First Home Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

First Home Bank checking account options

Simply Free Checking

A typical checking account with no minimums or monthly fees. But there’s also no way to earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

Simply Free Checking is a basic account that’s best for those who are interested in a low-cost option. However, you don’t earn interest on your balance.

Features of the account include unlimited check-writing capabilities, bill pay, a Visa debit card, online banking, notary services and a mobile banking app with mobile deposit. If you open an account at your local branch, you may qualify for an instant issue debit card — a customized card with your photo on it gets you instant access to your cash.

How to get the Simply Free Checking account

You can open an account by filling out an online application form. You’ll be asked to provide details such as your name, employment information, Social Security number and a government-issued ID. Then you can fund the account.

Otherwise, you can head to your local branch to open an account.

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on First Home Bank’s secure website

NuStart Checking

This account is best for those who can’t qualify for a bank account elsewhere.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

According to First Home Bank, this checking account is meant for those who don’t qualify for a regular account elsewhere. Unfortunately, you can’t waive the monthly maintenance fee. But you may have the option of paying it for 12 months. That is, if you can go 12 consecutive months without making transactions with non-sufficient funds, you can then request to have your account converted to any one of First Home Bank’s checking accounts.

With this account, you get bill pay, e-statements, online and mobile banking. There is a Visa debit card, but you’ll only get it if you qualify. Unfortunately, the bank’s website does not offer details on how to qualify, and the bank did not answer our calls for further information. Nevertheless, this can be a great option if you have previously had banking issues.

How to get the NuStart Checking account

You’ll need to open an account in person. You should call the bank to verify, but you’ll typically need your Social Security card and government-issued ID to open an account.

SEE DETAILS Secured

on First Home Bank’s secure website

TrendSetters Club Checking

This looks like the only option to earn interest with a checking account. You also need to be at least 50 years old to open the account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; you get up to 5 free
  • ATM fee refund: None
  • Overdraft fee: $35

This is the only checking account at First Home Bank that earns interest, but you need to be at least 50 years old to open the account. The rates aren’t advertised on the website, so you’ll need to call the bank for the most up-to-date rates. To waive the monthly maintenance fee, you’ll either need to set up monthly direct deposits or keep a minimum daily balance of $500.

This account comes with free checks and better rates on First Home Bank’s CDs, money market and savings accounts, as well as a free small safe deposit for a year. Other features include e-statements, bill pay and online and mobile banking.

TrendSetters Club Checking account holders also earn discounts from local businesses and referral incentives, and can attend special events such as bingo and movie nights.

How to get the Trendsetters Club Checking account

To open an account, head over to First Home Bank’s website and complete an online application form. After filling in your personal details like your name and Social Security number, you’ll need to indicate how you’ll fund the account. You can also open an account at your nearest branch.

SEE DETAILS Secured

on First Home Bank’s secure website

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How First Home Bank’s checking accounts compare

We love that there’s an option for those who have had issues opening an account in the past. However, the only account that earns interest is for those 50 years and older. Even then, the rates aren’t nearly as high as the ones you can find on our list of the best checking accounts.

First Home Bank savings account options

Statement Savings

Just your typical savings account with no ATM access.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is First Home Bank’s only savings account option if you’re under 50 years old — except for the Kids’ Club account. The rates aren’t advertised on the website so you’ll need to call the bank to find out their most current ones.

There is no ATM access, meaning it’s best for those who want to use an account to set aside money that they don’t need frequent access. You get free e-statements, and mobile and online banking. Remember, you’re limited up to six certain withdrawals/transfers a month as per Regulation D. Any more than that and you’ll need to pay $5 per transaction.

How to get the Statement Savings account

You can complete an application form online. First Home Bank will ask you to provide personal information such as your name, address, Social Security number and government-issued ID. Afterward, fund your account.

You can also open an account in person.

SEE DETAILS Secured

on First Home Bank’s secure website

Trendsetter Club Savings

Get the same perks as the Statement Savings account but with a lower opening balance amount.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Trendsetters Club Savings account has the same rate as the regular savings — these aren’t on the site, so call to check — but it does require a lower minimum opening deposit. You can only open this account if you’re 50 and older.

To waive the monthly maintenance fee, you’ll need to maintain a $50 minimum balance in the account. You’re also limited up to six certain withdrawals/transfers because of Regulation D, or else you could be paying a $5 excess transaction fee.

How to get Trendsetter Club Savings account

You can open an account in person or online. If you want to do so online, go to the First Home Bank website and fill out an online application form. You’ll need to fill in details, such as your name, address, Social Security number and government-issued ID. Then, you’ll need to fund your account.

SEE DETAILS Secured

on First Home Bank’s secure website

Kids’ Club

The account comes with low fees and you can earn a high rate on your first $500.
APYMinimum Balance to Earn APY
5.01%
$0.01
3.01%
$500.01+
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is meant for children younger than 13 years old. Any adult can be a joint owner since this is technically a custodian account. There is no ATM access, but you do get online banking and e-statements.

If your daily balance exceeds $500, that portion will earn 3.01% APY.

Upon opening an account, the child will get a starter kit that includes a T-shirt and a free app featuring resources and games. You are limited up to six certain withdrawals/transfers a month because of Regulation D, and you could be charged $1 in an excessive transaction fee if you go over that limit.

