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

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.

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.

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 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.

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.

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

• First Foundation Bank Review

Our savings account methodology

At The Motley Fool Ascent, 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 The Motley Fool Ascent rates bank accounts.