Written by Sophia Acevedo, CEPF; edited by Sarah Silbert; reviewed by Evelyn He
2024-01-05T03:19:10Z
- Overall Bank Rating
- Pros and Cons
- About The First Bank
- The First Bank Account Reviews
- How The First Bank Compares
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The First Bank Review: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.75 |
| Money market account | 3.25 |
| CD | 4 |
| Trustworthiness | 5 |
| Total | 4 |
The First Bank Pros and Cons
| Pros | Cons |
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About The First Bank
The First Bank is a regional bank and community development financial institution with over 65 branches and ATMs in Alabama, Georgia, Mississippi, and Louisiana.
To contact the bank's Customer Care Center, call from 8 a.m. to 11 p.m. CT on weekdays or 9 a.m. to 5 p.m. CT on weekends.
The First Bank's mobile app has 4.8 out of 5 stars in the Google Play Store and Apple store.
The bank is also FDIC insured. Up to $250,000 is secure in an individual bank account.
The Role of CDFIs
Community development financial institutions, orCDFIs, serve low-income and disadvantaged communities. Banks and credit unionshave to undergo certification by theUS Department of Treasury's Community Development Financial Institutions Fundand meet specific requirements to address banking barriers.
The First Bank has a Bank On certified checking account, which you may be able to open even if you have a bad bank account history.
The bank has also participated in the American Banking Association's 'Teach Children to Save Day,' a national initiative to help teach children how to save, and partners locally with universities and schools districts to host financial education events as well.
Is The First Bank Trustworthy?
The Better Business Bureau rates businesses according to how they respond to customer issues.
The First Bank received an A+ rating from the BBB. A good BBB rating isn't necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if a bank might be a good match.
The First Bank also hasn't been involved in any recent public scandals.
The First Bank Account Reviews
The First Bank First Savings Account
The First Bank First Savings Account
Insider’s Rating
3.5/5
Fees
$2 monthly service fee
Annual Percentage Yield (APY)
0.10%
Minimum Opening Deposit
$100
Pros
- Possible to waive the monthly maintenance fee
Cons
- Low interest rate
- $100 minimum opening deposit
- $2 monthly maintenance fee
- Must keep at least $100 in account daily to earn interest
- Interest compounded quarterly
Product Details
- Over 65 branches and ATMs in Alabama, Georgia, Mississippi, Florida, and Louisiana
- To waive the monthly maintenance fee, keep at least $100 in your account daily
- Monthly maintenance fee waived for anyone age 65 or older
- Must keep at least $100 in your account daily to earn interest
- Interest compounded and deposited quarterly
- FDIC insured
You might like The First Bank First Savings Account if you regularly keep at least $100 in your account, so you don't have to pay a monthly maintenance fee.
The bank pays a pretty low rate on savings accounts, though. If you're looking for more competitive interest rates, read our guide to the best high-yield savings accounts guide for more options.
The First Bank First Freedom Checking Account
The First Bank First Freedom Checking Account
On The First Bank's site. The First Bank, FDIC Insured
Insider’s Rating
3.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- No monthly maintenance fee
- Overdraft protection available
Cons
- $36 overdraft fee
- $6 overdraft protection transfer fee
- $2 out-of-network ATM fee
Product Details
- Over 65 branches and ATMs in Alabama, Georgia, Mississippi, Florida, and Louisiana
- Overdraft protection that lets you transfer money from another bank account or apply for a line of credit
- FDIC insured
The First Bank First Freedom Checking Account is a great standard checking account for avoiding monthly maintenance fees because it doesn't have any minimum balance requirements.
If you have a bad bank account history, The First Bank also provides banking options. You may open a Bank On certified checking account without checks and upgrade to The First Bank First Freedom Checking Account or another checking account after six months of opening.
The First Bank CDs
The First Bank CD
Insider’s Rating
4/5
Annual Percentage Yield (APY)
0.25% to 4.50%
Minimum Opening Deposit
$1,000
Pros
- Good interest rates for long term CDs, especially compared to brick-and-mortar banks
- Standard early withdrawal penalties
Cons
- $1,000 minimum opening deposit
- Online banks may offer a higher interest rate
Product Details
- Over 65 branches and ATMs in Alabama, Georgia, Mississippi, Florida, and Louisiana
- Terms range from 6 months to 5 years
- Early withdrawal penalties depend on the term and amount deposited; need to contact local branch for more information
- Interest compounded and deposited quarterly
- FDIC insured
The First Bank CDs pay low interest rates overall, with the exception of a CD special paying 4.50% APY.
You'll need a minimum of $1,000 to open a standard CD. If you don't have much money to deposit, review our best CD rates for banks that have lower minimum opening requirements.
The First Bank Personal Money Market Account
The First Bank Personal Money Market Account
Insider’s Rating
3.25/5
Fees
$8.50 monthly service fee
Annual Percentage Yield (APY)
up to 0.40%
Minimum Opening Deposit
$1,000
Pros
- Possible to waive the monthly maintenance fee
- Check writing included
- No debit card included
Cons
- Low interest rate
- $1,000 minimum opening deposit
- $8.50 monthly maintenance fee
- Must keep at least $1,500 in account daily to earn interst
Product Details
- Over 65 branches and ATMs in Alabama, Georgia, Mississippi, Florida, and Louisiana
- To waive the $8.50 monthly maintenance fee, keep at least $1,500 in account daily
- Must keep at least $1,500 in account daily to earn interest
- Interest compounded and deposited monthly
- FDIC insured
The First Bank Personal Money Market Account comes with check writing abilities but might be more difficult to manage than the bank's savings account. You'll need to keep and maintain at least $1,500 in your account daily to earn interest and waive the $8.50 monthly service fee.
How The First Bank Compares
We compared The First Bank to two other brick-and-mortar banks available in the same states: Regions Bank and First Horizon Bank.
If you prefer a bank with a large branch and ATM network, it'll likely come down to Regions Bank or First Horizon Bank. Regions Bank has over 1,300 branches and 2,000 ATMs. First Horizon Bank has 400 branches in 12 states and 675 free ATMs.
The First Bank might appeal to you more if you are looking for second chance bank accounts. It has a Bank On certified checking account, which may be worth exploring if you struggle to open a checking account at financial institutions.
Your decision between these three banks could also depend on which bank account you want to open.
First Horizon and The First Bank have free checking accounts, but the savings account might require monthly service fees if you don't meet certain requirements. Meanwhile, at Regions Bank, there's a free savings account, but the checking accounts might entail common bank fees depending on how you manage your account.
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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