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First Foundation Bank Online Savings Review: High APY, High Minimum Deposit

Review Updated
Kailey Hagen
Kailey Hagen
| 2 others [ + ]
Robin Hartill, CFP
Robin Hartill, CFP
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

First Foundation Bank combines a competitive APY with convenient access to create one of the most appealing savings accounts we've come across. But its $1,000 minimum deposit requirement may deter some customers. Read our First Foundation Bank Online Savings account review below to learn if it's right for you.

Ratings Methodology
Rates as of May 21, 2025

First Foundation Bank Online Savings

Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
4.00%
Min. To Earn APY
$1,000 to open, then $0.01
  • Competitive APY
  • ATM access with unlimited fee reimbursements
  • No maintenance fees
  • High opening deposit requirement
  • Incoming wire transfer fee

The First Foundation Bank Online Savings account offers a competitive rate along with easier access to your cash than you normally see with a savings account. The steep opening deposit requirement may bar some from opening this account, but those who can afford it should definitely give First Foundation Bank a closer look.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

First Foundation High Yield Savings interest rate

Account APY Minimum Deposit
First Foundation Bank Online Savings 4.00% $1,000
Data source: First Foundation Bank.

First Foundation's APY is stellar. However, you'll need $1,000 to open the account -- so even though $0.01 will earn the APY, this account is likely out of reach for many beginning savers.

Full First Foundation Bank Online Savings review

Top perks

High APY: The First Foundation Bank Online Savings account offers a competitive APY.

No monthly maintenance fee: Like most online banks, First Foundation Bank doesn't charge a monthly maintenance fee for its Online Savings account customers.

ATM card: You can request an ATM card for your First Foundation Bank Online Savings account if you'd like the option to withdraw cash directly from the account rather than transferring funds to your checking account first. This is a rare feature among savings accounts, so move First Foundation Bank up on your list if this is something that's important to you.

Unlimited ATM fee reimbursements: First Foundation Bank doesn't have its own network of ATMs, but it will reimburse you up to $20 per transaction for any ATM fees you are charged. There is no monthly limit on the number of ATM fee reimbursements the bank will give you.

Easily manage your savings account from anywhere: First Foundation Bank Online Savings account customers may access their account online through any web browser or with the bank's mobile app, available for both Android and Apple devices. You can pay bills online, transfer funds, and even pay friends and family directly whether they bank with First Foundation Bank or not. Mobile check deposit is another option if you have a paper check you'd like to deposit to your account.

FDIC insured: First Foundation Bank, just like a traditional bank, is covered by the FDIC. Your funds, up to a maximum of $250,000 per depositor, per institution, are protected in the event of bank failure.

What could be improved

$1,000 opening deposit requirement: You need at least $1,000 to open a First Foundation Bank Online Savings account, which is pretty steep compared to many other online banks.

Fees for incoming wire transfers: It's normal for banks to charge for outgoing wire transfers, but few banks charge for incoming wire transfers. Unfortunately, First Foundation Bank is one of them, though it will waive incoming wire fees for the first 60 days. You can also avoid this fee entirely by transferring money to your First Foundation Bank Online Savings account another way.

How to access your money

First Foundation Bank gives you the following options for depositing and withdrawing money from your Online Savings account.

Deposit options

You can deposit money into your First Foundation Bank Online Savings account in any of these ways:

  • ACH transfer
  • Direct deposit
  • Wire transfer
  • Mailed check
  • Mobile check deposit
  • Visiting a First Foundation Bank branch

Note that you might have to pay an incoming wire transfer fee if you decide to add funds to your account this way. And the bank you're transferring the money from may also charge an outgoing wire transfer fee.

Withdrawal options

These are your choices for withdrawing money from your First Foundation Bank Online Savings account:

  • ACH transfer
  • Wire transfer
  • Visiting a First Foundation Bank branch
  • ATM withdrawal
  • Point-of-sale withdrawal

First Foundation Bank doesn't partner with an ATM network provider, so you can use any ATM you'd like, but there's a maximum ATM withdrawal limit of $500 per day.

First Foundation Bank Online Savings is right for you if:

The First Foundation Bank Online Savings account is a great choice if you have a minimum of at least $1,000 to make an initial deposit and like the idea of having easy access to your money wherever you go. It's one of the few banks to offer an ATM card, and those who live in California, Nevada, Florida, or Hawaii also have the option of visiting a branch to access their money. The account also offers one of the highest APYs we've seen among the best high-yield savings accounts, which can help you grow your savings faster.

Keep reading about First Foundation Bank

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • The First Foundation Bank Online Savings account currently offers 4.00% APY.

  • Opening an online savings account at an FDIC-insured financial institution is generally a good idea if you want to maximize your interest earnings. Online banks usually have lower overhead than brick-and-mortar institutions, so they can often afford to pay higher APYs.

  • Interest is compounded daily and will post to your account at the end of each month.