Skip to Main Content

First National Bank of America Review 2022

Updated November 15, 2022
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

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

CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.1 stars out of 5

Savings

Rating: 3.6 stars out of 5

About Bankrate Score

Hover for more

Overview

First National Bank of America is a solid choice for consumers who prefer a community bank, live within the bank's branch footprint and want competitive APYs on CDs and other deposits, as well as the convenience of online and mobile banking.

Highlights

  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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.

Pros

  • Checkmark

    It pays competitive yields on deposits.

  • 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 bank products

3.6
Rating: 3.6 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 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.

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 well 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
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

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.