First National Bank of Pennsylvania Review: Checking, Savings, CD, Money Market and IRA Rates
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Written By
Updated on Wednesday, July 1, 2020
In this review, we will cover:
First National Bank of Pennsylvania’s checking account options
Freestyle Checking
- Minimum opening deposit: $50 to open online, $0 to open in a branch
- Monthly account maintenance fee: $0 with e-statements
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee refund: None
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day that the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
First National Bank of Pennsylvania’s Freestyle Checking account is the bank’s bottom-tier checking account that pays no interest but charges no fees. It offers a range of services, including:
- Free e-statements
- Free mobile banking
- Free bill pay
- Free Visa debit card
- Free online banking
- Free telephone banking
- Unlimited check-writing and deposits
Mystyle Checking
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Monthly account maintenance fee: $8.95; $6.95 with online statements; $0 with $500 minimum balance or $5,000 in combined average balance across all First National Bank of Pennsylvania accounts, or recurring direct deposits or 10 point-of-sale debit card transactions per statement cycle
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee refund: None
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day that the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
The primary enhancement that the Mystyle Checking account offers over the Free Checking account at First National Bank of Pennsylvania is the free access to a 3-inch by 5-inch safe deposit box, subject to availability. The account also offers a free first order of checks. Beyond that, the account carries the same features as the Freestyle Checking account, including free online and mobile banking, free telephone banking and free bill pay.
Lifestyle Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $2,500 |
| 0.01% | $10,000 |
| 0.01% | $15,000 |
| 0.01% | $25,000 |
| 0.01% | $100,000 |
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Monthly account maintenance fee: $10; $9 with online statements; $0 with $1,000 minimum balance or $10,000 in combined average balance across all First National Bank of Pennsylvania accounts
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee refund: None
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day that the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
First National Bank of Pennsylvania’s Lifestyle Checking account pays interest on balances of at least $2,500. Interest rates are tiered, with balances of $100,000 and more generally earning the highest rates. Currently, however, all tiers pay the same rate.
Except for the interest paid, the Lifestyle Checking account carries the same features and benefits as the Mystyle checking account, including the free first order of checks and the free 3-inch by 5-inch safe deposit box. The account has a monthly maintenance fee, but that can be waived by meeting minimum balance requirements.
Premierstyle Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $1,000 |
| 0.01% | $10,000 |
| 0.01% | $15,000 |
| 0.01% | $25,000 |
| 0.02% | $100,000 |
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Monthly account maintenance fee: $25; $0 with $7,500 minimum balance or $25,000 in combined average balance across all First National Bank of Pennsylvania accounts
- ATM fee: None
- ATM fee refund: Up to $15 per month
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day that the account remains overdrawn; $0 if signed up for overdraft protection or a no-fee overdraft line of credit
Premierstyle is First National Bank of Pennsylvania’s flagship checking account, adding a host of additional features in exchange for a high monthly fee; the fee is avoidable with a minimum or combined balance. Tiered interest payouts are the highest for this account out of all of First National Bank of Pennsylvania’s checking accounts. On top of the benefits of the bank’s Lifestyle Checking account, including the free 3-inch by 5-inch safe deposit box, Premierstyle Checking offers the following enhanced benefits:
- Fee-free overdraft line of credit/overdraft protection transfer, subject to credit approval
- Free paper statements, if desired
- Free check images in statements
- Free stop payments
- A free financial analysis review
- Free custom checks
The account also eliminates out-of-network ATM fees and rebates up to $15 per month for additional ATM fees charged by other institutions.
FNB-U Student Banking Package
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Monthly account maintenance fee: $0
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee rebate: Two per statement cycle
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
This account has no minimum balance requirement when opened in a branch, but it still offers various freebies that can be of interest to students, such as the two-per-cycle ATM fee rebate. The account also includes the benefits of the Freestyle Checking, including free e-statements, a free first order of checks and the usual mobile and online banking access.
