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You may like BankFirst if you live in Alabama or Mississippi and want to explore local banking options. BankFirst's strongest products is its BankFirst BankFirst High-Interest Checking Account which offers a competitive interest rates if you meet certain requirements.
BankFirst Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.5 |
| CD | 4 |
| Money market account | 2.75 |
| Trustworthiness | 3 |
| Total | 3.25 |
BankFirst Pros and Cons
| Pros | Cons |
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BankFirst Bank Account Reviews
BankFirst FIRSTSavings Account
$4 monthly service fee
0.50% to 1.50%
$25
- $25 minimum opening deposit
- Possible to waive monthly service fee
- Low interest rate
- $4 monthly service fee
- Earn 0.50% on account balances under $75,000
- Earn 1.50% on account balances of $75,000 or more
- Over 40 locations in AL and MS
- Access to over 39,000 free ATMs through the MoneyPass ATM network
- To waive the $4 monthly service fee, keep at least $300 in your account daily
- Interest compounded and deposited monthly
- Member FDIC
The BankFirst FIRSTSavings Account may be worthwhile if you can keep at least $300 in your account daily so you won't have to pay the $4 monthly service fee.
BankFirst High-Interest Checking Account
$5 monthly service fee
0.01% to 1.25%
$100
- High interest rate
- No out-of-network ATM fees
- Refunds up to $15 in out-of-network ATM fees per month
- No monthly service fees if you enroll in online statements
- $100 minimum opening deposit
- $36 overdraft fee
- $10 overdraft protection transfer fee
- $5 paper statement fee
- More than 40 locations in AL and MS
- Access to over 39,000 free ATMs through the MoneyPass ATM network
- Get reimbursed up to $15 per month in out-of-network ATM fees if you maintain an account balance of at least $0.01
- Earn 1.25% APY on account balances up to $15,000 if you meet the following requirements: Make at least 20 debit card transactions of $5 or more each month; Receive a total of $500 or more in direct deposits each month
- Earn 0.15% APY on account balances over $15,000 if you meet the following requirements: Make at least 20 debit card transactions of $5 or more each month; Receive a total of $500 or more in direct deposits each month
- Earn 0.01% APY if the requirements aren't met
- Interest compounded and deposited monthly
- Member FDIC
BankFirst offers a unique high-yield checking account that might be ideal if you keep less than $15,000 in your account and meet the requirements to earn the highest interest rate.
To earn 1.25% APY each month, you'll need to meet the following requirements with an account balance under $15,000:
- Make at least 20 debit card transactions of $5 or more monthly
- Receive $500 or more in direct deposits monthly
BankFirst CD
2.52% to 3.50%
$1,000 to $25,000
- Solid CD rates compared to other brick-and-mortar banks
- Standard-to-low early withdrawal penalties
- High minimum opening deposits
- Online banks may offer a higher interest rate on CDs
- More than 40 locations in AL and MS
- Access to over 39,000 free ATMs through the MoneyPass ATM network
- Terms range from 1 month to 5 years
- Minimum deposit will depend on the term you choose
- Early withdrawal penalties: 30 days of interest for CD terms under 1 year; 180 days of interest for CD terms over 1 year
- Interest compounded and deposited monthly
- Member FDIC
BankFirst pays solid interest rates on BankFirst BankFirst CD compared to other brick-and-mortar banks. However, you'll need to have at least $1,000 to $25,000 to open a CD, and the minimum opening deposit varies depending on which term you choose.
BankFirst Money Market Account
$15 monthly service fee
0.05% to 0.10%
$2,500
- Possible to waive monthly service fee
- Check writing included
- $2,500 minimum opening deposit
- Low interest rate
- $15 monthly service fee
- No debit card
- More than 40 locations in AL and MS
- Earn 0.05% APY on account balances under $250,000
- Earn 0.10% APY on account balances of $250,000 or more
- Access to over 39,000 free ATMs through the MoneyPass ATM network
- To waive the $15 monthly service fee, maintain at least $2,500 in your account daily
- You must have at least $5,000 in your account daily to earn interest
- Interest compounded and deposited monthly
The BankFirst Money Market Account might be a decent choice if you can maintain an average daily balance of at least $5,000. By meeting this requirement, you'll be able to earn interest on your account and waive the $15 monthly service fee.
If you'd like to open a money market account that doesn't have a monthly service fee, consider going through our best money market accounts guide for options.
About BankFirst
BankFirst is a local bank in Alabama and Mississippi with more than 40 locations.
Customers have access to over 39,000 free ATMs throughout the US through MoneyPass ATM network.
Customer service is available by phone from 9 a.m. to 4:30 p.m. CT Monday through Thursday, and 9 a.m. to 5:30 p.m. CT on Friday. The bank's mobile app is rated 4.6 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple store.
BankFirst is FDIC insured. You may safely keep up to $250,000 in an individual bank account.
Is BankFirst trustworthy?
The Better Business Bureau assesses businesses to see how they address customer issues.
BankFirst has an NR ("No Rating") from the BBB because the BBB doesn't have enough information to give a rating.
A BBB rating won't necessarily be be-all and end-all. You may want to talk to current customers or read online customer reviews to get a more well-rounded perspective of whether BankFirst is right for you.
On the bright side, BankFirst hasn't been involved in any recent public scandals.
The Role of Community Development Financial Institutions
Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
How BankFirst Compares
BankFirst vs. First Horizon Bank
See how BankFirst stacks up against First Horizon Bank, another popular brick-and-mortar bank available in the same states.
You may like First Horizon Bank if you prioritize a large branch network. First Horizon Bank has over 400 branches in 12 states. Meanwhile, BankFirst serves as a local banking option — it only has 29 branches in 2 states.
Your decision between these two banks may also hinge on specific bank account features. First Horizon Bank doesn't charge monthly service fees on its checking account, but charges a monthly service fee on its savings account if you don't meet certain balance requirements. Meanwhile, at BankFirst you could earn a high interest rate on your checking or savings account if you frequently use a debit card.
BankFirst vs. the First Bank
We've compared BankFirst to another CDFI in the same states: The First Bank.
Many CDFIs offer unique banking products that address banking barriers.
At The First Bank, you'll be able to open a second chance checking account even if you have a negative banking history. Meanwhile, BankFirst has a checking account where you may earn a high interest rate.
If you are searching for a traditional savings account, both banks charge monthly service fees if you don't meet certain minimum balance requirements. You'll need to keep at least $100 in your account daily at The First Bank. Meanwhile, BankFirst requires you to keep a daily account balance of at least $300.
Why You Should Trust Us: How We Reviewed BankFirst
For our BankFirst review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, miscellaneous features, minimum opening deposit requirements, and fees.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
BankFirst FAQs
BankFirst has 29 branches in Alabama and Mississippi. You'll also have access to over 39,000 free ATMs through the MoneyPass ATM network.
BankFirst is an FDIC-insured bank. This means you can keep up to $250,000 in an individual bank account, and your money will be secure even in the rare event that the bank shuts down.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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