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  First Midwest Bank Diamond Savings

First Midwest Bank Diamond Savings

in Savings Accounts from First Midwest Bank · fdic

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First Midwest Bank Diamond Savings

Unaffiliated

in Savings Accounts from First Midwest Bank · Member FDIC

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Highlights
Monthly Fee $0 - $25
APY (Annual Percentage Yield) 0.01% - 0.05%
APY Minimum Balance N/A

First Midwest Bank Diamond Savings Review

First Midwest Bank Diamond Savings is offered by First Midwest Bank, a bank founded in 1933 and based in Chicago, . First Midwest Bank Diamond Savings is available in 4 states across the USA.

Key Takeaways
  • Higher than average APY. First Midwest Bank Diamond Savings has an annual percentage yield of up to 0.05%, 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 $25, but the fee is waived if you keep a minimum balance of $1,000 or have a monthly direct deposit of $50.
  • $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
First Midwest Bank Diamond Savings Pros & Cons
Pros Cons
  • Interest-yielding account.
  • Access to physical branches.
  • Free debit card
  • Access to a nationwide network of ATMs.
  • Does not offer mobile check deposits.
  • Only available in 4 states.
  • Higher than average wire transfer fees.
  • Monthly service charge (if minimums are not met).
First Midwest Bank Diamond Savings FAQ

Are savings accounts from First Midwest Bank federally insured?

Yes, your First Midwest Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 Midwest Bank offer a signup bonus?

First Midwest Bank Diamond Savings has a signup bonus of $0.

What is the minimum initial deposit for First Midwest Bank Diamond Savings?

The minimum deposit to open a First Midwest Bank Diamond Savings is $100.
First Midwest Bank Diamond Savings Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $1,000
Minimum Direct Deposit to Avoid Monthly Fee $50
Minimum Opening Deposit Starting at $100

What APY does First Midwest Bank offer?

First Midwest Bank Diamond Savings offers an APY starting at 0.01% and ranging up to 0.05% (APY stands for annual percentage yield, rates may change).

What fees does First Midwest Bank Diamond Savings charge?

First Midwest Bank Diamond 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 $1,000. Avoid the monthly fees by setting up a direct deposit of at least $50.

  • Outgoing domestic bank transfers come with a $30 fee.
  • Incoming domestic bank transfers come with a $15 fee.
  • Outgoing international bank transfers come with a $50 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.

What features and perks does First Midwest Bank Diamond Savings offer?

This savings account includes the following features:

  • Mobile Banking Services - First Midwest Bank Diamond 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 Midwest Bank Diamond 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.

What is the customer support email for First Midwest Bank Diamond Savings?

The customer support email for First Midwest Bank Diamond Savings is CustomerCare@FirstMidwest.com.

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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 4 states
  • Illinois
  • Indiana
  • Iowa
  • Wisconsin

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $1,000
Minimum Direct Deposit to Avoid Monthly Fee $50
Minimum Opening Deposit Starting at $100
Monthly Fee $0 - $25
Returned Deposit Fee (Domestic) $36
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $50
Account Features
  • Automatic Transfers
  • Branch Access
  • Debit Card
  • Interest Bearing Account
  • Mobile Banking
  • Nationwide ATM Network
APY (Annual Percentage Yield) 0.01% - 0.05%

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