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

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Updated on Tuesday, September 1, 2020

First Tennessee Bank checking account options

Classic Checking

This is First Tennessee Bank’s basic checking account and you can’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $37

The Classic Checking account is a non-interest bearing account, and there’s no option to waive the monthly fee — which is pretty terrible, considering other places offer opportunities to do so. However, it does come with a few perks. First, you get a standard First Tennessee Bank Visa debit card, which comes with the First Tennessee Bank Cash Rewards program. You’re automatically enrolled in this program and can receive cashback offers from participating retailers, up to 10%. The bank will email you each week with upcoming offers and you select the ones you want.

Other benefits of the account include free online statements, and mobile and online banking. You may also be eligible for bonus rates for First Tennessee Bank’s Regular CDs just for keeping a checking account. If you choose, you can opt for overdraft protection by linking your savings, credit card or home equity line of credit (HELOC) account.

How to get the Classic Checking account

You can open an account by filling out an application form online. You’ll first be asked to enter in your ZIP code to see whether to qualify for a First Tennessee Bank account. If so, you’ll need to enter details such as your name, address and Social Security number. Afterward, you’ll fund your account with a minimum $50 opening deposit.

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Express Checking

This account is a small step up from the classic checking account in that you can waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (can be waived)
  • ATM fee: $3 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $37

The Express Checking account is pretty much the same as the Classic Checking account except that you can rebate the monthly maintenance fee. To do so, you’ll need to make at least one direct deposit each month. This account could be best for those who want an account to deposit their paycheck.

You also get a standard First Tennessee Bank Visa debit card that comes with a cash rewards program. Card holders get cash back — up to 10% — from participating retailers. You also get online and mobile banking, online statements and a CD rate bonus. There’s also overdraft protection. You can link your savings, credit card or HELOC account.

How to get the Express Checking account

You can open an account in as little as 15 minutes when you fill out an online application form. You’ll be asked to enter in your ZIP code to see if you qualify. If you do, then enter in details such as your name, address, Social Security number and a method to fund the account with a $50 minimum opening deposit.

SEE DETAILS Secured

on First Horizon’s secure website

Select Checking

You don’t earn any interest, but you do get one overdraft fee waived each year.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $9 (this can be waived)
  • ATM fee: $3 for out-of-network ATM
  • ATM fee refund: None
  • Overdraft fee: $37

This is also another non-interest bearing account. But it does reward you for making frequent debit transactions. To get your monthly fee waived, you’ll need to make one monthly direct deposit and a minimum of 15 debit transactions each month.

The account comes with free online and mobile banking, estatements, a CD rate bonus opportunity and one overdraft fee waived each year. You can even link your savings, credit card or HELOC account for overdraft protection.

Account holders also get a free standard Visa debit card with the First Tennessee Cash Rewards program. You can get up to 10% cash back at select retailers depending on what is offered each week.

How to get the Select Checking account

You can open an account on First Tennessee Bank’s website by completing an online application form. After entering your ZIP code and finding out if you can qualify, you can go through the process in as little as 15 minutes. The form will ask you for your personal information such as your name, address and Social Security. Then, go ahead and fund your new account with a minimum $50 opening deposit.

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Premier Checking

You can earn interest and receive extra perks, but it comes with a higher monthly maintenance (which you can waive).
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (can be waived)
  • ATM fee: None
  • ATM fee refund: Unlimited
  • Overdraft fee: $37

The Premier Checking account is best for those who intend on keeping a larger stash of cash at the bank and want to earn a bit of interest. The rates aren’t currently advertised on the website, so it’s a good idea to call the bank to double-check before opening an account.

Aside from free online and mobile banking, you get a free set of standard checks, cashier’s checks, two free overdrafts each year and half off a safe deposit box. You also get a CD rate bonus and a free standard Visa debit card that comes with a cash rewards program. With this program, you can receive up to 10% cash back at participating retailers.

Though the monthly maintenance fee seems a bit steep, you can get it waived if you have at least $5,000 in combined monthly balances in your First Tennessee Bank deposit accounts.

If you’re after more benefits, there’s the Premier Plus Banking add-on, which gives you a rate bonus on the Money Market Savings account, no early withdrawals for CDs when you take funds out for personal hardships and a dedicated customer hotline. There is an additional $6 monthly maintenance fee. However, you get that fee rebated if you maintain at least $25,000 in combined deposit balances.

How to get the Premier Checking account

You can fill out an online application form to open the Premier Checking account. First enter in your ZIP code then fill in your personal information such as your name and Social Security, then fund your account with a minimum $50 deposit.

For the Premier Plus Banking add-on, you’ll need to visit a branch or call customer service at 1-888-598-6003.

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How First Tennessee Bank’s checking accounts compare

We’re not terribly impressed with First Tennessee Bank’s checking accounts, to be frank. Most of their accounts aren’t interest-bearing and require monthly maintenance fees. The Premier Checking account earns a pittance of an APY and requires a high minimum balance amount. You’re probably better off looking at other places like the ones on our list of the best online checking accounts.

First Tennessee Bank savings account options

Traditional Savings

You’re barely earning any interest on this account, plus there’s no ATM access.
APYMinimum Balance to Earn APY
0.01%
None
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Quarterly account maintenance fee: $5

The Traditional Savings account doesn’t help you earn a lot of interest and there’s a maintenance fee, though it’s a quarterly fee. To get that waived, you’ll need to maintain a minimum daily balance of $250.

