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  First Horizon Bank Traditional Savings Account

First Horizon Bank Traditional Savings Account

in Savings Accounts from First Horizon Bank · fdic

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First Horizon Bank Traditional Savings Account

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in Savings Accounts from First Horizon Bank · Member FDIC

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Highlights
Monthly Fee N/A
APY (Annual Percentage Yield) 0.01%
APY Minimum Balance $0

First Horizon Bank Traditional Savings Account Review

First Horizon Bank Traditional Savings Account is offered by First Horizon Bank, a bank founded in 1864 and based in Memphis, TN. First Horizon Bank Traditional Savings Account is available in 5 states across the USA.

Key Takeaways
  • Low APY. The maximum annual percentage yield for this account is only 0.01%.
First Horizon savings account Pros & Cons
Pros Cons
  • Interest-yielding account.
  • Access to physical branches.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card
  • Only available in 5 states.
  • Higher than average wire transfer fees.
First Horizon savings account FAQ

Are savings accounts from First Horizon Bank federally insured?

Yes, your First Horizon Bank savings 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.

Does First Horizon Bank offer a signup bonus?

First Horizon savings account doesn't offer a signup bonus.

What is the minimum initial deposit for First Horizon savings account?

The minimum deposit to open a First Horizon savings account is $50.
First Horizon Bank Traditional Savings Account Minimums
Description
APY Minimum Balance $0
Minimum Opening Deposit Starting at $50
Minimum Required Balance $250

What APY does First Horizon Bank offer?

First Horizon savings account offers an APY of 0.01% (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 Horizon savings account charge?

First Horizon savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • Outgoing domestic bank transfers come with a $25 fee.
  • Incoming domestic bank transfers come with a $15 fee.
  • Outgoing international bank transfers come with a $55 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Incoming international bank transfers come with a $15 fee.
  • First Horizon savings account charges $2 every time you request a paper statement.

What features and perks does First Horizon savings account offer?

This savings account includes the following features:

  • Mobile Banking Services - First Horizon savings account allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to First Horizon savings account?

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.

What is the customer support email for First Horizon savings account?

The customer support email for First Horizon savings account is customerservice@firsthorizon.com.

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Availability

  Available in 5 states
  • Florida
  • Nevada
  • Tennessee
  • Texas
  • Virginia

Feature Breakdown

APY Minimum Balance $0
Minimum Opening Deposit Starting at $50
Minimum Required Balance $250
Paper Statement Fee $2
Returned Deposit Fee (Domestic) $37
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $25
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $55
Account Features
  • Mobile Banking
  • Branch Access
  • Member FDIC
APY (Annual Percentage Yield) 0.01%

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