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First General Bank might be worthwhile if you'd like to be part of an Asian American-owned financial institution that serves local Southern California communities. The bank's strongest product is its First General Bank SuperVal Checking Account, which doesn't charge monthly service fees. But bear in mind the bank doesn't have an ATM network.
First General Bank Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 2.5 |
| Checking | 3 |
| CD | 3.25 |
| Money market account | 3 |
| Trustworthiness | 3 |
| Total | 3 |
First General Bank Pros and Cons
| Pros | Cons |
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First General Bank Account Reviews
First General Bank Savings Account
$5 monthly service fee
0.10%
$100
- Possible to waive monthly service fee
- Low interest rate
- $100 minimum opening deposit
- $5 monthly service fee
- Asian American-owned bank with 5 branches in Southern California
- To waive $5 monthly service fee, keep a daily balance of $500 or more in account
- Interest compounded daily and deposited monthly
- Member FDIC
The First General Bank Savings Account works best if you keep at least $500 in your account daily so you can avoid the $5 monthly service fee. If you don't think you can maintain that much money in your account, our best high-yield savings accounts guide has savings accounts without minimum balance requirements.
First General Bank SuperVal Checking Account
no monthly service fee
0.10% to 0.50%
$100
- No monthly service fees
- No out-of-network ATM fees
- $100 minimum opening deposit
- $20 overdraft fee
- No overdraft protection is available
- No ATM network
- No reimbursements if charged by an out-of-network ATM provider
- Asian American-owned bank with 5 branches in Southern California
- Tiered interest rate: Earn a higher interest rate on higher account balances
- Interest compounded and deposited monthly
- Member FDIC
The First General Bank SuperVal Checking Account is a solid checking account. It doesn't charge monthly service fees, and you'll earn some interest on your money.
Keep in mind First General Bank doesn't have an ATM network. If you frequently visit ATMs to make transactions, you might choose another bank instead.
First General Bank CD
0.10% to 5.25%
$2,500
- Standard early withdrawal penalties
- Low interest rate
- $2,500 minimum opening deposit
- No CD terms over 3 years
- Asian American-owned bank with 5 branches in Southern California
- Terms range from 7 days to 3 years
- CD early withdrawal penalties: For terms under 30 days, the penalty is all interest earned; For terms between 30 days and 1 year, the penalty is 30 days simple interest; For terms over 1 year, the penalty is 90 days simple interest
- Interest compounded daily and deposited monthly
- Member FDIC
A First General Bank CD might be a decent option if you have at least $2,500 for an initial deposit. However, online banks offer much higher interest rates right now.
First General Bank Money Market Account
$15 monthly service fee
0.10% to 0.15%
$1,000
- Possible to waive monthly service fee
- Checks included
- Low interest rate
- $1,000 minimum opening deposit
- $15 monthly service fee
- No debit card
- Asian American-owned bank with 5 branches in Southern California
- Tiered interest rate: Earn a higher interest rate on a higher account balance
- To waive $15 monthly service fee, keep a daily balance of $2,500 or more in account
- Interest compounded daily and deposited monthly
- Member FDIC
The First General Bank Money Market Account offers the same tiered interest rate as the First General Bank SuperVal Checking Account, but you'll need to keep at least $2,500 in your account to avoid a $15 monthly service fee.
You may find it easier to maintain a First General Bank SuperVal Checking Account, or if you'd like to open a money market account, our best money market accounts guide has some strong contenders.
About First General Bank
First General Bank is an Asian American-owned bank with five branches in Southern California. The brick-and-mortar bank doesn't have an ATM network. You may use out-of-network ATMs, and First General Bank won't charge you a fee. If the ATM provider charges a fee, you'll have to pay it.
Customer service is available by phone from 9 a.m. to 4:30 p.m. PT Monday through Thursday, 9 a.m. to 6 p.m. PT on Friday, and 10 a.m. to 2 p.m. PT on Saturday.
First General Bank's mobile app is rated 4.8 out of 5 stars in the Apple store and 3.4 out of 5 stars in the Google Play store.
The brick-and-mortar bank is FDIC insured. You may deposit up to $250,000 in an individual bank account or $500,000 in a joint account, and it will be safe should the bank shut down.
Is First General Bank Bank Trustworthy?
First General Bank hasn't been involved in any recent public controversies.
We also include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues. First General Bank doesn't have a rating from the BBB, though.
BBB ratings aren't necessarily the be-all and end-all. To get a well-rounded perspective of a bank, you may reach out to current customers or read online customer reviews.
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.
In 2021, First General Bank participated in the Paycheck Protection Program and gave out loans to over 900 small business owners. Bank employees also completed over 500 hours in volunteering services.
How First General Bank Compares
First General Bank vs. Golden Bank
We've compared First General Bank to Golden Bank, an Asian American-led financial institution in California and Texas.
Both banks have free checking accounts. You may prefer the First General Bank SuperVal Checking Account if you'd like to earn some interest on your money.
Meanwhile, the Golden Bank Opportunity Checking Account might be appealing if you're looking for an account with a low minimum opening deposit. Be mindful of Golden Bank's monthly debit card transaction limit, though. If you make more than 10 debit card transactions per month, you'll pay a $0.50 fee for each extra transaction.
Golden Bank might also be ideal if you're like to open a CD at a brick-and-mortar bank. It has a variety of CD terms to choose from and pays a higher interest rate than the average CD.
First General Bank vs. Royal Business Bank
Royal Business Bank is an Asian American-led financial institution with locations in Southern California. See how the two banks stack up.
If you would like to open a strong checking account, you'll probably lean more toward First General Bank.
First General Bank has a free interest-earning checking account, so you won't have to worry about maintaining your account balance or meeting certain requirements. However, one of the major downsides to the account is that First General Bank doesn't have an ATM network.
Royal Business Bank might be worth exploring if you'd prefer to keep your money in a CD. Royal Business Bank pays decent interest rates on short-term CDs compared to other brick-and-mortar banks.
Why You Should Trust Us: How We Reviewed First General Bank
For our First General Bank 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.
First General Bank FAQs
Yes, First General Bank is FDIC insured. Up to $250,000 is secure in an individual bank account, and $500,000 in a joint account.
First General Bank serves residents in Southern California. You may find locations in the following cities: Arcadia, CA; Artesia, CA; Irvine, CA; Rowland Heights, CA; and San Gabriel, CA.
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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