You may like First National Bank of America if you live in Michigan and want to use a local bank. Regardless of where you live in the US, it's a good option for CDs. The bank has some of the best CD rates for 4-year and 5-year terms, and you can open CDs online.
First National Bank of America Review: Overall Rating
| Features | Personal Finance Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 4 |
| CD | 3.5 |
| Money market account | 3.75 |
| Trustworthiness | 5 |
| Total | 4 |
First National Bank of America Pros and Cons
| Pros | Cons |
|
|
First National Bank of America Statement Savings Account Review
$2 monthly service fee
0.25%
$100
- Relatively easy to waive $2 monthly service fee
- Higher interest rate than many in-person banks' savings accounts
- $100 minimum opening deposit
- $2 monthly service fee
- 3 branches in Michigan: East Lansing, Grand Rapids, and Traverse City
- To waive $2 monthly service fee, maintain a $199 average daily balance
- Interest compounds daily
- Member FDIC
The First National Bank of America Statement Savings Account may be a good fit if you live in Michigan can maintain a $199 balance, because then you'll waive the $2 monthly service fee.
If you don't live near a branch, First National Bank of America also has a high-yield savings that can be opened online. However, this account has a $1,000 minimum opening deposit, and you'll need to maintain this amount to waive a $10 monthly service fee.
First National Bank of America Personal Checking Account Review
$4 monthly service fee
None
$100
- Relatively easy to waive $4 monthly service fee
- Free overdraft protection when you sweep money from savings into checking
- $100 minimum opening deposit
- $4 monthly service fee
- $0.30 per debit card transaction
- $5 out-of-network ATM fee
- 3 branches in Michigan: East Lansing, Grand Rapids, and Traverse City
- Over 55,000 free ATMs in the Allpoint network
- To waive $4 monthly service fee, maintain a $350 average daily balance
- Member FDIC
You may like First National Bank of America Personal Checking Account if you want free overdraft protection. You'll want to keep an eye out for the $4 monthly service fee. You can waive the fee if you keep at least $350 in your account.
First National Bank of America CD Review
3.81% to 4.26%
$1,000
- Competitive APY
- Term lengths up to 120 months
- $1,000 opening deposit
- High early withdrawal penalties
- 3 branches in Michigan: East Lansing, Grand Rapids, and Traverse City
- You can open CDs in a branch; if you don't live in Michigan, you can open CDs online
- Term lengths ranging from 6 to 120 months
- 90 days of interest for terms of 1-11 Months,180 days interest for terms of 12-23 months, 360 days interest for terms of 24-47 months, 540 days interest for terms of 48 to 84 months
- Interest compounded daily, paid quarterly
- FDIC insured
The First National Bank of America CD offers high interest rates on long-term CDs. These are the only accounts you can open online even if you don't live near a branch.
First National Bank of America HomeTowne Checking Money Market Account Review
$10 monthly service fee
3.26% to 3.51% (vary by location)
$1,000
- Higher interest rate than many in-person banks' money market accounts
- Unlimited check writing
- No debit card transaction fee (regular checking accounts have a $0.30 transaction fee)
- Free overdraft protection when you sweep money from savings into checking
- $1,000 minimum opening deposit
- $10 monthly service fee
- $5 out-of-network ATM fee
- $30 overdraft fee
- 3 branches in Michigan: East Lansing, Grand Rapids, and Traverse City
- Over 55,000 free ATMs in the Allpoint network
- To waive $10 monthly service fee, maintain a $1,000 minimum daily balance
- Interest compounded daily, paid monthly
- Member FDIC
This is sort of like a hybrid checking/savings account. It works like a checking account, but it pays a higher interest rate than the regular checking account. You may like the First National Bank of America HomeTowne Checking Money Market Account if you can maintain a $1,000 balance to waive the $10 monthly service fee.
About First National Bank of America
First National Bank of America has branches in Lansing, Grand Rapids, and Traverse City, Michigan. You have free access to over 55,000 ATMs in the Allpoint network nationwide.
You must open the checking, savings, and money market accounts at a branch. You can open a CD either at a branch or online, and they're available nationwide. If you live in an area without a branch, you're eligible to open an online high-yield savings account.
Branches are open Monday through Friday. The bank has separate phone numbers for insurance, payment issues, and more, and these phone hours are a little longer than the branch hours.
The First National Bank of America mobile app has 4.9 out of 5 stars in the Apple store, and 4.3 out 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts. This means your money is safe even if the bank shuts down.
Is First National Bank of America Trustworthy?
First National Bank of America does not have any public scandals.
The bank has an A+ rating from the Better Business Bureau. A high BBB grade indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.
First National Bank of America FAQs
Yes, First National Bank of America is a legitimate bank. It's located in Michigan and has FDIC insurance.
First National Bank of America has three locations in Michigan (East Lansing, Grand Rapids, and Traverse City).
First National Bank of America is regulated by the FDIC. The FDIC insures bank accounts for up to $250,000 per depositor, per category. If a bank fails, the FDIC protects your insured deposits by moving your money to another FDIC-insured financial institution or sending you a check.
First National Bank of America has online CDs paying 3.81% to 4.26% APY.
How First National Bank of America Compares
First National Bank of America vs. Huntington Bank
If you're looking for a competitive interest rate on a CD, First National Bank of America is likely a better fit. First National Bank of America pays higher interest rates on CDs than Huntington Bank.
Huntington Bank might be a better choice for checking accounts, though. Huntington has a no-fee checking account and ones that provide extra perks, such as cash back and credit score monitoring.
First National Bank of America vs. Chase
If you're looking for a competitive interest rate on a CD, First National Bank of America is likely more suitable than Chase. First National Bank of America pays higher interest rates on CDs.
Chase might be worth considering for a checking account, though. Chase has a couple of accounts included in our best cash bonuses guide. Others have benefits like waived ATM and foreign transaction fees.
Why You Should Trust Us: How We Reviewed First National Bank of America
For our First National Bank of America review, we used our bank account methodology to determine ratings. We rate bank accounts on a scale of one to five stars.
We review specific features for each type of bank account. For example, we'll look at early withdrawal penalties and current rates for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.
For all bank accounts, we'll usually examine minimum opening deposits, monthly service fees, customer support availability, miscellaneous features, security and ethics of the bank, and mobile app ratings.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
