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  First Bank Statement Savings

First Bank Statement Savings

in Savings Accounts from First Bank · fdic

Unaffiliated

First Bank Statement Savings

Unaffiliated

in Savings Accounts from First Bank · Member FDIC

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Highlights
Monthly Fee $0 - $3
APY (Annual Percentage Yield) 0.20%
APY Minimum Balance N/A

First Bank Statement Savings Review

First Bank Statement Savings is offered by First Bank, a bank founded in 1906 and based in Creve Coeur, MO. First Bank Statement Savings is available in 3 states across the USA.

Key Takeaways
  • Higher than average APY. First Bank Statement Savings has an annual percentage yield of up to .20%, which is higher than the national average interest rate on savings accounts.
  • Charges a monthly fee. This account charges a monthly service fee of up to $3, but the fee is waived if you keep a minimum balance of $100.
  • $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
  • Bill pay. Pay your bills to practically anyone in the United States through First Bank.
First Bank Statement Savings Pros & Cons
Pros Cons
  • Interest-yielding account.
  • 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.
  • Does not offer mobile check deposits.
  • Only available in 3 states.
  • Monthly service charge.
First Bank Statement Savings FAQ

Are savings accounts from First Bank federally insured?

Yes, your First Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #12229). 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.

Does First Bank offer a signup bonus?

First Bank Statement Savings doesn't offer a signup bonus.

What is the minimum initial deposit for First Bank Statement Savings?

The minimum deposit to open a First Bank Statement Savings is $100.
First Bank Statement Savings Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $100
Minimum Opening Deposit Starting at $100

What APY does First Bank offer?

First Bank Statement Savings offers an APY of .20% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does First Bank Statement Savings charge?

First Bank Statement Savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $100.

What features and perks does First Bank Statement Savings offer?

This savings account includes the following features:

  • Fraud monitoring - First Bank Statement Savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - First Bank Statement Savings allows you to manage your money online or with a mobile app.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to First Bank Statement Savings?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

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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 3 states
  • California
  • Illinois
  • Missouri

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $100
Minimum Opening Deposit Starting at $100
Bank Teller Fee $0
Monthly Fee $0 - $3
Account Features
  • Member FDIC
  • Branch Access
  • Debit Card
  • Free Bill Pay
  • Fraud Monitoring
  • Mobile Banking
  • Nationwide ATM Network
  • Interest Bearing Account
APY (Annual Percentage Yield) 0.20%

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