Tuesday, 24 November 2020

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

First Tennessee Bank Review: Checking, Savings, CD and Money Market Accounts
04 Nov
4:09

First Tennessee’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

First Tennessee Traditional Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.10%

CD Rates

First Tennessee 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.30%

CD Rates

First Tennessee 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.55%

CD Rates

First Tennessee 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

First Tennessee Bank checking account options

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How First Tennessee Bank’s checking accounts compare

We’re not terribly impressed with First Tennessee Bank’s checking accounts, to be frank. Most of their accounts aren’t interest-bearing and require monthly maintenance fees. The Premier Checking account earns a pittance of an APY and requires a high minimum balance amount. You’re probably better off looking at other places like the ones on our list of the best online checking accounts.

First Tennessee Bank savings account options

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How First Tennessee Bank’s savings accounts compare

There’s not much to say except that you’re barely earning any interest with the savings account. Most savings accounts out there will offer much better rates. To help you compare accounts, check out our list of the best online savings accounts.

First Tennessee Bank CD rates

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How First Tennessee Bank’s CDs compare

Sadly, both the Traditional and the Add-On CD accounts have extremely low rates when compared with what else is out there. Sure, you can make additional deposits with the Add-On CD, but it may not be worth it when you see how high some of the CD rates are out there.

First Tennessee Bank money market account options

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How First Tennessee Bank’s money market accounts compare

As with the bank’s other deposit accounts, the rates are lower compared with money market accounts offered by competitors. Even First Tennessee Bank’s highest APY (1.06%) falls far behind the rates found on our list of the best money market rates. And qualifying for that 1.06% rate requires a shockingly high $250,000 minimum balance, plus the Premier Plus add-on.

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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-tennessee-bank/

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