First National Bank of America Review 2019

First National Bank of America Logo


First National Bank of America is a Michigan-based regional bank with solid deposit account offerings.

Top CD Rates


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About First National Bank of America

First National Bank of America is a family-owned, Michigan-based community bank with three physical branches. The financial institution opened in 1955 as First National Bank of East Lansing. The company transitioned to First National Bank of Michigan in 1978 before ultimately becoming First National Bank of America in 1988. The bank claims more than $1 billion in assets.

First National Bank of America is a solid choice for those looking for a regional bank with solid deposit accounts and fair CD offerings. However, those hunting for the highest interest rates or the latest features from a financial institution should shop around.


  • Savings and checking accounts can each be opened with $100.
  • Access to thousands of ATMs in the Allpoint network.
  • CDs can be opened with $1,000.


  • Only CDs can be opened online. Other accounts must be opened in a branch or through the mail.
  • Branches are limited to Michigan.
  • Other financial institutions offer higher interest rates for savings, checking accounts.

First National Bank of America Services

Savings Rating


First National Bank of America has a Statement Savings account that requires $100 to open. The savings account is available only in a First National Bank of America branch. And it's the only retail savings account the bank offers. The bank has three Michigan branches. Its CDs are the only account available online.


  • Only a $100 minimum to open the Statement Savings account.
  • The Statement Savings account top APY is available on all balances.


  • The Statement Savings account has an APY that’s twice the Bankrate national average. But there are higher APYs available at other institutions.
  • Because all balances receive the same APY, you aren’t rewarded with tiered balances to deposit more. Many online banks offer higher APY accounts with low or no minimum balance.

Savings accounts available from other banks

CDs Rating


First National Bank of America offers CDs across most standard terms. In addition to traditional CDs, there are also options to open a three-, four- or five-year Flex CD, which allows for a one-time rate increase during the length of your term. Early withdrawal penalties vary depending on the CD term. For 12-month CDs, you’ll lose 180 days of interest if you close out your account before your CD matures.


  • Interest is compounded daily.
  • Low minimum deposit to open an account.
  • CDs can be opened online.
  • The bank offers a bump-up Flex CD product.


  • Flex CD rates are lower than they are for their standard CDs.
  • Interest is credited on a quarterly basis.

CDs available from other banks

Checking Rating


Simple Checking is First National Bank of America’s interest-bearing checking option. The account can be opened with $100. FNBA will charge a $6 monthly service charge, plus 30 cents per debit fee, for those who fail to maintain a minimum daily balance of $500 or $750 average daily balance during the statement cycle. Another option from FNBA is the Personal Checking account, which can be opened with a $100 deposit. Users of the account will be charged a $4 monthly service charge, plus 30 cents per debit fee, unless they maintain a minimum daily balance of $100 or an average daily balance of $350 per statement cycle.


  • The account comes with access to online and digital banking.
  • The account be opened with just $100.
  • Won't be charged for using out-of-network ATMs.


  • Low interest on balances compared with competitors with similar products.
  • Monthly service charge and per debit fee for users with certain low balances.
  • Only three physical branches. The account must be opened within a branch.

Checking accounts available from other banks

Bank Experience Rating


First National Bank of America won’t wow you with its digital banking features. But if you like to buy stuff with cash, the bank is worth considering. The institution has partnered with Allpoint, so you will have access to more than 50,000 ATMs across the U.S. Your ability to reach a bank agent on the phone, however, is restricted to weekdays.

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