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First National Bank of America Review: Checking, Savings, CD, Money Market and IRA Accounts
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Written By
Updated on Tuesday, September 1, 2020
In this review, we’ll cover:
First National Bank of America’s checking account options
Personal Checking
- Minimum opening deposit: $100
- Monthly account maintenance fee: $4 (this can be waived)
- ATM fee: None
- ATM fee refund: None
- Overdraft fee: $30
Unfortunately, there’s not much that stands out about the Personal Checking account. You get free online and mobile banking, an ATM or debit card and unlimited check-writing capabilities. If you’re looking for a no-frills checking account, it could be a good choice to cover your basic needs.
To waive the monthly maintenance fee, you’ll need to maintain at least a $350 average daily balance or a $100 minimum daily balance.
How to get First National Bank of America’s Personal Checking account
You’ll need to visit a branch to open an account. You’ll be asked to provide the bank with your address, Social Security number and state-issued ID. You can call customer service at 800-968-3626 to find out more.
Simple Checking
- Minimum opening deposit: $100
- Monthly account maintenance fee: $6 (this can be waived)
- ATM fee: None
- ATM fee refund: None
- Overdraft fee: $30
There isn’t much of a difference between the Personal Checking and Simple Checking accounts, except that you can earn a little bit of interest with this one.
The monthly maintenance fee is slightly higher at $6, but you can get that waived if you maintain a $500 minimum daily balance or a $750 average daily balance each month.
Like with the Personal Checking account, you get free online and mobile banking and an ATM or debit card. Keep in mind that the rate for the Simple Checking account isn’t advertised on the bank’s website, so it’s best to call to find out the current one.
How to get First National Bank of America’s Simple Checking account
To open a Simple Checking account, visit a branch. The bank could require information such as your address and Social Security number. You can call customer service at 800-968-3626 for more details.
How First National Bank of America’s checking accounts compare
Many of First Bank of America’s competitors offer no monthly fees and ATM refunds. Plus, First National Bank of America doesn’t advertise its Simple Checking account APY for you to compare it to our list of the best checking accounts.
You’re probably better off looking elsewhere.
First National Bank of America’s savings account option
Statement Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.20% | $200 |
- Minimum opening deposit: $100
- Minimum balance to earn APY: $200
- Monthly account maintenance fee: $2 (this can be waived)
- ATM fee: None
- ATM fee refund: None
- Overdraft fee: N/A
With the only savings account offered at First Bank of America, you get ATM access, but the APY rate is still pretty low.
Account holders do get online and mobile banking access, as well as itemized monthly statements. You’re allowed up to six certain withdrawals a month because of the Federal Reserve’s Regulation D, and you’ll need to pay a $5 excess transaction fee each time you go over.
To waive the monthly maintenance fee, you’ll have to maintain an average balance of $199.
How to get First National Bank of America’s Statement Savings account
Visit a branch to open a Statement Savings account. Customer service may ask you for personal information such as your address and state-issued ID. To find out more, call customer service at 800-968-3626.
How First National Bank of America’s savings account compares
It’s great that First National Bank of America doesn’t charge you any ATM fees, but its APY is less than impressive. Other institutions offer higher rates than what First National Bank of America offers, alongside no monthly maintenance fees — some of them even provide ATM access. You could be better off going with one of the competitors found on our list of the best online savings accounts.
First National Bank of America’s CD rates
Certificate of Deposit
| Term | APY |
|---|---|
| 1 to 5 months | 0.30% |
| 6 to 11 months | 0.40% |
| 12 to 23 months | 0.85% |
| 24 to 35 months | 0.90% |
| 36 to 47 months | 0.95% |
| 48 to 59 months | 1.05% |
| 60 months | 1.15% |
| 84 months | 1.25% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Depends on the term:
- Less than 12 months: 90 days’ interest
- 12 to 23 months: 180 days’ interest
- 24 to 47 months: 360 days’ interest
- 48 to 84 months: 540 days’ interest
These CDs offer a guaranteed rate of return — assuming you leave all funds in the account until maturity — so it’s best for those who want to ensure a steady return on their investment. It appears as though First National Bank of America is trying to be more competitive, as this is one of the few deposit accounts you can open online.
Any interest you earn is compounded and credited quarterly to your account. When your account matures, you have a 10-day grace period in which you can make changes such as an additional deposit or withdrawal, as well as renew for another term. Otherwise, the CD will automatically be renewed.
