Review
Updated
Fact Checked
Nathan Alderman
First Foundation Bank is a regional bank that offers several savings products with competitive interest rates, including savings accounts, CDs, and checking accounts. Headquartered in Dallas, Texas, the bank has 31 branch locations in California, Florida, Hawaii, Nevada, and Texas.
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
Rating image, 4.00 out of 5 stars.
4.00/5
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.
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First Foundation Bank offers in-person banking services for people living in California, Florida, Hawaii, Nevada, and Texas, along with certain online bank accounts available nationally. Its online savings account is a standout that earns high interest with no monthly fees.
Pros
- No monthly fees on online savings or personal checking accounts
- Competitive APY on online savings account
- ATM fee reimbursements
Cons
- High minimum deposits
- Branches in only five states
First Foundation Bank savings accounts
First Foundation Bank offers a few different types of savings accounts. Each has online and mobile banking capabilities, though only one -- Online Savings -- is designed to be a completely digital experience. If you're looking for a savings account, let's take a look at what First Foundation has to offer.
Online Savings
The First Foundation Bank Online Savings account offers a competitive APY of 5.00%, which is 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 and can be opened from anywhere in the U.S., even if you don't live near a physical branch.
Personal Savings
Customers can open a Personal Savings account with just $100. The traditional savings account has a $3 monthly fee, which is waived 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.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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First Foundation Bank CD accounts
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 Bank's term options are limited in the sense that it only offers two terms. Nevertheless, if you're looking for a CD with decent rates, a First Foundation Bank CD may be a solid choice.
Personal CDs
First Foundation Bank offers two CD terms -- 12 and 18 months. Like most banks, First Foundation doesn't charge fees on CD accounts but will hit you with an early withdrawal penalty if you pull funds before your account reaches maturity.
As far as its rates go, both its 12-month and 18-month CDs are competitive. First Foundation Bank CDs come with a deposit minimum of $2,500 to open an account. That might make First Foundation less ideal for those who want to build a CD ladder but don't have enough savings to meet the minimum for several CDs.
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.
Compare CD rates
First Foundation Bank CD rates are decent, but they're not 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:
Rates as of April 12, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
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| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
First Foundation Bank checking accounts
First Foundation Bank has several checking accounts for everyday spending. Offerings include an attractive interest-bearing checking account, plus debit cards and ATM fee reimbursements up to $20 per transaction.
Personal Interest Checking
Personal Interest Checking is a checking account that earns interest. It's primarily for First Foundation customers who plan to keep a higher balance in their checking account, as it requires a $2,500 minimum daily balance to avoid the $20 monthly maintenance fee. You also need a $100 minimum deposit to open the account.
Personal Checking
This account is similar to the one above, except it doesn't earn interest on daily account balances. It charges no monthly fees but requires a $100 minimum balance to open the 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, like no monthly fees and minimum balance requirements. Plus, you'll get free basic checks and a debit card.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
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 |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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First Foundation Bank money market account
First Foundation Bank's online money market account presents another opportunity to earn high interest. Like its savings account, First Foundation requires an opening deposit of $1,000 in "new money." But you'll get a decent APY, a free debit card, and check-writing privileges.
First Foundation Bank customer service and experience
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, with a cumulative average of 4.1 between both apps.
First Foundation Bank relationship benefits
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.
Alternatives to First Foundation Bank
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
Capital One 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.
Is First Foundation Bank right for you?
First Foundation Bank is right for you if:
- You reside in California, Florida, Nevada, Texas, or Hawaii near First Foundation branches or want a completely online bank.
- 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.
FAQs
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Yes, First Foundation Bank may charge a $35 overdraft fee when you overdraw your account.
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First Foundation Bank has FDIC insurance, which will cover up to $250,000 of a depositor's money.
Our Banking Experts
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool 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 The Ascent'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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