In partnership with Sallie Mae, the Student Checking account also offers access to the Smart Option Student Loan, which can help finance a bachelor’s or associate degree, or certificates at degree-granting schools.
How to open First National Bank of Pennsylvania’s checking accounts
As noted earlier, First National Bank of Pennsylvania has one online application that the bank uses to qualify applicants for accounts. Customers can also visit a branch or call the customer service line.
How First National Bank of Pennsylvania’s checking accounts compare
First National Bank of Pennsylvania offers a checking account for seemingly any type of account holder, from students to fans of no-fee checking, as well as those who require broader services from a checking account. All accounts boast low opening requirements and a way to avoid monthly maintenance fees. However, for some accounts, such as the bank’s flagship Premierstyle Checking account, that fee is quite steep if high balance thresholds aren’t met.
The bank’s checking accounts also carry high overdraft fees that can be charged on up to six items per day. Even the reduced fee for overdraft transfers from a backup account are relatively high.
If you’re looking for a checking account that pays interest, First National Bank of Pennsylvania likely won’t be your first choice. Some of the bank’s accounts don’t pay any interest at all, and the high-end Premierstyle Checking account, which pays the highest rates, doesn’t approach the national average rate for checking accounts. Checking account rates at First National Bank of Pennsylvania are a far cry from the best national checking rates offered by competitors.
First National Bank of Pennsylvania’s savings account options
FirstRate Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0 |
| 0.01% | $1,000 |
| 0.01% | $2,500 |
| 0.01% | $10,000 |
| 0.01% | $25,000 |
| 0.01% | $50,000 |
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Monthly account maintenance fee: $5; $0 with $500 average daily balance
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee refund: None
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
The FirstRate Savings account is First National Bank of Pennsylvania’s only traditional savings account. A modest monthly maintenance fee can be avoided with a $500 average daily balance. The savings account pays a tiered interest rate that is compounded quarterly. Rates are highest for deposits of $50,000 or more. Unlike some other savings accounts, statements are mailed monthly or quarterly, if there is account activity, for no fee.
Federal Reserve Regulation D limits you to a combination of certain six transactions — deposits and/or withdrawals — monthly, if made by pre-authorized, telephone or automatic transfer, or if made by check, debit card or draft. The bank will assess a $15 fee for each such transaction in excess of six, although you’re allowed unlimited deposits or withdrawals in a branch or via an ATM. The bank also reserves the right to convert your interest-bearing account into a non-interest-bearing account if you violate these provisions.
Health Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.05% | $0 |
| 0.10% | $1,000.01 |
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Monthly account maintenance fee: $0 if account holder has a First National Bank of Pennsylvania checking account
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee refund: None
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
First National Bank of Pennsylvania’s Health Savings account, like all HSAs, offers tax-free distributions for qualified medical expenses. It pays interest in tiers, with a balance of $1,000.01 or more earning the highest APY.
Existing First National Bank of Pennsylvania personal checking account holders pay no fee for this savings account. Interest is compounded monthly. Since there are additional tax ramifications involved with opening an HSA, the bank suggests that you may wish to consult with a tax adviser.
How to open First National Bank of Pennsylvania’s savings accounts
As noted earlier, First National Bank of Pennsylvania has one online application that the bank uses to qualify applicants for accounts. Customers can also visit a branch or call the customer service line.
How First National Bank of Pennsylvania’s savings accounts compare
First National Bank of Pennsylvania only has one traditional savings product, the FirstRate Savings account. Rates paid on this account are extremely low. Even though rates are tiered, deposits of $50,000 or more can’t even earn the national average savings account rate, leaving First National Bank of Pennsylvania out of the discussion when compared to the highest online savings rates available.
The Health Savings account is good to have as an option but is just a standard account, paying just slightly higher rates than the savings account.
The accounts offer easy ways to waive their monthly maintenance charges, but still come with the same exorbitant overdraft fees of the checking accounts offered by the bank.