Once the child turns 13 years old, the account will be converted to a regular savings account.

How to get the Kids’ Club savings account

You can only open the Kids’ Club savings account in person. It’s a good idea to check with the bank, but you’ll typically need your Social Security card and government-issued ID, as well as the child’s, to open an account.

SEE DETAILS Secured

on First Home Bank’s secure website

Member FDIC

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How First Home Bank’s savings accounts compare

We love the high APY for the Kids’ Club savings account, but that’s about it. The other savings account have low rates compared with online competitors. Many competitor accounts also offer no monthly maintenance fees or minimum balance amounts. To help you compare, check out our savings account roundup.

First Home Bank CD rates

Certificate of Deposit

These rates aren’t the best we’ve seen.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned from when you make a withdrawal to your original maturity date. For example, if you have 6 months left in your CD, you’ll be penalized 6 months of interest.

These fixed-rate CDs, with terms ranging from six months to five years, are best for those who are looking for higher rates than the savings accounts but don’t want to take on too much risk. The rates and terms aren’t advertised on First Home Bank’s website, so you may want to call ahead if you are comparison shopping CD accounts.

Interest you earn with these CDs are compounded daily and credited either when the account matures or quarterly. Upon maturity, your account is automatically renewed unless you make changes within a 10-day grace period. This can include making deposits, withdrawals or renewing for another term.

How to get First Home Bank’s CDs

You need to stop by a local branch to open a CD account. You should call the bank to verify, but you’ll typically need your Social Security card and government-issued ID to open an account.

SEE DETAILS Secured

on First Home Bank’s secure website

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How First Home Bank’s CD rates compare

To be frank, these rates are low compared with some of the best offerings out there. The minimum opening deposit seems higher considering other online competitors have better APYs and lower minimums. Do yourself a favor and consider looking for other options like the ones on our list of the top CD rates.

First Home Bank money market account options

Personal Money Market

The promotional rate is nice, but you need to meet a high minimum balance amount to qualify.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $20 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The personal money market account does offer a higher rate than the savings account alongside limited check-writing capabilities. Remember though that you are limited to six transactions a month, or else you’re looking at a $10 excess transaction fee for each one you go over. If you go over the limit three times in a 12-month period, the account will be changed to one that does not have transaction limitations.

You can waive the monthly maintenance fee if you can maintain a minimum balance of $1,000.

Right now, the promotional rate is for new money only. Also, the other rates aren’t on the bank website, so you’ll need to call in for the most up-to-date rates.

How to get First Home Bank’s Money Market account

To open a money market account, head over to First Home Bank’s website and fill out an online application form. Fill in your personal information such as your name, address and Social Security number. You can then fund your account. Alternatively, you can open an account in person.

SEE DETAILS Secured

on First Home Bank’s secure website

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How First Home Bank’s money market accounts compare

The promotional rate on this money market account is on par with what you will find elsewhere. However, the minimum deposit amount is relatively high and may not be realistic for those who don’t have a lot of cash to spare. In that case, you may want to check out our list of competitive money market accounts to see what competitors are offering.

First Home Bank IRA account options

IRA CD

First Home Bank’s IRA CA offers the same rates as its regular CD product.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Interest you would have earned from when you make a withdrawal to your original maturity date. For example, if you have 6 months left in your CD, you’ll be penalized 6 months of interest.

These IRA CDs are essentially the same as the regular CD except they’re tax-advantaged accounts. If you aren’t risk tolerant, it could be a great retirement account option quarterly or upon maturity.

Your account will be renewed automatically unless you make changes during the 10-day grace period — it can include making additional deposits, withdrawals or renewing for a new term.

You’ll probably want to call to confirm rates as they aren’t advertised on the website. There could also be longer or shorter IRA CD terms.

How to get First Home Bank’s IRA CDs

You can only open an IRA CD in person. You’ll need your Social Security card and government-issued ID to open an account.

SEE DETAILS Secured

on First Home Bank’s secure website

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How First Home Bank’s IRA CD rates compare

We really want to tell you these are great rates, but we can’t. Ones from other competitors — like on our list of the best IRA CD rates — are much higher. We believe that maximizing your retirement savings is probably a good idea, so you may want to consider other options.

IRA savings account

A simple account for your retirement needs.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a simple IRA savings account — choose from traditional or Roth options. There are no account minimums or fees to worry about. One of the few restrictions is that you are limited up to six certain withdrawals/transfers per month due to Regulation D. Excessive transactions come with a $10 fee. You could also face IRS penalties if you make withdrawals before you’re 59 1/2.

The rates aren’t currently advertised on the website, so you’ll need to call the bank to find out their most current ones.

How to get First Home Bank’s IRA savings account

You’ll need to head to your nearest branch to open an IRA savings account. Typically, you’ll need a government-issued ID or Social Security number to open an account, though it’s best to call the bank to double-check.

SEE DETAILS Secured

on First Home Bank’s secure website

Overall review of First Home Bank’s banking products

Some of the rates are pretty decent at First Home Bank, such as with the Kids’ Club savings account and the promotional rate for the money market account. Unfortunately, the rest of its offerings aren’t that great, even if they do have relatively low fees and no minimum balance amounts. To be honest, you may want to consider other places before opening an account with First Home Bank.

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