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You may like First National Bank if you live on the East Coast and want to open a free First National Bank First National Bank Freestyle Checking Account. However, you may have to be careful about overdrawing to avoid overdraft fees.
First National Bank Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 2.75 |
| Checking | 3.5 |
| Money market account | 3.75 |
| CD | 3.75 |
| Trustworthiness | 4 |
| Total | 3.5 |
First National Bank Pros and Cons
| Pros | Cons |
|
|
First National Bank FirstRate Savings Account
$5 monthly service fee
0.01% to 0.05% (vary by location)
$50 (online); $0 (in-branch)
- Low minimum opening deposit
- Possible to waive the monthly service fee
- Debit card option
- Low interest rate
- $5 monthly service fee
- Interest compounds quarterly, not daily
- Nearly 340 branches and over 800 ATMs in 7 states on the East Coast
- To waive the $5 monthly service fee, maintain at least $500 in your account daily
- Interest compounded and deposited quarterly
- Member FDIC
The First National Bank FirstRate Savings Account might be worthwhile if you're able to maintain at least $500 in your account daily so you can waive the $5 monthly service fee. However, the savings account pays very little interest.
Consider going through our best savings accounts guide if you'd prefer fee-free or high-yield savings accounts.
First National Bank Freestyle Checking Account
$3.00 or $3.95 monthly service fee
None
$50 (online); $0 (in-branch)
- Low minimum opening deposit
- Overdraft protection
- $2.95 out-of-network ATM fee
- $3.95 paper statement fee and a $3.00 check image fee if you do not accept the electronic statements
- $37 overdraft fee
- $10 transfer fee if you use overdraft protection
- Offer available only online at fnb-online.com to new customers who are residents of Washington, D.C., Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, Virginia and West Virginia.
- Approximately 350 branches and over 1,200 ATMs in 7 states and Washington, D.C.
- Member FDIC
First National Bank has a solid free checking account that requires no initial deposit if you open it in a branch. You also might like this checking account if you're a new customer because then you may be able to earn a $350 cash bonus.
To earn the $350 cash bonus, you'll have to open a personal checking account online, receive direct deposits totaling $2,500 or more in the first 90 days of opening an account, and make 15 debit card transactions in the first 90 days of opening an account. The cash bonus is available until August 31, 2023.
The one downside to this account is you'll have to pay a $37 overdraft fee if you overdraw from your account. The bank has overdraft protection that lets you link to another bank account, but you'll have to pay a $10 transfer fee if you use it.
First National Bank CD
1.00% to 1.50% (vary by location)
$500
- Low minimum opening deposit
- Variety of terms
- Low early withdrawal penalties
- Better interest rate than some brick-and-mortar banks
- Online banks can offer a higher interest rate
- Nearly 340 branches and over 800 ATMs in 7 states on the East Coast
- Terms range from 3 months to 5 years
- Early withdrawal penalties: For terms between 3 months and 11 months, the penalty is 3 months of interest; For terms longer than 12 months, the penalty is 6 months of interest
- Interest compounded and deposited quarterly
- Member FDIC
First National Bank First National Bank CD have low minimum opening deposits. If you need to withdraw money from a CD before the end of its term, the early withdrawal penalties are also pretty low compared to other banks.
First National Bank FirstRate Money Market Account
$10 monthly service fee
0.25% to 1.25% (vary by location)
$50 (online); $0 (in-branch)
- Low minimum opening deposit
- Possible to waive the monthly service fee
- Debit card option
- Check writing included
- Low interest rate
- $10 monthly service fee
- Nearly 340 branches and over 800 ATMs in 7 states on the East Coast
- To waive the $10 monthly service fee keep at least $5,000 in your account monthly
- Interest compounded and deposited monthly
- Member FDIC
The First National Bank FirstRate Money Market Account might be worthwhile if you frequently maintain a high account balance. The only way to waive the $10 monthly service fee is if you keep at least $5,000 in your account daily.
Otherwise, you'll likely be better off with the First National Bank FirstRate Savings Account or one of the best money market accounts.
How First National Bank Works
First National Bank is a brick-and-mortar financial institution with nearly 340 branches and over 800 ATMs. Branches are located in the following states:
- Maryland
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Virginia
- West Virginia
- Washington, DC
To contact customer service, call from 8:00 a.m. to 9:00 p.m. ET on weekdays and from 8:00 a.m. to 5:00 p.m. ET on weekends.
The bank's mobile app is rated 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
First National Bank is FDIC insured. Up to $250,000 is secure in an individual bank account.
Is First National Bank Trustworthy?
The Better Business Bureau ratings are determined by how a bank responds to customer issues. First National Bank has received an A+ rating.
However, First National Bank does have a recent lawsuit.
In 2024, both the Justice Department and the state of North Carolina entered into two separate consent orders with First National Bank. The Justice Department and the state of North Carolina say that First National Bank has engaged in redlining, which is a form of lending discrimination where banks deny credit services to individuals living in predominantly minority neighborhoods.
The Justice Department and the state of North Carolina say that First National Bank engaged in redlining from 2017 to 2021 by failing to provide mortgages to predominantly Black and Hispanic neighborhoods in Charleston and Winston-Salem, along with discouraging people in those communities from seeking home loans. First National Bank agreed to pay $13.5 million to resolve this complaint, most of which will go toward improving lending options for predominantly Black and Hispanic communities in Charleston and Winston-Salem.
How First National Bank Compares
First National Bank vs. TD Bank
Both First National Bank and TD Bank have low minimum opening deposits on accounts but offer low interest rates on savings accounts. If you want to avoid overdraft fees, TD Bank might be a better choice for you; its TD Bank Beyond Checking Account lets you automatically revere two overdraft fees per year.
If you want a free checking account, First National Bank might be a better choice. All of TD Bank's checking accounts come with monthly fees, although they can be waived.
First National Bank vs. Woodforest National Bank
If you're looking for a money market account, Woodforest National Bank might be more interesting to you. The Woodforest National Bank BIG Money Market Account has a higher interest rate than First National Bank's First National Bank FirstRate Money Market Account, although the best money market accounts give higher rates than either bank.
First National Bank is still the best choice if you want a free checking account; Woodforest also charges monthly service fees for all of its checking accounts.
Woodforest National Bank Review
Why You Should Trust Us: How We Reviewed First National Bank
We rate bank accounts on a scale from one to five stars. For First National Bank's 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 National Bank's 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.
Frequently Asked Questions (FAQ)
First National Bank only has branch locations on the East Coast. You can bank with First National Bank if you live in Maryland, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, or Washington, DC.
You may like First National Bank if you want to bank with a brick-and-mortar bank. First National Bank has strong mobile app ratings, and customer service is available on weekends.
First National Bank won't be a great choice if you're searching for high interest rates or accounts with zero monthly service fees.
