Skip to Main Content

First National Bank of America Review 2024

Updated January 2, 2024
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

4.0
Rating: 4 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: 3.1 stars out of 5

MMA

Rating: 3.9 stars out of 5

About Bankrate Score

Overview

First National Bank of America (FNBA) 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 a money market account, as well as the convenience of online and mobile banking.

Highlights

  • Top CD Rates
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/25/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 6/25/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/25/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

FNBA is a federally insured bank that opened in 1955 as First National Bank of East Lansing. It pays competitive rates on deposits and offers online and mobile banking. Though CDs can be opened online, most of the bank’s other deposit accounts can only be opened at a branch.

Pros

  • Checkmark

    FNBA pays competitive yields on its CDs and money market account.

  • Checkmark

    It 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

  • Most accounts other than CDs must be opened at a branch.

  • Its three branches are all in Michigan.

  • Some online banks offer higher yields.

CTA We want to know what you think about First National Bank of America

We want to know what you think about First National Bank of America

Do you have experience with FNBA? Let us know your thoughts.

First National Bank of America banking products

3.1
Rating: 3.1 stars out of 5
Bankrate Score

First National Bank of America savings overview

First National Bank of America offers a Statement Savings account and a High Yield Savings Account, both of which earn lackluster APYs that are lower than the national average.

Statement Savings requires $100 to open and a $199 average balance to avoid the monthly service fee of $2. High Yield Savings requires $1,000 to open and charges a $10 monthly fee if a $1,000 balance isn’t maintained. Statement Savings needs to be opened in person at a branch. Meanwhile, High Yield Savings can be opened online.

The bank also offers a Health Savings Account that comes with an HSA debit card and is available to those who meet certain qualifications such as being enrolled in a high-deductible health plan.

Pros

  • Checkmark

    Statement Savings has a minimum opening deposit requirement that’s manageable.

  • Checkmark

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

Cons

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

  • APYs for the Statement Savings and High Yield Savings accounts are below the national average.

  • First National Bank of America
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/25/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $5
Non-sufficient funds fee $30
Monthly maintenance fee Depends on the account
Out-of-network ATM fee None
Excessive transaction fee None
Early account closing* $20

*Within 90 days of opening the account

Customer experience

Customer support

Branch availability: FNBA is a family-owned community bank with three branches in Michigan, and it belongs to the Allpoint national ATM network.

Customer service: A phone number for account support is available, and each of the three branches can also be contacted separately by phone. Customer service phone support hours aren’t listed on the bank’s website.

Digital experience

FNBA offers online and mobile banking, with a highly rated mobile app. Most accounts must be opened in person at a branch, however.

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.

How First National Bank of America compares to other banks

Compare different account types offered by First National Bank of America. Annual percentage yields (APYs) shown were updated between June 18, 2024 and June 24, 2024.

Selected bank
First National Bank of America CD
First National Bank of America Logo
Member FDIC
Bankrate score
Rating: 4.5 stars out of 5
4.5
Info
Most comparable
TAB Bank CD
TAB Bank Logo
Member FDIC
Bankrate score
Rating: 4.5 stars out of 5
4.5
Info
Read review
Caret Down
Bankrate score
Info
Read review
APY
Info
5.05% 5.15%
Minimum deposit
$1,000.00 $1,000.00
Term
1 yr 1 yr
First National Bank of America offers a wide range of CDs, including a 10-year CD. Yields vary, but most First National Bank CDs earn solid to high APYs. At least $1,000 is required to open a CD. TAB bank has certificates of deposit with eight terms and APYs that beat those offered by many traditional banks and even some other online banks. The minimum deposit to open a CD is $1,000. Here are the early withdrawal penalties for TAB Bank CDs: There’s a penalty of 90 days of interest on the amount you withdraw for CDs with a term of one year or less. There’s a penalty of 180 days of interest on the amount you withdraw for CDs with a term of more than one year.
  • The $1,000 deposit requirement is reasonable.
  • Depending on the term, yields can be competitive.
  • There’s a large range of options available.
  • IRA CDs are available.
  • TAB offers a variety of CD-term lengths
  • Interest is paid via check or through a transfer
  • The CD yields are competitive
    N/A
  • The bank doesn’t offer no-penalty or bump-up CDs.
  • Minimum deposit requirements are higher than some competitors
    N/A
APY offering:
5.05% - 1 yr
5/5
Info
Minimum deposit:
$1,000.00
4/5
Info
Range of term lengths:
6 mos - 5 yrs
4/5
Info
Early withdrawal penalty:
Average
3/5
Info
Offer no-penalty or bump-up CDs:
No
0/5
Info
Offer IRA CDs:
Yes
5/5
Info
APY offering:
5.15% - 1 yr
5/5
Info
Minimum deposit:
$1,000.00
4/5
Info
Range of term lengths:
1 yr - 5 yrs
4/5
Info
Early withdrawal penalty:
Average
3/5
Info
Offer no-penalty or bump-up CDs:
No
0/5
Info
Offer IRA CDs:
Yes
5/5
Info
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

First National Bank of America vs. Bank of America

Whereas Bank of America has branches in more than half of the U.S., First National Bank only has three — and they’re all in Michigan. While First National Bank offers a wide array of deposit products — including CDs with yields much higher than at Bank of America — you must visit a branch to open most FNBA accounts. That means customers outside of Michigan will find Bank of America a better choice.

First National Bank of America FAQs

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.