First Foundation Bank Online Savings Account

First Foundation Bank Online Savings Account Review

First Foundation Bank Online Savings Account is offered by First Foundation Bank, a bank founded in 1990 and based in Irvine, CA. First Foundation Bank Saving Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.75%, which is much higher than the average interest rate for a savings account. However, you must keep a minimum balance of $1000 to earn that insterest rate.
• $1,000 minimum opening deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.

First Foundation Bank Saving Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Not FDIC-insured. No signup bonus.

First Foundation Bank Saving Account FAQ

Are savings accounts from First Foundation Bank federally insured?

No, your First Foundation Bank savings accounts are not insured by a federal insurance agency. This means that if First Foundation Bank were to fall into financial difficulties, your deposits are not covered by a government-backed insurance fund like the FDIC or NCUSIF.

Does First Foundation Bank offer a signup bonus?

First Foundation Bank Saving Account doesn't offer a signup bonus.

What is the minimum initial deposit for First Foundation Bank Saving Account?

The minimum deposit to open a First Foundation Bank Saving Account is $1,000.

First Foundation Bank Online Savings Account Minimums

Description
Minimum Balance to Earn APY	$1,000
Minimum Opening Deposit	$1,000

What APY does First Foundation Bank Online Savings Account offer?

First Foundation Bank Saving Account offers an APY of 2.75% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

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 Foundation Bank Saving Account charge?

First Foundation Bank Saving Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Can you set up a direct deposit to First Foundation Bank Saving Account?

Yes, you can typically set up a direct deposit to this account. 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.

What is the customer support email for First Foundation Bank Saving Account?

The customer support email for First Foundation Bank Saving Account is onlinebanking@ff-inc.com.