First National Bank of America Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
First National Bank of America (FNBA) is a solid choice for consumers who prefer a community bank, live within the bank's branch footprint in Michigan and want competitive APYs on CDs and a money market account, as well as the convenience of online and mobile banking.
Highlights
- Top CD Rates
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
FNBA is a federally insured bank that opened in 1955 as First National Bank of East Lansing. It pays competitive rates on deposits and offers online and mobile banking. Though CDs can be opened online, most of the bank’s other deposit accounts can only be opened at a branch.
Pros
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FNBA pays competitive yields on its CDs and money market account.
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It offers access to over 55,000 ATMs across the U.S.
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It offers online and mobile banking through its highly rated mobile app.
Cons
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Most accounts other than CDs must be opened at a branch.
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Its three branches are all in Michigan.
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Some online banks offer higher yields.
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First National Bank of America banking products
First National Bank of America savings overview
Statement Savings requires $100 to open and a $199 average balance to avoid the monthly service fee of $2. High Yield Savings requires $1,000 to open and charges a $10 monthly fee if a $1,000 balance isn’t maintained. Statement Savings needs to be opened in person at a branch. Meanwhile, High Yield Savings can be opened online.
The bank also offers a Health Savings Account that comes with an HSA debit card and is available to those who meet certain qualifications such as being enrolled in a high-deductible health plan.
Pros
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Statement Savings has a minimum opening deposit requirement that’s manageable.
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Statement Savings has a reasonable minimum balance requirement to avoid a monthly fee.
Cons
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The Statement Savings account must be opened in a branch.
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APYs for the Statement Savings and High Yield Savings accounts are below the national average.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
First National Bank of AmericaAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $5 |
| Non-sufficient funds fee | $30 |
| Monthly maintenance fee | Depends on the account |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
| Early account closing* | $20 |
*Within 90 days of opening the account
Customer experience
Customer support
Branch availability: FNBA is a family-owned community bank with three branches in Michigan, and it belongs to the Allpoint national ATM network.
Customer service: A phone number for account support is available, and each of the three branches can also be contacted separately by phone. Customer service phone support hours aren’t listed on the bank’s website.
Digital experience
FNBA offers online and mobile banking, with a highly rated mobile app. Most accounts must be opened in person at a branch, however.
About First National Bank of America
First National Bank of America is a family-owned community bank based in East Lansing, Michigan. FNBA offers checking, savings, IRAs and CDs, some with competitive rates, as well as mortgages and business banking products. It has three branches and a large ATM network through Allpoint.
How First National Bank of America compares to other banks
Compare different account types offered by First National Bank of America. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.
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Selected bank
First National Bank of America CD
Bankrate score
4.3
Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
Most comparable
TAB Bank CD
Bankrate score
4.6
Bankrate CD rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
Bankrate score
Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
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| 5.15% | 5.27% | |
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Minimum deposit
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| $1,000.00 | $1,000.00 | |
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Term
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| 1 yr | 1 yr | |
| FNBA offers a wide array of CD terms, ranging from one month to seven years for CDs opened in a branch and one year to seven years for those opened online. The bank is currently offering competitive APYs on all the offered terms. | TAB bank has certificates of deposit with eight terms and APYs that beat those offered by many traditional banks and even some other online banks. The minimum deposit to open a CD is $1,000. Here are the early withdrawal penalties for TAB Bank CDs: There’s a penalty of 90 days of interest on the amount you withdraw for CDs with a term of one year or less. There’s a penalty of 180 days of interest on the amount you withdraw for CDs with a term of more than one year. | |
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N/A
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N/A
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APY offering:
5.15% - 1 yr
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.
Minimum deposit:
$1,000.00
4/5
The minimum deposit amount a financial institution requires in order to open a CD.
Range of term lengths:
1 yr - 5 yrs
3/5
A designated amount of time that funds must be held within a CD.
Early withdrawal penalty:
Average
3/5
A penalty incurred when funds have been withdrawn from a CD before its maturity date.
Offer no-penalty or bump-up CDs:
No
0/5
A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.
Offer IRA CDs:
Yes
5/5
An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.
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APY offering:
5.27% - 1 yr
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.
Minimum deposit:
$1,000.00
4/5
The minimum deposit amount a financial institution requires in order to open a CD.
Range of term lengths:
6 mos - 5 yrs
5/5
A designated amount of time that funds must be held within a CD.
Early withdrawal penalty:
Average
3/5
A penalty incurred when funds have been withdrawn from a CD before its maturity date.
Offer no-penalty or bump-up CDs:
No
0/5
A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.
Offer IRA CDs:
Yes
5/5
An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.
The minimum deposit amount a financial institution requires in order to open a CD.
A designated amount of time that funds must be held within a CD.
A penalty incurred when funds have been withdrawn from a CD before its maturity date.
A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.
An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.
Bankrate does not currently track additional product details for this bank.
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First National Bank of America vs. Bank of America
Whereas Bank of America has branches in more than half of the U.S., First National Bank only has three — and they’re all in Michigan. While First National Bank offers a wide array of deposit products — including CDs with yields much higher than at Bank of America — you must visit a branch to open most FNBA accounts. That means customers outside of Michigan will find Bank of America a better choice.
First National Bank of America FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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