There is no ATM access, though you can link it to a checking account to do so. You can access your account via online banking and see monthly statements at the ATM.

You can also set up automatic savings transfers between your accounts. You are limited up to six debits a month due to Regulation D. However, First Tennessee Bank will charge you $2 per withdrawal if you make more than three each quarter and your average daily balance is lower than $250.

How to get the Traditional Savings account

You can open an account in as little as 15 minutes by filling out an online application form. To do so, first enter in your ZIP code to see if you qualify, then provide personal details such as your name, address and Social Security number. Then you can fund the account.

SEE DETAILS Secured

on First Horizon’s secure website

Member FDIC

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How First Tennessee Bank’s savings accounts compare

There’s not much to say except that you’re barely earning any interest with the savings account. Most savings accounts out there will offer much better rates. To help you compare accounts, check out our list of the best online savings accounts.

First Tennessee Bank CD rates

Regular CD

These fixed-rate CD rates are quite low.
TermAPYAPY with checking account
30 days0.02%
N/A
60 days0.02%
N/A
90 days0.02%
N/A
180 days0.25%
N/A
270 days0.40%
N/A
12 months0.55%
0.25%
24 months0.25%
0.30%
36 months0.25%
0.45%
48 months0.25%
0.55%
60 months0.25%
0.70%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • 7 to 29 days: 30 days’ interest
    • 30 to 364 days: 90 days’ interest
    • 365 days to 5 years: 180 days’ interest

This fixed-rate CD is best for those looking for a higher APY than what the First Tennessee Bank savings account offers. If you happen to have a First Tennessee Bank checking account, you can qualify for the bonus rates you see in the chart above. To qualify, you’ll need to open the CD at a branch or request the rate increase within seven days from your CD renewal date.

Interest earned is compounded daily and credited at maturity or annually if your CD term is over a year. The rate you see above assumes that you keep the entire balance in the account until maturity.

When your CD matures, you have a seven-day grace period to make changes — either make additional deposits, withdrawals or renew for another term — or else it’ll automatically be renewed.

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Member FDIC

Add-On CD

You get the ability to make additional deposits and a fee-free withdrawal, but at the cost of a lower APY.
TermAPYMinimum balance to earn APY
6 months0.02%
$25
6 months0.06%
$25,000
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $25
  • Early withdrawal penalty: 1 free withdrawal every 6 months. Otherwise, 90 days’ interest on amount withdrawn.

The Add-On CD can be a great option if you don’t have a lot of money to open an account initially. With this account, there’s a low opening deposit and you get the opportunity to make additional deposits — a minimum of $25 each time — throughout your CD term, except within seven days of the maturity date.

Interest earned is compounded daily and credited to your account at maturity. Your account will automatically renew unless you notify First Tennessee Bank within the seven-day grace period of any changes you want to make.

How to get First Tennessee Bank CDs

You can open both the Traditional and Add-On CD accounts by filling out an online application form. The process can take as little as 15 minutes. First, enter in your ZIP code and if you are allowed to proceed, enter in details such as your name, address and Social Security number. After that, fund your account.

SEE DETAILS Secured

on First Horizon’s secure website

Member FDIC

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How First Tennessee Bank’s CDs compare

Sadly, both the Traditional and the Add-On CD accounts have extremely low rates when compared with what else is out there. Sure, you can make additional deposits with the Add-On CD, but it may not be worth it when you see how high some of the CD rates are out there.

First Tennessee Bank money market account options

Money Market Savings

These rates are pretty low and you’ll need a hefty deposit amount to qualify for the higher rates.
APYAPY with Premier Plus add-onMinimum Balance to Earn APY
0.01%
0.06%
$0
0.02%
0.07%
$25,000
0.03%
0.50%
$50,000
0.05%
0.80%
$100,000
0.10%
1.06%
$250,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $9 (this can be waived)

This money market account has a low minimum opening deposit. But the minimum balance to earn high APYs are steep for the rates you get. If you have the Premier Plus checking account add-on, however, you do get a bonus rate.

You don’t get ATM access to this account unless you link it to your First Tennessee Bank checking account. You’re also limited up to six debits a month per Regulation D, and your transaction may be denied if you exceed that amount in a month.

To waive the monthly maintenance fee, you’ll need to maintain a minimum of $5,000 in combined balances in First Tennessee Bank deposit accounts.

How to get the Money Market Savings account

You can open a money market account by completing an online application form in as little as 15 minutes. To do so, enter in your ZIP code to make sure you’re eligible to open an account. Then you’ll be asked to provide details such as your name, address and Social Security number, as well as a way to fund the account.

SEE DETAILS Secured

on First Horizon’s secure website

Member FDIC

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How First Tennessee Bank’s money market accounts compare

As with the bank’s other deposit accounts, the rates are lower compared with money market accounts offered by competitors. Even First Tennessee Bank’s highest APY (1.06%) falls far behind the rates found on our list of the best money market rates. And qualifying for that 1.06% rate requires a shockingly high $250,000 minimum balance, plus the Premier Plus add-on.

Overall review of First Tennessee Bank’s banking products

Even with the bonus rates and perks such as the Visa debit card with cash rewards, First Tennessee Bank’s products aren’t that great. To be frank, many other online competitors offer higher rates, lower minimum opening deposits and no monthly fees. If you want accounts that help you maximize your savings, you’re better off doing some shopping around.

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