Thursday, 29 October 2020

First Home Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

First Home Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Jul
3:08

First Home Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

First Home Bank checking account options

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How First Home Bank’s checking accounts compare

We love that there’s an option for those who have had issues opening an account in the past. However, the only account that earns interest is for those 50 years and older. Even then, the rates aren’t nearly as high as the ones you can find on our list of the best checking accounts.

First Home Bank savings account options

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How First Home Bank’s savings accounts compare

We love the high APY for the Kids’ Club savings account, but that’s about it. The other savings account have low rates compared with online competitors. Many competitor accounts also offer no monthly maintenance fees or minimum balance amounts. To help you compare, check out our savings account roundup.

First Home Bank CD rates

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How First Home Bank’s CD rates compare

To be frank, these rates are low compared with some of the best offerings out there. The minimum opening deposit seems higher considering other online competitors have better APYs and lower minimums. Do yourself a favor and consider looking for other options like the ones on our list of the top CD rates.

First Home Bank money market account options

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How First Home Bank’s money market accounts compare

The promotional rate on this money market account is on par with what you will find elsewhere. However, the minimum deposit amount is relatively high and may not be realistic for those who don’t have a lot of cash to spare. In that case, you may want to check out our list of competitive money market accounts to see what competitors are offering.

First Home Bank IRA account options

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How First Home Bank’s IRA CD rates compare

We really want to tell you these are great rates, but we can’t. Ones from other competitors — like on our list of the best IRA CD rates — are much higher. We believe that maximizing your retirement savings is probably a good idea, so you may want to consider other options.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/first-home-bank/

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