Thursday, 26 November 2020

First National Bank of America Review: Checking, Savings, CD, Money Market and IRA Accounts

First National Bank of America Review: Checking, Savings, CD, Money Market and IRA Accounts
13 Nov
5:53

First National Bank of America’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

First National Bank of America Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.60%

CD Rates

First National Bank of America 12-23 Month Time CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

First National Bank of America 36-47 Month Time CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.25%

CD Rates

First National Bank of America 60 Month Time CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

First National Bank of America’s checking account options

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How First National Bank of America’s checking accounts compare

Many of First Bank of America’s competitors offer no monthly fees and ATM refunds. Plus, First National Bank of America doesn’t advertise its Simple Checking account APY for you to compare it to our list of the best checking accounts.

You’re probably better off looking elsewhere.

First National Bank of America’s savings account option

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How First National Bank of America’s savings account compares

It’s great that First National Bank of America doesn’t charge you any ATM fees, but its APY is less than impressive. Other institutions offer higher rates than what First National Bank of America offers, alongside no monthly maintenance fees — some of them even provide ATM access. You could be better off going with one of the competitors found on our list of the best online savings accounts.

First National Bank of America’s CD rates

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How First National Bank of America’s CD rates compare

We’re fairly impressed with the rates we’re seeing, as some of them are pretty much equal to online competitors. Other places have lower opening minimum deposit requirements, but not by much.

Considering you can open an account online — much like the banks on our list of the best CD rates — these CDs are worth a look.

First National Bank of America’s money market account option

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How First National Bank of America’s money market account compares

It’s pretty neat that this money market account gives you unlimited withdrawals, ATM access and check-writing capabilities, but the rates aren’t stellar.

Although the highest tier does offer a fairly competitive rate, it requires a much higher minimum deposit amount compared to the ones on our list of the best money market rates. If you don’t have that much cash lying around, you may be better off looking elsewhere.

First National Bank of America’s IRA account options

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How First National Bank of America’s IRA CD rates compare

We’re happy to say that these are on par with some of the best offerings on our list of the best IRA CD rates. Unfortunately, it won’t be as convenient to open an account if you don’t live near one of its branches, so an online option may be a better choice for you.

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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-national-bank-of-america/

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