First National Bank of Pennsylvania’s CD rates
Regular CDs
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 0.20% | $500 | 3 months |
| 0.25% | $500 | 6 months |
| 0.25% | $500 | 12 months |
| 0.30% | $500 | 18 months |
| 0.35% | $500 | 24 months |
| 0.35% | $500 | 36 months |
| 0.40% | $500 | 48 months |
| 0.50% | $500 | 60 months |
- Minimum opening deposit: $500
- Minimum balance amount to earn APY: $500
- Early withdrawal penalty: For maturities of 12 months or less, $25 plus 1% of the amount withdrawn; for maturities greater than 12 months, $25 plus 3% of the amount withdrawn
First National Bank of Pennsylvania’s standard CDs range in maturity from three months to 60 months. Interest can be either paid out via check, credited to your certificate or credited to another First National Bank of Pennsylvania account. Interest is fixed and is compounded quarterly.
Flex CD
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 0.20% | $500 | 9-month Flex CD |
- Minimum opening deposit: $500
- Minimum balance amount to earn APY: $500
- Early withdrawal penalty: $25 plus 1% of the amount withdrawn
First National Bank of Pennsylvania’s Flex CD comes in a single 9 month maturity, and it requires only a $500 minimum to earn interest. The Flex CD is available for personal accounts only.
Savers Goal CD
| APY | Minimum Balance to Earn APY | Term |
|---|---|---|
| 0.25% | $100 | 12-month Savers Goal |
- Minimum opening deposit: $100
- Minimum deposit to earn APY: $100
- Early withdrawal penalty: $25, plus 1% of the amount withdrawn
Deposits are made automatically to a Savers Goal CD from a customer’s checking or savings account. The Savers Goal CD comes in a single 12-month maturity. When the CD matures, funds can be used at the customer’s discretion. Interest is compounded and credited quarterly, and the account automatically renews upon maturity if funds are not withdrawn. At $100, this CD carries a smaller opening deposit compared to the bank’s other CDs.
CD Specials
| Term | APY | Minimum Balance to Earn APY |
|---|---|---|
| 13 months | 0.50% | $5,000 |
| 19 months | 0.55% | $5,000 |
| 25 months | 0.60% | $5,000 |
| 52 months | 0.65% | $5,000 |
| 61 months | 0.75% | $5,000 |
- Minimum opening deposit: $5,000
- Minimum deposit to earn APY: $5,000
- Early withdrawal penalty: $25, plus 3% of the amount withdrawn
First National Bank of Pennsylvania’s CD specials are offered in branches only. But the rates are much improved over the bank’s regular CDs.
How to get First National Bank of Pennsylvania’s CD rates
As noted earlier, First National Bank of Pennsylvania has one online application for all account types, including CDs. Note, however, that CD specials can only be applied for in a First National Bank of Pennsylvania branch.
How First National Bank of Pennsylvania’s CD rates compare
First National Bank of Pennsylvania’s standard CDs come with middling yields, with rates below the national averages for all maturities. But the bank’s CD specials are better than respectable, in some cases approaching the best CD rates available nationally.
First National Bank of Pennsylvania’s money market account option
FirstRate Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0 |
| 0.01% | $10,000 |
| 0.01% | $25,000 |
| 0.01% | $50,000 |
| 0.01% | $100,000 |
| 0.01% | $1,000,000 |
- Minimum opening deposit: $50 to open online; $0 to open in a branch
- Minimum balance to earn APY: $0
- Monthly account maintenance fee: $10; $0 if $5,000 average daily balance
- ATM fee: $0, but $2.75 for every out-of-network ATM transaction
- ATM fee refund: None
- Overdraft fee: $37, up to six items per day, plus an additional $12 every third business day the account remains overdrawn; $10 if signed up for automatic transfer of funds to cover overdrafts
First National Bank of Pennsylvania’s FirstRate Money Market account is a hybrid between a savings account and a checking account. The money market earns interest, but also allows customers the freedom to cut an occasional check. The account pays a decent rate for balances as low as $50,000, but saves its best rate for balances of $1,000,000 or more.
