First Foundation bank review September 2024: Offers numerous deposit accounts, and competitive APY, but the requirements are steep
Ashley Barnett is a seasoned financial writer with over 15 years of experience. Ashley is dedicated to empowering others through her writing and is committed to providing accessible financial guidance. She has been published at sites such as Forbes, CNN, and USA Today.
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
Founded in 2007, First Foundation is a Federal Deposit Insurance Corp. (FDIC)-insured bank with 33 branches in California, Florida, Hawaii, Nevada, and Texas. Its parent company is Texas-based First Foundation Inc., which also operates the wealth management company First Foundation Advisors. Its offerings include checking, savings, money market accounts (MMAs), and certificates of deposit (CDs).
First Foundation Bank was created initially to serve wealth advisory clients but has since expanded to offer consumer accounts to appeal to a broader base of consumers with more varied banking needs. It puts a strong focus on customer service and a high-touch banking experience, but it has a more limited digital experience as a result.
All rates and fees are current as of July 5, 2024, and are subject to change.
First Foundation Bank
Checking accounts: | Starting at $0 per month |
Savings accounts: | Open with $1000 |
Certificate of deposit (CD) rates: | Earn up to 5.00% annual percentage yield (APY) |
Pros
- Competitive interest rates
- Strong customer service
- Good account variety
Cons
- Some accounts can only be opened in person
- The interest-bearing checking account has a monthly fee (waivable)
- Sparse digital banking tools
First Foundation rates and products
In addition to savings accounts, First Foundation offers several consumer account options including a variety of checking accounts, money market accounts (MMAs), and certificates of deposit (CDs).
Checking accounts
First Foundation Bank offers three checking accounts: Personal Checking, Personal Interest Checking, and Senior Interest Checking.
All three accounts have a debit card, Zelle, bill pay, and mobile deposits. First Foundation will also reimburse up to $20 in ATM fees per month from ATMs nationwide.
Personal Checking
The Personal Checking account has no monthly fee and a $100 minimum opening deposit. It is the only checking account that does not accrue any interest.
You can open this free checking account online if you are already a First Foundation customer. If you don’t yet have a First Foundation account, you can open a savings account online first and then open this checking account once you have an online login. Otherwise, you can go to a branch and open the account in person.
Personal Interest Checking
The Personal Interest Checking account has a $20 monthly fee, which will be waived if you maintain a minimum daily balance of $2,500. This account does earn interest.
This account is not available online and is only available through local branch locations.
Senior Interest Checking
The Senior Interest Checking account features exclusive extras available to customers who are 55 and over, such as free basic checks and no minimum balance requirements. This account also earns 0.05% APY.
Only existing customers are able to open this account online—you can open an online savings account first or visit a branch and open the account in person.
Savings accounts
First Foundation’s savings account can be opened online and is available to clients anywhere in the country. This high-yield savings account earns 4.90% APY and has no monthly fees. A $1000 minimum deposit is required to open the account.
The opening deposit must be “new money,” meaning it must come from a bank other than First Foundation.
There is no requirement to have a checking account with First Foundation, and ATM cards for the online savings account are available upon request.
You can learn more about how high-yield savings accounts work here.
First Foundation Bank savings rates compared to current top rates*
While First Foundation is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Online money market accounts
MMAs are a hybrid of a savings account and a checking account. They typically earn interest like a savings account but have access like a checking account. You can learn more about how MMAs work here.
The First Foundation Online Money Market account has no monthly fee and earns 4.9% APY. It includes a debit card upon request and check writing capabilities.
New customers can open this account online. It requires a $1000 opening deposit, but these funds must be "new money," which means you can't transfer them from an existing First Foundation account.
There is also an MMA that you must open in person at a local branch. It is similar to the Online Money Market account, but it only earns 1.0% APY. So, if you are considering an MMA, open the online version instead.
Certificates of deposit
When opening a CD account with First Foundation, you will get access to online and mobile banking. There are two CDs available, a 9-month and a 12-month. Both can be opened either online or in-person with a minimum deposit of $2,500.
When opening a CD, you typically get a fixed interest rate in exchange for locking your money up for a specified period of time. If you withdraw the funds before the term of the CD, you usually have to pay an early withdrawal penalty. At First Foundation, that penalty is 180 days of interest for both CDs. Here's more about how CDs work.
First Foundation CD rates
First Foundation CD rates are competitive with some of the top CDs on the market. They are:
- 5.00% APY for the 9-month CD
- 4.85% APY for the 12-month CD
Other services First Foundation offers
In addition to personal deposit accounts, First Foundation Bank offers a full spectrum of additional services ranging from business accounts to real estate lending services, and residential mortgage loans. Additional services include:
- Business banking, including checking, savings, money markets, and CDs
- Lines of credit and term loans
- Owner-occupied real estate financing
- Small Business Administration (SBA) lending
- Equipment financing
- Business credit cards
- Multifamily lending
- Commercial real estate (CRE) lending
- Rental property loans
- Mortgages for primary residence purchases, vacation or secondary residences, and investment properties
- Credit cards
- Investment management
The First Foundation platform and customer support
First Foundation Bank offers online and mobile banking. Both platforms can be used to track your account activity, pay bills online, transfer funds, send person-to-person payments, and more.
The bank’s customer service representatives can be reached via phone. Service hours are Monday through Thursday from 5 a.m. until 8 p.m. Pacific time, Friday from 5 a.m. until 6 p.m. PT, and Saturday from 6 a.m. until 2:30 p.m. PT.
The customer service phone number also provides automated support 24 hours a day, seven days a week.
I emailed First Foundation customer service for clarification on the accounts since the website lacks details. Response times ranged from a few minutes to a few hours and provided helpful responses. When calling customer service, the wait was short, and the representative was helpful.
Virtual help is also available via Webex from the bank’s website, which features a knowledge center with videos explaining many of its services.
Is First Foundation secure?
First Foundation Bank is a secure and trustworthy bank. It is FDIC-insured so your funds are protected up to $250,000 per account type, per owner. The bank also utilizes all the security measures you should expect from a bank, such as encryption, two-factor authentication (2FA), staff training, and updated software.
First Foundation user reviews
First Foundation Bank has an average score of 3.7 out of 5 on Trustpilot, but there is only one written review that praises its customer service. Posters on Reddit also seem pleased with the customer service and competitive interest rates.
Compare First Foundation alternatives
Is First Foundation right for you?
Customers who live near a First Foundation Bank location may have the best experience. While it does have a website and mobile app, the bank leans toward personalized in-person banking. First Foundation values the human connection of serving their local community.
That said, it does offer solid accounts, and in-person banking is not required.
Frequently asked questions
Is First Foundation a real bank?
Yes, First Foundation is both an online bank and maintains local branches in California, Florida, Nevada, Hawaii, and Texas.
Does First Foundation have Zelle?
Yes, First Foundation Bank’s mobile app and online banking platform include Zelle in the bill pay function.
How long has First Foundation been in business?
The founder of First Foundation, Rick Keller, began providing fee-only financial services in 1990. He found new ways to serve his clients continually and established First Foundation Bank in 2007 to add banking to the list of services he offered.
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