First Horizon Bank review: Bank in the Southeast US with low minimum opening deposits

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Overall bank rating

Feature	Insider rating (out of 5)
Savings	3.25
Checking	3.75
CD	3.25
Money market	3
Trustworthiness	5
Total	3.75

Pros and cons

Pros	Cons
No monthly service fees on checking account Possible to waive monthly service fees on savings accounts Low minimum opening deposits Variety of CD terms	Only available in 12 states in the Southeast US Low interest rates on savings accounts Monthly service fees on savings accounts Poor mobile app ratings

Savings

The First Horizon Bank Traditional Savings Account might be worth considering if you’re able to avoid the $5 quarterly service fee. To waive the fee, you’ll need to keep at least $250 in your account daily.

First Horizon Bank doesn’t offer a high-yield savings account. Look over our high-yield savings account guide to see our top picks.

Checking

The First Horizon Bank FirstView Checking Account doesn’t charge monthly service fees and has a low minimum opening deposit.

To avoid overdraft fees, look over the bank’s overdraft protection plans. You may link your checking account to a First Horizon savings account, apply for a line of credit, or use a credit card.

CD

First Horizon Bank Regular Certificate of Deposit are pretty much in line with CDs from other brick-and-mortar banks. You’ll need an initial deposit of at least $1,000, and the interest rates are pretty low.

First Horizon might be decent if you’d like a variety of term options, but keep in mind terms longer than a year only compound interest annually.

Money market account

You might like the First Horizon Bank Money Market Savings Account if you can keep at least $5,000 in your account daily or have a qualifying checking account. Otherwise, you’re better off with the bank’s savings account, so you don’t have to pay the $9 monthly service fee. 

How First Horizon Bank works

In February 2022, First Horizon Bank completed its merger with IberiaBank. If you had an IberiaBank checking, savings, CD, or money market account, it will be converted to a new First Horizon account. You may continue to use your IberiaBank debit card if you have one. Beginning April 1, First Horizon Bank will send out new First Horizon debit cards once existing cards expire.

As of February 2022, First Horizon Bank customers will have access to more than 400 branches in 12 states and 675 free ATMs. You’ll find a nearby branch in the following states:

• Alabama
• Arkansas
• Tennessee
• Florida
• Georgia
• Louisiana
• Mississippi
• New York 
• North Carolina
• South Carolina
• Texas
• Virginia

If you have questions about First Horizon consumer bank products or services, call Client Services from 7 a.m. to 10 p.m. ET on weekdays or 7 a.m. to 5 p.m. ET on Saturdays.

First Horizon’s mobile app is rated 2.3 out of 5 stars in the Apple Store and 2.7 out of 5 stars in the Google Play Store. 

First Horizon Bank is FDIC insured. Up to $250,000 is secure in an individual bank account.

Is First Horizon Bank trustworthy?

First Horizon Bank does not have any recent public scandals.

The bank also has an A+ rating from the Better Business Bureau. The BBB rates businesses according to how effectively they manage customer complaints.

A good BBB rating doesn’t necessarily mean your relationship with the bank will be perfect. Talk to people who already bank with First Horizon or read customer reviews online to see if it will be a good fit.

How First Horizon Bank compares 

We compared First Horizon Bank to two other popular banks in the Southeast: First Citizens Bank and Regions Bank.

Locations AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA	Locations AZ, CA, CO, FL, GA, HA, KS, MD, MI, NE, NV, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI	Locations  AL, AK, FL, GA, IL, IN, IA, KY, LA, MS, NC, SC, TN, TX
Standout feature Free checking account	Standout feature Free savings and checking accounts	Standout feature Free savings account
First Horizon Bank Traditional Savings Account	First Citizens Bank Online Savings Account	Regions LifeGreen® Savings Account

If you’re looking for a bank with a national bank presence, First Citizens Bank or Regions Bank will stand out to you. Out of all three banks, First Citizens Bank is available in the most states. Meanwhile, Regions Bank has over 1,300 branches and 2,000 free ATMs.

You also might want to consider which bank accounts you’d like to open and whether there are potential bank account fees at these financial institutions.

First Citizens Bank is the only bank out of the three to offer both free savings and checking accounts. However, the savings account has a $3 excess withdrawal fee when you exceed two monthly withdrawals.

Regions Bank has a free traditional savings account. However, you might have to deal with monthly service fees and overdraft fees if you get a checking account.

First Horizon Bank has a free checking account with a low minimum opening deposit, but the bank’s savings accounts have monthly service fees unless you qualify to waive them.

Frequently asked questions (FAQ)

Is First Horizon Bank a good bank? 

First Horizon Bank might be a good option for opening bank accounts with low minimum opening deposits. The bank’s checking account also doesn’t charge monthly service fees. However, you’ll have to pay fees on savings accounts unless you qualify to waive them.

Does First Horizon Bank have free checking? 

Yes. The First Horizon Bank FirstView Checking Account is a free checking account. You won’t have to deal with any monthly service fees.

Is IberiaBank now First Horizon?

Yes. As of February 2022, IberiaBank has legally merged with First Horizon Bank. In addition to taking on First Horizon Bank’s name, existing IberiaBank customers are receiving new First Horizon products and services.