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First National Bank of America Review 2023

Updated April 26, 2023
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 3.2 stars out of 5

MMA

Rating: 4.8 stars out of 5

About Bankrate Score

Overview

First National Bank of America 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 checking accounts, as well as the convenience of online and mobile banking.

Highlights

  • Top CD Rates
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/2/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info
As of 6/2/2023
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 6/2/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.

Overall

FNBA is a federally insured bank. It opened in 1955 as First National Bank of East Lansing. It pays very solid interest rates on deposits and offers the conveniences of online and mobile banking. Though CDs can be opened online, the bank’s checking and Statement Savings and money market accounts can only be opened at a branch.

Pros

  • Checkmark

    It pays competitive yields on deposits, especially its CDs.

  • Checkmark

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

  • Checkmark

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

Cons

  • Accounts other than CDs must be opened at a branch.

  • Its three branches are all in Michigan.

  • Some online banks offer higher yields.

First National Bank of America banking products

3.2
Rating: 3.2 stars out of 5
Bankrate Score

First National Bank of America savings overview

First National Bank of America offers the Statement Savings account, a High Yield Savings Account and a health savings account. Statement Savings pays a decent APY that is about on par with the national average and requires only $100 to open. You must maintain an average balance of $199 to avoid a monthly service fee.

FNBA's High Yield Savings Account pays a paltry yield and requires $1,000 to open. It can be opened online.

Pros

  • Checkmark

    Statement Savings has a reasonable opening deposit.

  • Checkmark

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

  • Checkmark

    The Statement Savings APY is above the national average.

  • Checkmark

    The High Yield Savings Account pays a very competitive APY and can be opened online.

Cons

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

  • Statement Savings doesn't have APY tiers, so bigger savers are not rewarded with higher rates.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/2/2023
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Bank experience

First National Bank of America is a family-owned community bank with three branches in Michigan.

The bank’s mobile app is highly rated on the Apple App Store and the Google Play Store, though both have only been reviewed by a relatively small number of users. The apps let you make person-to-person transactions, pay your bills, make mobile deposits and transfer money between accounts. 

Customer service is available by phone or online.

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. It also offers online and mobile banking and has a highly rated mobile app. Most accounts must be opened in a branch.

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.