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First National Bank of America Review 2022
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
CD
Overall
4.2
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
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It pays competitive yields on deposits.
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FNBA offers access to over 55,000 ATMs across the U.S.
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It offers online and mobile banking through its highly rated mobile app.
What we don't
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Accounts other than CDs must be opened at a branch.
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Its three branches are all in Michigan.
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Some online banks offer higher yields.
Savings accounts
3.6
Bankrate Score
Member FDIC
Savings account
First National Bank of America offers the Statement Savings account, a High Yield Savings Acccount and a health savings account. Statement Savings pays a decent APY that far exceeds the national average and requires only $100 to open. You must maintain an average balance of $199 to avoid a $2 monthly service fee.
FNBA's High Yield Savings Account pays a very competitive yield and requires $1,000 to open. It can be opened online.
What we like
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Statement Savings has a reasonable opening deposit.
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Statement Savings has a reasonable minimum balance requirement to avoid a monthly fee.
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The Statement Savings APY is well above the national average.
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The High Yield Savings Account pays a very competitive APY and can be opened online.
What we don't
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The Statement Savings account must be opened in a branch.
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Statement Savings doesn't have APY tiers, so bigger savers are not rewarded with higher rates.
CD rates
4.7
Bankrate Score
Member FDIC
CD
First National Bank of America offers seven terms of 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 can be opened online or in a branch and there is no difference in the interest rate.
A $1,000 minimum deposit is required to open a CD. Early withdrawal penalties are much higher for longer-term CDs.
What we like
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FNBA offers very competitive yields.
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There are seven CD terms to choose from.
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CD accounts opened online and in a branch pay the same APY.
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The minimum opening deposit for a CD is fairly low at $1,000.
What we don't
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The bank does not offer specialty CDs, such as no-penalty or bump-up CDs.
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Better yields can be found at some online banks.
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Early withdrawal penalties are much stiffer for longer-term CDs.
Checking accounts
4.1
Bankrate Score
Member FDIC
Checking account
FNBA has two interest-bearing accounts that can only be opened at one of its three branches.
Simple Checking, which Bankrate scored for this review, pays a competitive APY and requires only $100 to open, but it has a $500 minimum daily balance or $750 average daily balance requirement to avoid a $6 monthly service fee. It comes with a free ATM/debit card at account opening.
HomeTowne Checking pays top-tier rates and requires $1,000 to open. But it has a $1,000 minimum balance requirement to avoid a $10 monthly charge.
FNBA's nonsufficient funds fee is $30, which is below the national average.
What we like
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Simple Checking pays a competitive rate.
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Simple Checking comes with a debit/ATM card.
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HomeTowne Checking pays top-tier rates.
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The NSF fee is lower than the national average.
What we don't
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You must visit a branch to open a checking account.
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HomeTowne Checking has a high opening deposit.
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. Though CDs and the high-yield savings account can be opened online, checking and statement savings accounts can only be opened at a branch. The bank’s 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 checking, savings, IRAs and CDs 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.
Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.
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