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  First Horizon Bank Money Market Savings Account

First Horizon Bank Money Market Savings Account

in Money Market Accounts from First Horizon Bank · fdic

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First Horizon Bank Money Market Savings Account

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in Money Market Accounts from First Horizon Bank · Member FDIC

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Highlights
APY (Annual Percentage Yield) 0.01% - 0.1%
APY Minimum Balance $0.01
Minimum Opening Deposit Starting at $50

First Horizon Bank Money Market Savings Account Review

First Horizon Bank Money Market Savings Account is offered by First Horizon Bank, a bank founded in 1864 and based in Memphis, TN. First Horizon Bank Money Market Savings Account is available in 6 states across the USA.

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 0.1%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $0.01.
  • Charges a monthly fee. This account charges a monthly service fee of up to $9, but the fee is waived if you keep a minimum balance of $5,000.
  • Small minimum initial deposit. You only need $50 to open an account.
Pros & Cons of First Horizon Bank Money Market Savings Account
Pros Cons
  • High-interest yield.
  • Does not offer mobile check deposits.
  • Access to physical branches.
  • Free debit card
  • Access to a nationwide network of ATMs.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Only available in 6 states.
  • Monthly service charge.
First Horizon Bank Money Market Savings Account FAQ

Are money market accounts from First Horizon Bank federally insured?

Yes, your First Horizon Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #4977). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for First Horizon money market rates?

First Horizon money market offers an APY starting at 0.01% and ranging up to 0.1% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.

First Horizon money market Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.01% - 0.1%

What are the fees for First Horizon Bank Money Market Savings Account?

This account charges a monthly maintenance fee of up to $9. You can avoid this fee by maintaining a balance of $5,000.
First Horizon Bank Money Market Savings Account Fees
Fees Amount
Monthly Fee up to $9
Paper Statement Fee $2

What is the minimum balance for First Horizon money market?

Minimum deposit of $50. You must make an initial deposit of at least $50 to open this account.

Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $5,000.

Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.

What features and perks does First Horizon money market offer?

This account includes the following features:

  • Fraud monitoring - First Horizon Bank monitors transactions for potentially fraudulent activity.
  • Mobile Banking Services - First Horizon money market allows you to manage your money through online banking and a dedicated mobile app.
  • Nationwide ATM network - First Horizon money market allows you to access your money from an ATM, a convenient feature only a few offer.

What is the customer service phone number?

The customer service number for this business card is (800) 382-5465.

What is the support contact email?

The support contact email for this business credit card is customerservice@firsthorizon.com.

How to open an account with First Horizon Bank

  • Visit the First Horizon Bank website.
  • Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
  • Check the information is accurate and submit your application.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 6 states
  • Florida
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas
  • Virginia

Feature Breakdown

APY Minimum Balance $0.01
Minimum Balance to Avoid Monthly Fee Starting at $5,000
Minimum Opening Deposit Starting at $50
Monthly Fee $0 - $9
Paper Statement Fee $2
Account Features
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • Debit Card
  • Automatic Transfers
  • Branch Access
  • Member FDIC
APY (Annual Percentage Yield) 0.01% - 0.1%
Dividend Compounding Frequency Monthly
Dividend Payout Frequency Monthly

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