First Horizon Business Banking Review

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The bottom line: First Horizon Bank offers a great First Horizon Bank First Horizon Bank BizEssentials Checking Account with 250 free monthly transactions and a low minimum opening deposit. But if you're looking to earn high interest rates on business accounts, you might want to explore other options.

First Horizon Bank: Overall Rating

First Horizon Bank: Pros and cons

First Horizon Bank Business Savings

The First Horizon Bank BizEssential Savings Account might be a good option if you don't want to pay monthly service fees. However, the account pays a low interest rate.

First Horizon Bank Business Checking

First Horizon's strongest business product is its First Horizon Bank BizEssentials Checking Account. The account allows you to deposit up to $5,000 in cash and make 250 transactions for free each month. Other financial institutions may not allow you to deposit cash, or you might have lower free monthly limits.

Keep in mind if you exceed these limits, you will be charged a fee.

First Horizon Bank Business CD

You might like First Horizon Bank First Horizon Bank Business CD if you're looking to open multiple CD terms. First Horizon Bank offers a wide range of terms — from one month to five years. However, if you open a CD with a term over one year, your interest will only be compounded annually.

First Horizon Bank Business Money Market Account

The First Horizon Bank Business Money Market Savings Account works best if you're able to keep at least $2,500 in your account each month. By meeting this requirement, you'll waive the $10 monthly service fee. Otherwise, the bank's business savings account will likely be a better choice.

How First Horizon Bank Works

In February 2022, First Horizon Bank completed its merger with IberiaBank. If you had an IberiaBank business checking, savings, CD, or money market account, it will be converted to a new First Horizon account. You may continue to use IberiaBank Visa business debit cards. First Horizon Visa business debit cards won't be sent to IberiaBank customers until April 1.

As of February 2022, First Horizon Bank customers will have access to more than 400 branches in 12 states and 675 free ATMs. You'll find a nearby branch in the following states:

• Alabama
• Arkansas
• Tennessee
• Florida
• Georgia
• Louisiana
• Mississippi
• New York 
• North Carolina
• South Carolina
• Texas
• Virginia

If you have questions about First Horizon business banking, call customer service from 7 a.m. to 7 p.m. ET on weekdays.

First Horizon's mobile app is rated 2.3 out of 5 stars in the Apple store and 2.7 out of 5 stars in the Google Play store. 

First Horizon Bank is FDIC insured. Up to $250,000 is secure in an individual bank account.

Is First Horizon Bank Trustworthy?

First Horizon Bank does not have any recent public scandals.

The bank also has an A+ rating from the Better Business Bureau. The BBB rates businesses according to how effectively they manage customer complaints.

How First Horizon Business Banking Compares 

We've compared First Horizon business banking to two other banks with free business checking accounts: Bank OZK and First Citizens Bank.

Deciding between these three financial institutions may ultimately come down to where you live. First Citizens Bank has the biggest branch network, with over 600 locations in 19 states. Meanwhile, First Horizon Bank has 400 locations across 12 states, and Bank OZK has 240 branches in eight states.

If you're more concerned with opening the best business checking account, you'll also want to compare products to find the one that most suits your needs.

Bank OZK or First Horizon Bank might stand out to you more if you frequently make more than 175 transactions from your checking account each month. You can make up to 250 free monthly transactions from the business checking account at either of these two banks.

If you'd like also to deposit cash into your account, it may be a toss-up between First Horizon Bank and First Citizens Bank. Both let you deposit up to $5,000 in cash each month without charging a fee.

Why You Should Trust Us: How We Reviewed First Horizon Business Banking

We rate bank accounts on a scale from one to five stars. For First Horizon Bank's business checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.

For First Horizon Bank's business CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.

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 Horizon Business Banking Frequently asked questions (FAQ)

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
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EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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