First Foundation Bank Review: West Coast Bank With High-Yield Savings

First Foundation Bank is a regional bank that offers a high-yield online savings account and several other account options. The Irvine, California-based bank has 31 branch locations in California, Florida, Nevada, Texas, and Hawaii. Keep reading our full First Foundation Bank review to learn more about its account offerings to see if it's right for you.

First Foundation Bank offers a few savings accounts. One option -- an online savings account -- is an excellent place to keep an emergency fund. 

Online Savings

First Foundation Bank's only online option is its Online Savings account. It features a competitive APY much higher than the national average. You'll need a minimum initial deposit of $1,000 to open an Online Savings account, funded by new money -- i.e., money that's not in an existing First Foundation account. Online Savings accounts have no monthly maintenance fees. 

Personal Savings

Customers can open a Personal Savings account with just $100. The traditional savings account has a $3 monthly fee. The fee is waivable with an average daily balance of $250 or higher. 

Senior Savings

First Foundation's Senior Savings account is similar to the Personal Savings account, but it's designed for people 55 and older. This interest-bearing account is opened with a $100 minimum deposit. It requires an average daily balance of $250 or higher to waive the $3 monthly fee. 

How does First Foundation Bank's Online Savings account compare to other banks? Check out our list of the best savings accounts to shop for the right account for you. We've included some of the top picks below.

CDs typically offer higher rates than other interest-bearing accounts. That's because your funds are tied up for a fixed period of time, otherwise known as the "term." First Foundation's term options are limited. Nevertheless, if you're looking for a CD with higher rates, a First Foundation CD may be a solid choice.

Personal CDs

First Foundation Bank offers three CD terms -- 12, 18, and 24 months. All three CDs earn solid rates. Like most banks, First Foundation doesn't charge fees on CD accounts. But these accounts have early withdrawal penalties if you pull the funds before your account reaches maturity. 

There are only a few term options and the bank asks for a $2,500 minimum deposit for each CD you open. As a result, First Foundation CDs aren't a good choice if you plan to build a CD ladder. The CDs are only available to people living in California, Florida, Nevada, Texas, and Hawaii.

Personal IRA CDs

A Personal IRA CD is designed to help customers reach short- and long-term retirement goals. Like Personal CDs, they require a $2,500 minimum deposit and have no monthly fees. 

First Foundation CD rates aren't among the best CD rates available. It's a good idea to shop around to find the best rates before choosing a CD. Below, you can compare First Foundation to some of our top picks for CDs:

First Foundation offers several checking accounts for everyday spending. Offerings include an attractive interest-bearing checking account. 

Personal Interest Checking

Personal Interest Checking is an interest-bearing account. It's primarily for First Foundation customers who plan to keep a higher balance in their checking account. The account features a $100 minimum opening deposit. However, it requires a $2,500 minimum daily balance to avoid the $20 monthly maintenance fee. 

The account comes with a complimentary debit card. All domestic ATM fees are reimbursed up to $20 per transaction.

Personal Checking 

First Foundation Bank's Personal Checking account requires a $100 minimum deposit. There are no monthly fees. It also comes with a debit card and domestic ATM fee reimbursements. Personal Checking is not an interest-bearing account. 

Senior Interest Checking 

People 55 and older also have the option of Senior Interest Checking. This interest-bearing account comes with a variety of attractive benefits. For example, there are no monthly fees and no minimum balance requirements. You'll also get free basic checks and a debit card. Additionally, Senior Interest Checking comes with domestic ATM fee reimbursements. The bank offers up to $20 per transaction for these reimbursements.

If none of First Foundation Bank's checking accounts interest you, don't stress. Check out our list of best checking accounts to find one that's a better fit for your banking needs.

First Foundation's online money market resembles its online savings account in some ways. It earns an extremely competitive APY and also requires a $1,000 deposit (new money only) to open an account. MMA account holders can request a free debit card to use with the account. You can also order and write checks with this online money market account.

First Foundation Bank provides customer service via phone, email, and virtual support. First Foundation doesn't rank among the top banks in its region for customer satisfaction. However, it also has not received many customer complaints online. First Foundation's mobile app has high ratings in the App Store and Google Play.

Some banks offer relationship benefits as a way to draw new business. Common benefits include higher rates and maintenance fee waivers. Right now, First Foundation Bank doesn't offer any relationship benefits. But all of its deposit accounts either have no monthly fees or offer an option to waive fees by meeting monthly balance requirements.

First Foundation Bank is home to full-service banking. Still, it may not be right for everyone. It's especially inconvenient if you don't live near one of its branches. Here are a couple of top banks to consider instead.

Bank of America

If you're looking for a traditional brick-and-mortar bank with more accounts available to people nationally, look at Bank of America. This bank is known for generous relationship benefits and flexible checking. As with many big national banks, Bank of America also offers a suite of products to people residing in all 50 states.

Capital One Bank

Capital One Bank is another top bank with high-yield deposit accounts. It also offers branches in select states for those who prefer in-person banking services. You'll find competitive savings, checking, and CD accounts with little to no fees. You're probably familiar with Capital One credit cards. Like its cards, Capital One's banking services also rank among the best in the market. 

First Foundation Bank is right for you if:

• You reside in California, Florida, Nevada, Texas, or Hawaii near First Foundation branches. You'll need to live in these states if looking for anything other than the bank's savings accounts.
• You're looking for an online savings or money market account with a competitive APY.
• You're interested in a checking account that earns interest.