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

Review Updated
Steven Porrello
Ben Gran

Our Banking Experts

Nathan Alderman
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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

First Foundation Bank

Rating image, 4.00 out of 5 stars.
4.00/5 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.
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= Excellent
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Bottom Line

First Foundation Bank offers in-person banking services for people living in California, Florida, Hawaii, Nevada, and Texas, and online bank accounts available nationally. Its online savings account is a standout that earns high interest with no monthly fees. This bank also has competitive APYs on online money market accounts and online CDs.

Pros
  • No monthly fees on online savings and some personal checking accounts
  • Competitive APYs on online savings accounts, money market accounts, and CDs
  • ATM fee reimbursements
Cons
  • High minimum deposits
  • Branches in only five states
  • Low APYs on non-online accounts
  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

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 Bank branches or want a completely online bank.
  • You're looking for an online savings account, CD, or money market account with a competitive APY.
  • You want a checking account that earns interest.

Bank fees

First Foundation Bank Fee Charge
Monthly maintenance fee $0 for CDs, Personal Checking, and Senior Interest Checking
$0 for online Digital Bank accounts, $3 for Personal Savings and Senior Savings, $20 for Personal Interest Checking and Personal Money Market -- all these fees can be waived with minimum balances
Non-bank ATM fees $0; First Foundation Bank reimburses all ATM fees, up to $20 per transaction
Overdraft/Insufficient Funds (NSF) fees $35 per paid NSF item (maximum daily charge of $175)
Incoming wire transfer fees $10 for domestic, $15 for international
Outgoing wire transfer fees $35 for domestic, $45 for international
Stop payments $35 per request; $10 if placed through online banking
ATM card replacement $5
Data source: 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.

First Foundation Bank Online Savings

The First Foundation Bank Online Savings account offers a competitive APY of 4.90%, 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 Bank account.

Online Savings accounts earn a higher APY than other savings accounts from First Foundation Bank. This account also has no monthly maintenance fees and can be opened from anywhere in the U.S., even if you don't live near a physical branch.

Ratings Methodology
Rates as of Nov 01, 2024

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
4.90%
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.

  • Customers can open a Personal Savings account with just $100. The traditional savings account has a $3 monthly fee, which is waived with a minimum daily balance of $250 or higher. This account's APY is much lower than the national average.

  • First Foundation Bank'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. It also pays a below-average APY.

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 4.20%²
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.00%
Rate info Circle with letter I in it. 4.00% annual percentage yield as of November 1, 2024
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

4.00%
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 Oct. 23, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

First Foundation Bank only offers 9-month and 12-month CDs. But these CDs have competitive APYs, if you have enough cash to meet the minimum deposit requirement.

Like most banks, First Foundation Bank doesn't charge fees on CD accounts, but will hit you with an early withdrawal penalty if you pull funds out of the CD before your account reaches maturity.

First Foundation Bank CDs come with a deposit minimum of $2,500 to open an account. That might make First Foundation Bank less ideal for those who want to build a CD ladder but don't have enough savings to meet the minimum for several CDs.

Compare CD rates

Rates as of Nov. 1, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.10% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.00% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.60% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

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, but at a low APY. This account is primarily for First Foundation Bank customers who plan to keep a higher balance in checking, 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.

  • This account is similar to the one above, except it doesn't earn interest on daily account balances. It charges no monthly fees and requires no minimum balance, but requires a $100 minimum deposit to open the account.

  • 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. But just like Personal Interest Checking, the interest rate is low.

Money market accounts

First Foundation Bank offers two types of money market accounts. The bank's Personal Money Market account has a low APY, but its Online Money Market account APY is competitive with the best money market accounts.

Online Money Market

First Foundation Bank's Online Money Market account presents another opportunity to earn high interest. Like its savings account, First Foundation Bank requires an opening deposit of $1,000 in "new money." But you'll get a high APY, a free debit card, and check-writing privileges.

  • The First Foundation Bank Personal Money Market account is another option for keeping your cash safe and earning interest. But unlike the Online Money Market account, this account pays a much lower rate, with a tiered APY that's far below the national average money market account.

Customer experience

First Foundation Bank provides customer service in-person at its local branches, and via phone, email, and virtual support. Let's look at how the First Foundation Bank customer experience stacks up, based on online reviews.

Customer reviews

First Foundation Bank tries to offer a blend of "big bank" experience (lots of different financial products) and "small bank" service -- being responsive to customers like a community bank.

Perhaps because First Foundation Bank is not a major national bank, it doesn't have a large number of online reviews. It has an "A" rating from the Better Business Bureau (but is not BBB Accredited). Some customers on BBB.org and Trustpilot have complained about difficulty activating debit cards and accessing accounts, but other customers have given rave reviews; one called this bank a "breath of fresh air."

Here are the bank's combined ratings based on online customer reviews:

  • Better Business Bureau rating: 2.0 out of 5
  • Trustpilot rating: 3.3 out of 5

First Foundation Bank offers several ways to contact customer service:

  • Online bank account customers can contact the Digital Bank team via email at [email protected] or [email protected].
  • Personal online banking support is available by phone at 888-405-4FFB (4332). Customer service hours are Monday-Thursday 5 a.m. to 8 p.m. Pacific Time (PT), Friday 5 a.m. to 6 p.m. PT, and Saturday 6 a.m. to 2:30 p.m. PT.
  • Virtual customer support is available via the First Foundation Bank website on WebEx.
  • In-person customer service is available if you visit a local branch in California, Florida, Hawaii, Nevada, or Texas.

Mobile app

First Foundation Bank has a mobile app for iOS and Android. It gives customers a wide range of on-the-go banking activities, including paying bills, tracking account activity, and sending money to friends and family with Zelle®. The First Foundation Bank mobile app gets excellent reviews on the App Store, and slightly lower reviews on Google Play.

  • App Store rating: 4.5 out of 5 stars
  • Google Play rating: 3.9 out of 5 stars

Physical locations

Headquartered in Dallas, Texas, First Foundation Bank has 31 branch locations in California, Florida, Hawaii, Nevada, and Texas. And you don't need to worry about finding the "right" network of ATMs to get cash. This bank is exceptionally generous with ATM fee rebates -- it offers free nationwide ATM fee reimbursements, up to $20 per transaction.

How does First Foundation Bank compare?

First Foundation Bank offers full-service banking and some competitive APYs, but it may not be right for everyone, especially if you don't live near one of its branches. Here are a couple of top banks to consider instead.

First Foundation Bank vs. 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.

First Foundation Bank vs. 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.

FAQs

  • Yes, First Foundation Bank may charge a $35 overdraft fee when you overdraw your account.

  • First Foundation Bank has FDIC insurance, which will cover up to $250,000 of a depositor's money, per account ownership category.

  • First Foundation Bank does not have its own network of ATMs -- instead, customers can use any ATM in the U.S., and First Foundation Bank will reimburse you for any ATM fees, up to $20 per transaction with no monthly limit. This is one of the most flexible, customer-friendly ways to use ATMs that we've seen from any bank.