First National Bank
Checking Fees
Savings APY
Minimum Deposit
CDs APY Range
First National Bank offers a variety of checking accounts with manageable fees and low minimums, making it attractive to customers seeking convenient banking solutions. Their services provide easy methods to avoid excessive charges, enhancing overall customer satisfaction.
However, the bank falls short in terms of annual percentage yields, as they offer relatively low rates for most accounts, which might deter customers seeking higher returns on their savings. Moreover, the ATM network is limited, potentially inconveniencing users who rely heavily on ATM access.
Established in February 1864 and headquartered in Greenville, Pennsylvania, First National Bank has grown to encompass 338 branches across 8 states. Pennsylvania, North Carolina, Maryland, Ohio, and South Carolina house the majority of these branches. We've picked First National Bank as one of the best in Pennsylvania.
Pros & Cons
Here are the main pros and cons of First National Bank:
Pros | Cons |
|---|---|
Many branches in Pennsylvania, North Carolina, Maryland, Ohio and South Carolina | Active in 7 states |
Competitive CD rates | Low savings rates |
Variety checking accounts | Fees |
Limited Free ATM network |
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Savings Accounts: Low Rates
FirstRate Savings is an easy and simple way to save money, offering a tiered interest rate and immediate access to funds. The APY is quite low – only 0.01% – 0.05% on your balance, far from what you can get on high-yield savings accounts. The interest compounds quarterly, ensuring steady growth of savings.
To avoid the $5 monthly service charge, a minimum average daily balance of $500 is required. Opening the account at an FNB branch has no minimum deposit requirement, while online account opening demands a $50 minimum deposit.
FirstRate Savings | |
|---|---|
Savings APY | 0.01% – 0.05% |
Savings Fees | $5
Can be waived if you maintain a minimum daily balance of $500
|
Minimum Deposit | $50 |
The account provides convenient online access, including free paper and online statements, a complimentary Visa® debit card with various payment options, and free deposits through various channels.
CDs: Decent Rates But High Minimum
First National Bank offers a range of certificates of deposit (CDs) with terms available from 3 to 60 months. However, regular CDs without the “special” or “promotional” label come with unattractive low rates. Here you can compare CD rates for 6 months with other banks.
To access the promotional APY, customers must fulfill certain conditions: make a minimum opening deposit of $10,000, not currently held in an FNB account, and have an existing First National Bank consumer or business checking account or open a new one.
First National Bank CDs | |
|---|---|
7 Month | 5.00% |
13 Month | 4.75% |
Minimum Deposit | $10,000 |
The special CDs offer two different terms: 7 months and 13 months. They provide a fixed interest rate for the CD's duration, with interest compounded and paid monthly.
Customers have the flexibility to choose how they want to receive the interest—either credited back to the CD, paid by check, or credited to another FNB account.
Checking Accounts For Every Need
First National Bank offers a diverse range of checking accounts, each catering to different customer needs.
- The eStyle Account is a checkless option that helps avoid overdraft fees, and customers can waive the service fee by setting up direct deposit and initiating five transactions monthly. Monthly service fee is $5.
- The eStyle Plus Account provides interest on balances up to $2,500, with no overdraft fees and no paper checks. The monthly service fee is $25 ($1,000 minimum balance to waive it)
- Freestyle Checking is simple, with no monthly service charge, unlimited check writing, and no minimum balance requirements. However, check orders are not free.
- Lifestyle Checking offers interest earnings on balances above $2,500, and customers can avoid the monthly fee by maintaining at least $1,000. It has added perks, including a free FNB Custom Checks first order and a free 3″ x 5″ safe deposit box. The monthly service fee is $10 ($1,000 minimum balance to waive it).
- The Premier style Checking Account is ideal for high-tier benefits, offering interest on balances of $1,000 or more, with higher rates for higher balances. This account comes with various free benefits, such as a safe deposit box, overdraft protection, eStatements or paper statements, incoming domestic wire transfers, stop payments, custom checks, and financial analysis review. Customers can also avoid non-FNB ATM fees and receive up to $15 in ATM fee refunds. Monthly service fee is $25 ($7,500 minimum balance to waive it).
Loans
First National Bank offers a comprehensive range of lending products to meet various financial needs:
Personal Loans: These are unsecured loans that can be used for various purposes, such as debt consolidation, home improvements, or unexpected expenses. The loan is repaid in fixed installments over a set period.
Lines of Credit: A line of credit allows customers to borrow funds up to a predetermined limit. They can use the funds as needed and only pay interest on the amount borrowed.
Personal Credit Cards: First National Bank offers credit cards for personal use, providing a revolving line of credit with various benefits and rewards.
Student Loans: These loans are designed to help students finance their education. They often have favorable terms and flexible repayment options.
Home Equity Loans: Homeowners can borrow against the equity in their homes, receiving a lump sum and repaying it in fixed installments.
Home Equity Line of Credit: Homeowners can access a line of credit based on the equity in their home. They can draw funds as needed and repay with flexible terms.
Mortgages: First National Bank offers mortgage options for buying a new home or refinancing an existing mortgage.
Vehicle Loans: Customers can secure financing for various vehicles, including automobiles and boats/yachts.
How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
