The First Bank review: Southeast US bank with solid free checking and second chance bank accounts

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Overall bank rating

Feature	Insider rating (out of 5)
Savings	3.5
Checking	3.75
Money market account	3.25
CD	4
Trustworthiness	5
Total	4

Pros and cons

Pros	Cons
Certified as a community development financial institution and serves disadvantaged communities Free checking account with no minimum opening deposit Solid interest rates on CDs Possible to waive monthly service fees	Locations only in Alabama, Georgia, Illinois, Mississippi, and Louisiana Low interest rates on savings and money market accounts Monthly service fees on savings and money market accounts Interest compounded monthly or quarterly

Savings

You might like The First Bank First Savings Account if you regularly keep at least $100 in your account, so you don’t have to pay a monthly maintenance fee.

The bank pays a pretty low rate on savings accounts, though. If you’re looking for more competitive interest rates, read our online high-yield savings account guide for more options.

Checking

The First Bank First Freedom Checking Account is a great standard checking account for avoiding monthly maintenance fees because it doesn’t have any minimum balance requirements.

If you have a bad bank account history, The First Bank also provides banking options. You may open a Bank On certified checking account without checks and upgrade to The First Bank First Freedom Checking Account or another checking account after six months of opening.

CD

The First Bank Certificate of Deposit earn a solid interest rate compared to most brick-and-mortar banks. You’ll need at least $1,000 to open a CD, though. 

If you don’t have much money to deposit, review our best CD rates guide for banks that have lower minimum opening requirements. 

Money market account

The First Bank Personal Money Market Account comes with check writing abilities but might be more difficult to manage than the bank’s savings account. You’ll need to keep and maintain at least $1,500 in your account daily to earn interest and waive the $8.50 monthly maintenance fee. 

How The First Bank works

The First Bank is a regional bank and community development financial institution with over 65 branches and ATMs in Alabama, Georgia, Illinois, Mississippi, and Louisiana.

To contact the bank’s Customer Care Center, call from 8 a.m. to 11 p.m. CT on weekdays or 9 a.m. to 5 p.m. CT on weekends.

The First Bank’s mobile app has 4.8 out of 5 stars in the Google Play Store and Apple store. 

The bank is also FDIC insured. Up to $250,000 is secure in an individual bank account. 

The role of CDFIs

Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. 

The First Bank has a Bank On certified checking account, which you may be able to open even if you have a bad bank account history.

The bank has also participated in the American Banking Association’s ‘Teach Children to Save Day,’ a national initiative to help teach children how to save, and partners locally with universities and schools districts to host financial education events as well.

Is The First Bank trustworthy?

The Better Business Bureau rates businesses according to how they respond to customer issues.

The First Bank received an A+ rating from the BBB. A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if a bank might be a good match.

The First Bank also hasn’t been involved in any recent public scandals.

How The First Bank compares

We compared The First Bank to two other brick-and-mortar banks available in the same states: Regions Bank and First Horizon Bank.

Locations AL, GA, IL, MS, LA	Locations AL, AK, FL, GA, IL, IN, IA, KY, MO, MS, NC, SC, TN, TX	Locations AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA
Standout feature Free checking account and second chance checking account	Standout feature Free savings account	Standout feature Free checking account
The First Bank First Savings Account	Regions LifeGreen® Savings Account	First Horizon Bank Traditional Savings Account

If you prefer a bank with a large branch and ATM network, it’ll likely come down to Regions Bank or First Horizon Bank. Regions Bank has over 1,300 branches and 2,000 ATMs. First Horizon Bank has 400 branches in 12 states and 675 free ATMs.

The First Bank might appeal to you more if you are looking for second chance bank accounts. It has a Bank On certified checking account, which may be worth exploring if you struggle to open a checking account at financial institutions. 

Your decision between these three banks could also depend on which bank account you want to open.

First Horizon and The First Bank have free checking accounts, but the savings account might require monthly service fees if you don’t meet certain requirements. Meanwhile, at Regions Bank, there’s a free savings account, but the checking accounts might entail common bank fees depending on how you manage your account.