First National Bank of America Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
4.1

Bankrate Score

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Top CD rates

First National Bank of America is a solid choice for consumers who prefer a community bank and are looking for decent returns on CDs and other deposits.

  • Savings
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    3.6
  • CDs
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    4.7
  • Checking
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    3.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Overall

    4.1

    Bankrate Score

    FNBA is a federally insured bank with more than $2.6 billion in assets. It opened in 1955 as First National Bank of East Lansing.

    What we like

    • It pays competitive yields on deposits.

    • FNBA offers access to over 50,000 ATMs across the U.S.

    • It offers online and mobile banking through its mobile app.

    What we don't

    • Accounts other than CDs must be opened at a branch or through the mail.

    • Its three branches are all in Michigan.

    • Some online banks offer higher yields.

    Savings accounts

    3.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    First National Bank of America offers three interest-bearing savings accounts. The high-yield savings account pays a decent APY, but is only for online customers and requires $1,000 to open. Statement Savings requires only $100 to open and a $199 average balance to avoid service charges. FNBA also offers a Health Savings Account with a competitive yield.

    What we like

    • The savings account choices fit different goals and needs.

    • Statement Savings account has a manageable opening deposit and minimum balance requirement.

    • Statement Savings top APY applies to all balances.

    What we don't

    • The high-yield account is for online customers only.

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

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    First National Bank of America offers seven terms on certificates of deposit, ranging from one year to seven years. Annual percentage yields are better than some online banks, which typically pay the top rates. A CD account can be opened online or in a branch.

    What we like

    • FNBA offers very competitive yields.

    • There are seven CD terms to choose from.

    • CD accounts can be opened online.

    • You can open a CD with just $1,000.

    What we don't

    • The bank does not offer specialty CD products.

    • You can find better yields at some online banks.

    • Early withdrawal penalties are much stiffer for longer-term CDs.

    Checking accounts

    3.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    FNBA has two interest-bearing accounts. HomeTowne Checking pays top-tier rates, but requires $1,000 to open with a $1,000 minimum balance requirement to avoid a $10 monthly charge. It also requires a $100,000 balance to get the top rate. Simple Checking requires only $100 to open, but it has a $500 daily balance or $750 average daily balance to avoid a $6 monthly service fee, plus 30 cents per debit transaction. Personal Checking doesn't pay interest, requires $100 to open, has a $100 minimum daily balance or $350 average daily balance requirement. The non-sufficient funds fee is $30 per day.

    What we like

    • HomeTowne Checking pays top-tier rates.

    • Simple Checking pays a competitive rate.

    • The bill payment feature adds convenience.

    What we don't

    • HomeTowne Checking requires a $100,000 balance to get the best rate.

    • HomeTowne Checking has a high opening deposit.

    • You must visit a branch to open a checking account.

    Bank experience

    First National Bank of America is a family-owned community bank with three branches in Michigan. It pays very solid interest rates on deposits and offers the conveniences of online and mobile banking. Its mobile app is highly rated. FNBA is a good choice for consumers who prefer smaller banks and higher returns.

    About First National Bank of America

    First National Bank of America is a family-owned community bank based in East Lansing, Michigan. FNBA offers deposit accounts with very competitive rates, 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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a contributing writer to Bankrate. Previously, she was Bankrate's chief copy editor. Libby has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.