Flex CD
| Term | APY |
|---|---|
| 3 years | 0.90% |
| 4 years | 1.00% |
| 5 years | 1.10% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Depends on the term:
- 3 years: 360 days’ interest
- 4 or 5 years: 540 days’ interest
The Flex CD offers you the opportunity to increase your rate once during your CD term. If you see that the rate for your current term has increased, you can request a rate increase for the remainder of your CD. Like with the fixed-rate CD, interest is compounded and credited to your account quarterly.
Upon maturity, your CD will be renewed automatically unless you make changes — such as additional deposits and withdrawals or renewing for another term — during the 10-day grace period.
How to get First National Bank of America’s CDs
To open either type of CD, go to First National Bank of America’s website and fill out an online form. You’ll need to agree to the online disclosures and pick the CD term you want. You can then complete the rest of the application by entering your personal details such as your name, employment information and Social Security number before funding the account.
How First National Bank of America’s CD rates compare
We’re fairly impressed with the rates we’re seeing, as some of them are pretty much equal to online competitors. Other places have lower opening minimum deposit requirements, but not by much.
Considering you can open an account online — much like the banks on our list of the best CD rates — these CDs are worth a look.
First National Bank of America’s money market account option
HomeTowne Money Market Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.65% | Less than $1,000 |
| 0.75% | $1,000 |
| 0.95% | $20,000 |
| 1.10% | $100,000 |
| 1.35% | $250,000 |
- Minimum opening deposit: $1,000
- Minimum balance to earn APY: $0.01
- Monthly account maintenance fee: $10 (this can be waived)
- ATM fee: None
- ATM fee refund: None
- Overdraft fee: N/A
Although this is a money market account, it operates like a regular checking account in that you get ATM and check-writing capabilities, plus you can get unlimited transactions. That means you’re not limited to six withdrawals a month like with other savings accounts, and you’re not subject to a excess transaction fee. You also get a free ATM or debit card, bill pay and online banking.
First National Bank of America also guarantees that it’ll have the best money market rate in the area. If you can find a better money market rate from a Federal Deposit Insurance Corp.-insured bank in East Lansing, Grand Rapids or Traverse City, Mich., the bank will beat or match it. But promo rates that are offered for less than six months or rates that require loan or additional deposit requirements are excluded.
You’ll be able to waive the monthly maintenance fee if you maintain a $1,000 minimum daily balance.
How to get First National Bank of America’s HomeTowne Money Market Checking account
To open the HomeTowne Money Market Checking account, you’ll need to head to a branch. You may be asked to provide your Social Security number and state-issued ID. If you choose, call customer service at 800-968-3626 to find out more.
How First National Bank of America’s money market account compares
It’s pretty neat that this money market account gives you unlimited withdrawals, ATM access and check-writing capabilities, but the rates aren’t stellar.
Although the highest tier does offer a fairly competitive rate, it requires a much higher minimum deposit amount compared to the ones on our list of the best money market rates. If you don’t have that much cash lying around, you may be better off looking elsewhere.
First National Bank of America’s IRA account options
IRA CD rates
IRA CD
| Term | APY |
|---|---|
| 12 to 23 months | 0.85% |
| 24 to 35 months | 0.90% |
| 36 to 47 months | 0.95% |
| 48 to 59 months | 1.05% |
| 60 months | 3.35% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $,1000
- Early withdrawal penalty: Depends on the term:
- Less than 12 months: 90 days’ interest
- 12 to 23 months: 180 days’ interest
- 24 to 47 months: 360 days’ interest
- 48 to 72 months: 540 days’ interest
The IRA CDs are a fixed-rate account that could be best for those who are interested in a more conservative investment vehicle. Interest is compounded and credited quarterly, but the APY assumes you’ll keep all funds earned in the account until it matures. When it does, your account will automatically be renewed unless you make changes within the 10-day grace period. This can include making additional deposits or a withdrawal, as well as renewing for another term.
How to get First National Bank of America’s IRA CDs
You need to open an IRA CD account in person. It’s a good idea to call customer service at 800-968-3626 to confirm, but you’ll most likely need to bring your Social Security card and state-issued ID.
How First National Bank of America’s IRA CD rates compare
We’re happy to say that these are on par with some of the best offerings on our list of the best IRA CD rates. Unfortunately, it won’t be as convenient to open an account if you don’t live near one of its branches, so an online option may be a better choice for you.
Overall review of First National Bank of America’s banking products
Most of the rates that First National Bank of America offers are quite low compared to other online banks and credit unions. But where the bank shines is its CD and IRA CD accounts. They offer pretty competitive rates and have a wide range of terms from which to choose.
For now, you can only open the CD account online, so you may have no choice but to go elsewhere if you’re not close to one of the bank’s branches.
