First American Bank Review

Overview

First American Bank was founded in 1901 with its headquarters in Elk Grove Village, Illinois. First American Bank has $6.68 billion in assets along with deposits totaling $4.82 billion, making it a large bank. First American Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave First American Bank a 4.1 stars out of 5, suggesting it is a good bank that warrants your consideration. First American Bank provides customers with a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First American Bank offers an option without a maintenance or monthly fee. Using an institution with no-fee checking as well as a high savings APY is the best option for returning the most income on your deposits alongside convenient access to your money.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.50%, First American Bank ranks poorly in comparison to the national average. First American Bank's three-month CD earns at a rate of 3.90% and the one-year CD has a rate of 4.20%, while its highest-yielding money market account has a rate of 3.30%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How First American Bank's Savings Rates Compare

On average, First American Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, First American Bank's checking account is perfect for people who need a hassle-free checking account. First American Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will need to find a First American Bank ATM or eat the fee.

First American Bank is a brick-and-mortar bank, with 59 total bank locations in Florida, Illinois and Wisconsin. It also offers access to mobile and web apps for simple access and banking on the go. First American Bank gets poor feedback from customers for its mobile platform. The First American Bank mobile app scored a 3.2 out of 5 (out of 110 ratings on Apple and Android) compared to the national average of 3.8. First American Bank's mobile app allows you to control your funds by looking at monthly statements, transferring funds and reaching support representatives. However, First American Bank receives an average consumer satisfaction rating due to a large number of consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

First American Bank is currently a large bank with assets totaling $6.68 billion as well as $4.82 billion in deposits. First American Bank's Texas Ratio is 1.50%, suggesting that the bank is in excellent financial well-being and improbable to fail. Additionally, First American Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

First American Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First American Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First American Bank's CD rates are fair in comparison to other U.S. banks.

Find a First American Bank Near Me

First American Bank has 59 locations in the U.S.