank of Long Island's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. The First National Bank of Long Island does not reimburse out-of-network ATM fees, which means you'll need to find a The First National Bank of Long Island ATM or pay the cost of withdrawal.

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

4.1
SmartAsset Average: 3.7

The First National Bank of Long Island is a brick-and-mortar bank, with 52 total bank locations in New York. With mobile and web apps, The First National Bank of Long Island 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 and 9:00 a.m. to 5:00 p.m. ET. The First National Bank of Long Island receives fairly good scores from users for its mobile platform. Out of 5 ratings across Apple and Android platforms, the The First National Bank of Long Island mobile app has an overall rating of 4.2 out of 5 (compared to the national average of 3.8). You can use The First National Bank of Long Island's app to control your accounts by monitoring current statements, sending and receiving funds and accessing support representatives. The First National Bank of Long Island receives an exceptional consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
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

The First National Bank of Long Island is currently a large bank owning assets totaling $4 billion and deposits totaling $3 billion. The First National Bank of Long Island's Texas Ratio is 1.58%, indicating that the bank is in superb financial condition and improbable to fail. Additionally, The First National Bank of Long Island 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 The First National Bank of Long Island to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.90% APY
  • 48 Month: 1.20% APY
  • 60 Month: 1.40% APY
$10000 for all terms
Money Market Account 0.003% APY $3000

The First National Bank of Long Island has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. The First National Bank of Long Island 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. The First National Bank of Long Island's CD rates are fair compared to the national average.

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Find a The First National Bank of Long Island Near Me

The First National Bank of Long Island has 52 physical branches in the U.S.

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