First Foundation Bank Online Savings Account review
Earn 15x the national savings average with no monthly fees.
finder.com’s rating: 3.7 / 5.0
The First Foundation Bank Online Savings Account has a competitive 0.5% APY, no monthly fees, and offers an ATM card. But there’s a $1,000 opening deposit requirement.
Up to 0.50%
Minimum deposit to open
Alexa Serrano is an editor at Finder specializing in banking and kid’s debit cards. A certified anti-money laundering specialist, Alexa helps guide readers to the best savings and checking accounts for their financial goals. Her expertise has been featured on top publications including Best Company, U.S. News & World Report, MSN and Yahoo. And she’s frequently interviewed by broadcast news publications across the country, including Fox News and NBC News. Alexa earned a BA in English from Wesleyan College and enjoys reading memoirs in her spare time.
This account lets you earn0.5% APY with no monthly fees and grants access to nationwide ATMs with unlimited ATM fee reimbursements. Plus, the account gives you the option of requesting an ATM card — a perk that’s not common for savings accounts.
But you’ll need to have $1,000 handy to open the account, and if you plan on withdrawing money from the ATM, you’re limited to $500.
How do I open a First Foundation Bank Online Savings Account?
Opening an Online Savings account can be completed within minutes:
- Go to the provider’s site and follow the steps to apply.
- From First Foundation Bank’s website, select the Personal Banking tab.
- From the dropdown menu, click Online Savings.
- Click Open Account.
- Enter a valid email address, then click Start a New Application.
- Enter your personal information, including your Social Security number, employee information and answers to backup withholdings, senior foreign official, and international payments. Then click Verify My Identity.
You’ll need to meet the following requirements to open an
- At least 18 years old
- Valid residential address
- $1,000 opening deposit
Have the following information handy when applying for an account:
- Personal and contact information
- Social Security number
- Valid driver’s license or other government-issued ID
- Account and routing number or a check to fund your account
- Employment information
Can non-residential aliens or foreign nationals apply?
Yes, but not online. You’ll need to visit one of the First Foundation branches to inquire about opening an account.
What are the benefits of a First Foundation Bank Online Savings Account?
Aside from allowing you to conveniently track your account activity and pay your bills through the app or online, it offers these other attractive benefits:
- High APY. Earn 0.5% APY — a rate that’s 15x the national saving average.
- No monthly maintenance fee. Don’t worry about meeting certain requirements to waive a monthly fee.
- ATM card. Request an ATM card to withdraw your money from any ATM in the country. Plus, you can get up to $20 in ATM reimbursements and there’s no monthly reimbursement limit.
- Online banking. As an online savings account, you don’t need to visit a branch. But if you need in-person assistance, branches are limited to Nevada, California, and Hawaii.
What should I look out for?
Some drawbacks you’ll find with this account:
- High minimum deposit. You’ll need $1,000 of new money to open an account. This means you can’t transfer money from an existing First Foundation Bank account to open your savings account. You’ll need to deposit a check or transfer from an external bank account.
- Low ATM withdrawal limits. You’re limited to withdrawing $500 per day from the ATM. Compare this to banks like Ally Bank that have a $1,000 daily ATM withdrawal limit.
If you want a high-yield savings account with a lower or no minimum deposit, you’ll want to keep looking. As always, compare your options when considering a high-yield savings account.
Compare First Foundation Bank Online Savings Account with other savings accounts
How do I deposit or withdraw my money?
Here’s how you can fund your First Foundation Bank Online Savings Account or access your money:
- Check deposit through the First Foundation Bank mobile app
- Wire transfer
- ACH transfer
- In-person at one of its 20 branches
- Send mailed check
- ATM withdrawal via ATM card
- Wire transfer
- ACH transfer
- In-person at a branch
- Telephone transfer
- Request a check by mail
What other savings options does First Foundation Bank offer?
First Foundation also offers these savings products:
- Personal Savings. You’ll need $100 to open this account. There’s a $250 minimum daily balance with a $3 monthly maintenance fee.
- Senior Savings (+55). Has the same daily minimum balance and opening deposit as the Personal Savings account, but there’s no paper statement fee.
- Personal Money Market. Offers tiered reward system — the more you save, the more you earn. You must maintain a $2,500 daily balance to avoid its $20 maintenance fee.
- Personal CD. Save for your short- and long-term goals with 0.75% APY. Requires a $2,500 opening deposit.
- Personal IRA CD. It focuses on your short- and long-term retirement goals, requires a $2,500 opening deposit, and has a 0.75% APY. And it’s backed with the maximum FDIC insurance allowed by law.
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