First National Bank of America Review 2024 (2024)

First National Bank of America is a brick-and-mortar bank with several banking options for consumers and small businesses. However, most of the bank’s products are available exclusively to Michigan residents, and account details—including rates—are not readily available for other products. Only FNBA’s certificates of deposit (CDs) and high-yield savings accounts can be opened online by customers in any state.

FNBA offers two checking accounts, three savings accounts, a money market checking account and many standard CDs.

FNBA Checking

First National Bank of America offers three different checking accounts: Personal Checking, Simple Checking and HomeTowne Checking. These are only available to Michigan residents.

First National Bank of America Personal Checking Account

The First National Bank of America Personal Checking account requires $100 as an initial deposit to open. Monthly service fees and transaction fees may vary by location, but you can avoid those fees by meeting a daily balance of $100 or an average daily balance of $350 during the statement cycle. This account comes with a free debit card but does not accrue any interest.

First National Bank of America Simple Checking Account

The First National Bank of America Simple Checking account has the same initial deposit requirement of $100, but it requires either a $500 minimum daily balance or a $750 average daily balance for the monthly statement cycle to avoid fees. The monthly service charge for failing to meet the minimum balance requirement may vary by location. In contrast to the first personal checking account, this account does accrue interest.

FNBA Savings

First National Bank of America offers three different savings accounts. These include the First National Bank of America High Yield Savings Account, the First National Bank of America Statement Savings account and the First National Bank of America Health Savings Account (HSA), designed for saving money for upcoming medical expenses. The bank’s Statement Savings and Health Savings Account are only available to residents of Michigan, while High Yield Savings is available to savers nationwide.

High Yield Savings Account

The High Yield Savings Account pays 3.00% APY. There’s a $1,000 minimum opening deposit requirement and a $1 million maximum funding limit. It has a $10 monthly maintenance fee if a minimum balance of $1,000 isn’t maintained. There is a daily withdrawal limit of $2,500. This account can be opened online.

Overall, this account is not competitive with the best high-yield savings accounts—many online banks and credit unions pay better APYs with no deposit requirements or monthly fees.

Statement Savings Account

The Statement Savings account has a $100 account opening minimum and earns 0.25% APY, with interest paid and compounded monthly. You must maintain an average daily balance of $199 to avoid a $2 monthly service fee.

Health Savings Account

This health savings account (HSA) has a $50 minimum balance requirement to open and avoid fees. The account also earns interest, though the rate is not disclosed, and includes an HSA debit card specifically for healthcare expenses. It carries a $2 paper statement fee as well.

To fund this account, you can make automatic deductions from your paycheck, recurring transfers from another account, direct deposit contributions or a check deposit.

HSAs help individuals with high deductible health plans save for upcoming healthcare expenses. The best health savings accounts provide account holders with choices about how to invest their money and high earning potential.

FNBA Money Market Checking Account

First National Bank of America offers a money market account that acts as a checking account. The First National Bank of America HomeTowne Money Market Checking account guarantees to pay the best money market account rate in town: FNBA will beat any rate offered by an FDIC-insured bank in one of its locations. It also provides unlimited check-writing capabilities and an ATM/debit card.

However, it requires a $1,000 balance to open and maintain the account. There’s a monthly service charge unless you maintain a daily balance of $1,000, but it may vary by location.

FNBA CDs

FNBA also offers certificates of deposit (CDs) to all customers with a deposit requirement of $1,000. Its rates are in line with the best CD rates, or close behind, for many terms.

First National Bank of America Certificates of Deposit is available to residents of all 50 states. However, the rates and options can differ slightly for Michigan residents.

Interest is compounded quarterly and added back to your account by default, but you can also opt to receive interest disbursem*nts. Early withdrawal penalty fees of between 90 and 540 days’ interest apply for withdrawing principal before your CD matures. You will receive a notice 30 days before your CD reaches maturity reminding you that it’s expiring, but CD accounts renew automatically for the same term unless you request otherwise at maturity.