First National Bank of America review: Michigan bank with high interest rates on CDs

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Overall bank rating

Pros and cons

First National Bank of America Statement Savings Account

The First National Bank of America Statement Savings Account may be a good fit if you can maintain a $199 balance, because then you’ll waive the $2 monthly fee. 

First National Bank of America Personal Checking Account

You may like First National Bank of America Personal Checking Account if you want free overdraft protection. You’ll want to keep an eye out for other fees, though — there’s a $4 monthly fee if you don’t keep $350 in your account, a $5 fee when you use an out-of-network ATM, and a $0.30 debit card transaction fee.

First National Bank Certificate of Deposit

The First National Bank of America Certificate of Deposit is in several of our guides for the best CD rates, including 1-year and 2-year CD rates. These are the only accounts that you can open online even if you don’t live near a branch.

First National Bank of America HomeTowne Checking Money Market Account

This is sort of like a hybrid checking/savings account. It works like a checking account, but it pays a higher interest rate than the regular checking account. You may like the First National Bank of America HomeTowne Checking Money Market Account if you can maintain a First National Bank of America HomeTowne Checking Money Market Account balance to waive the $10 monthly fee.

How First National Bank of America works

First National Bank of America Personal Checking Account has branches in Lansing, Grand Rapids, and Traverse City, Michigan. You have free access to over 55,000 ATMs in the Allpoint network nationwide.

You must open the checking, savings, and money market accounts at a branch. You can open a CD either at a branch or online, and they’re available nationwide. If you live in an area without a branch, you’re eligible to open an online high-yield savings account.

Branches are open Monday through Friday. The bank has separate phone numbers for insurance, payment issues, and more, and these phone hours are a little longer than the branch hours.

The First National Bank of America mobile app has 4.9 out of 5 stars in the Apple store, and 4.6 out 5 stars in the Google Play store.

Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts. This means your money is safe even if the bank shuts down.

Is First National Bank of America trustworthy?

First National Bank of America does not have any public scandals.

The bank has an A+ rating from the Better Business Bureau. A high BBB grade indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.

A good BBB score doesn’t guarantee that you’ll have a strong relationship with a company, though. You still may want to ask friends and family about their experiences with First National Bank of America, or read online customer reviews.

First National Bank of America vs. Huntington Bank

If you’re looking for a competitive interest rate on a CD, First National Bank of America is likely a better fit. First National Bank of America pays higher interest rates on CDs than Huntington Bank.

Huntington Bank might be a better choice for checking accounts, though. Huntington has a no-fee checking account and ones that provide extra perks, such as cash back and credit score monitoring.

First National Bank of America vs. Chase

If you’re looking for a competitive interest rate on a CD, First National Bank of America is likely more suitable than Chase. First National Bank of America pays higher interest rates on CDs 

Chase might be worth considering for a checking account, though. Chase pays cash bonuses on a couple of its accounts. Others have benefits like waived ATM and foreign transaction fees.