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First Foundation Bank Online Savings Account review

Earn 15x the national savings average with no monthly fees.’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


Annual percentage yield (APY)0.50% on balances of $0.01 to $5,000,000
0.35% on balances of $5,000,000.01+
Minimum deposit to open$1,000
Minimum balance to earn interest$0.01
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$20
More info

More Info


Review by

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.

Expert review

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:

  1. Go to the provider’s site and follow the steps to apply.
  2. From First Foundation Bank’s website, select the Personal Banking tab.
  3. From the dropdown menu, click Online Savings.
  4. Click Open Account.
  5. Enter a valid email address, then click Start a New Application.
  6. 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

Required information

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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates

Compare up to 4 providers

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:

Funding options:

  • Check deposit through the First Foundation Bank mobile app
  • Wire transfer
  • ACH transfer
  • In-person at one of its 20 branches
  • Send mailed check

Withdraw options:

  • 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.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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