The account carries a relatively high monthly maintenance fee, which can only be avoided with a fairly high $5,000 average daily balance in the account. As an account covered by Federal Reserve Regulation D, holders are restricted to six certain withdrawals per month, otherwise First National Bank of Pennsylvania will assess a fee of $5 per instance. In some cases, the bank may close the account in response to excess withdrawals.
How to get First National Bank of Pennsylvania’s money market account
As noted earlier, First National Bank of Pennsylvania has one online application for all account types, including the money market account.
How First National Bank of Pennsylvania’s money market account compares
First National Bank of Pennsylvania’s money market account rates are not very impressive, as even balances of $1,000,000 or more earn less than the national average for money market accounts. Rates for balances below that lofty level fall off quickly, distancing themselves even more from money market averages and not being in the same ballpark as the highest available money market rates at other banks. A fairly high monthly maintenance fee is assessed for customers who can’t maintain the minimum balance requirement.
First National Bank of Pennsylvania IRAs
IRA CDs
| Term | APY | Minimum Balance to Earn APY |
|---|---|---|
| 3 months | 0.20% | $500 |
| 6 months | 0.25% | $500 |
| 12 months | 0.55% | $500 |
| 18 months | 0.45% | $500 |
| 24 months | 0.50% | $500 |
| 36 months | 0.60% | $500 |
| 48 months | 0.70% | $500 |
| 60 months | 0.80% | $500 |
- Minimum opening deposit: $0
- Minimum balance amount to earn APY: $500
- Early withdrawal penalty: For maturities of 12 months or less, $25 plus 1% of the amount withdrawn; for maturities greater than 12 months, $25 plus 3% of the amount withdrawn
First National Bank of Pennsylvania’s IRA CDs mirror their non-IRA CD counterparts, both in terms of available maturities and rates. CDs range from three months to 60 months, with $500 deposits required to earn interest. Interest is fixed and compounded quarterly. Early withdrawal penalties apply, increasing for maturities greater than 12 months.
How First National Bank of Pennsylvania’s IRA CD rates compare
You won’t find specials in the bank’s IRA products. Regular IRA CDs offer middling yields, with rates coming up short compared to the best IRA CD rates available nationally. Early withdrawal penalties are a bit unusual, combining a flat fee with a percentage of the amount withdrawn.
IRA Savings
- Minimum opening deposit: $0
- Minimum balance to earn APY: $0
- Monthly account maintenance fee: $0
- ATM fee: n/a
- ATM fee refund: n/a
- Overdraft fee: n/a
First National Bank of Pennsylvania offers an IRA Savings account for investors wishing to park money and still earn interest without committing to the longer-term CDs that are available. Interest is paid on any deposit, and there are no monthly fees attached to the account. You’ll have to ask the bank for the current rates as they cannot be found on the bank’s website. There is no checking or debit card access to the IRA Savings account.
How to get First National Bank of Pennsylvania’s IRA rates
As noted earlier, First National Bank of Pennsylvania requires applicants for IRA products to call or visit a branch. No online application is available for IRA product at the bank.
Overall review of First National Bank of Pennsylvania’s banking products
First National Bank of Pennsylvania offers a fairly broad range of products, especially when it comes to its checking and CD account options. While functioning accounts can be found in every product category, customers seeking high yields should generally consider other options. With the exception of the bank’s special CD rates, the yields paid on the bank’s other offerings are low.
The bank’s flagship Premierstyle Checking account does offer some enhanced benefits, but its APY is still lacking and it carries some pretty high balance requirements to avoid the excessive monthly maintenance fee. All-in-all, customers can likely find any type of account they’d like at First National Bank of Pennsylvania, but many more attractive options are available.
