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First National Bank of America Review 2024

Updated January 2, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
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CDs

Rating: 4.5 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 3.1 stars out of 5

MMA

Rating: 3.9 stars out of 5

About Bankrate Score

Overview

First National Bank of America (FNBA) is a solid choice for consumers who prefer a community bank, live within the bank's branch footprint in Michigan and want competitive APYs on CDs and a money market account, as well as the convenience of online and mobile banking.

Highlights

  • Top CD Rates
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Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
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As of 12/9/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
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Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Checking Account
0.00
%
APY
APY
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As of 12/9/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon

Overall

FNBA is a federally insured bank that opened in 1955 as First National Bank of East Lansing. It pays competitive rates on deposits and offers online and mobile banking. Though CDs can be opened online, most of the bank’s other deposit accounts can only be opened at a branch.

Pros

  • Checkmark Icon

    FNBA pays competitive yields on its CDs and money market account.

  • Checkmark Icon

    It offers access to over 55,000 ATMs across the U.S.

  • Checkmark Icon

    It offers online and mobile banking through its highly rated mobile app.

Cons

  • Most accounts other than CDs must be opened at a branch.

  • Its three branches are all in Michigan.

  • Some online banks offer higher yields.

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First National Bank of America banking products

3.1
Rating: 3.1 stars out of 5
Bankrate Score
Invest Rate Icon
3.00% APY
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Savings Icon
$1,000 minimum balance for APY
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$1,000 minimum deposit to open

First National Bank of America savings overview

First National Bank of America offers a Statement Savings account and a High Yield Savings Account, both of which earn lackluster APYs that are lower than the national average.

Statement Savings requires $100 to open and a $199 average balance to avoid the monthly service fee of $2. High Yield Savings requires $1,000 to open and charges a $10 monthly fee if a $1,000 balance isn’t maintained. Statement Savings needs to be opened in person at a branch. Meanwhile, High Yield Savings can be opened online.

The bank also offers a Health Savings Account that comes with an HSA debit card and is available to those who meet certain qualifications such as being enrolled in a high-deductible health plan.

Pros

  • Checkmark Icon

    Statement Savings has a minimum opening deposit requirement that’s manageable.

  • Checkmark Icon

    Statement Savings has a reasonable minimum balance requirement to avoid a monthly fee.

Cons

  • The Statement Savings account must be opened in a branch.

  • APYs for the Statement Savings and High Yield Savings accounts are below the national average.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    First National Bank of America
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

Bank fees

Fee Charged?
Overdraft fee $5
Non-sufficient funds fee $30
Monthly maintenance fee Depends on the account
Out-of-network ATM fee None
Excessive transaction fee None
Early account closing* $20

*Within 90 days of opening the account

Customer experience

Customer support

Branch availability: FNBA is a family-owned community bank with three branches in Michigan, and it belongs to the Allpoint national ATM network.

Customer service: A phone number for account support is available, and each of the three branches can also be contacted separately by phone. Customer service phone support hours aren’t listed on the bank’s website.

Digital experience

FNBA offers online and mobile banking, with a highly rated mobile app. Most accounts must be opened in person at a branch, however.

About First National Bank of America

First National Bank of America is a family-owned community bank based in East Lansing, Michigan. FNBA offers checking, savings, IRAs and CDs, some with competitive rates, as well as mortgages and business banking products. It has three branches and a large ATM network through Allpoint.

How First National Bank of America compares to other banks

Compare different account types offered by First National Bank of America. Annual percentage yields (APYs) shown were updated between Dec. 2, 2024 and Dec. 8, 2024.

Selected bank
First National Bank of America CD
First National Bank of America Logo
Member FDIC
Bankrate score
Rating: 4.5 stars out of 5
4.5
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Most comparable
TAB Bank CD
TAB Bank Logo
Member FDIC
Bankrate score
Rating: 4.5 stars out of 5
4.5
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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4.26% 4.52%
Minimum deposit
$1,000.00 $1,000.00
Term
1 yr 1 yr
First National Bank of America offers a wide range of CDs, including a 10-year CD. Yields vary, but most First National Bank CDs earn solid to high APYs. At least $1,000 is required to open a CD. TAB Bank offers a handful of CDs, ranging from one to five year terms. All CDs can be opened with $1,000 and they all offer competitive rates, especially true of the shorter terms. Certificates renew automatically, and interest can be paid out monthly or left in the CD to compound.
  • The $1,000 deposit requirement is reasonable.
  • Depending on the term, yields can be competitive.
  • There’s a large range of options available.
  • IRA CDs are available.
  • All CDs offer competitive yields.
  • Interest can be withdrawn without penalty.
    N/A
  • The bank doesn’t offer no-penalty or bump-up CDs.
  • Though relatively standard, some banks require less than $1,000 to open a CD.
  • TAB Bank doesn’t have a wide range of terms to choose from.
    N/A
APY offering:
4.26% - 1 yr
5/5
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Minimum deposit:
$1,000.00
4/5
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Range of term lengths:
6 mos - 5 yrs
4/5
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Early withdrawal penalty:
Average
3/5
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Offer no-penalty or bump-up CDs:
No
0/5
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Offer IRA CDs:
Yes
5/5
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APY offering:
4.52% - 1 yr
5/5
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Minimum deposit:
$1,000.00
4/5
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Range of term lengths:
1 yr - 5 yrs
4/5
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Early withdrawal penalty:
Good
4/5
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Offer no-penalty or bump-up CDs:
No
0/5
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Offer IRA CDs:
Yes
5/5
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Bankrate does not currently track additional product details for this bank.

First National Bank of America vs. Bank of America

Whereas Bank of America has branches in more than half of the U.S., First National Bank only has three — and they’re all in Michigan. While First National Bank offers a wide array of deposit products — including CDs with yields much higher than at Bank of America — you must visit a branch to open most FNBA accounts. That means customers outside of Michigan will find Bank of America a better choice.

First National Bank of America FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.