Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content

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

Review Updated
Kailey Hagen
Robin Hartill, CFP
By: Kailey Hagen and Robin Hartill, CFP

Our Banking Experts

Nathan Alderman
Check IconFact Checked 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

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.

Show Best Offers Available in

Ratings Methodology
Rates as of Feb 24, 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
5.00%
Min. To Earn APY
$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.

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
up to 4.60%
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
N/A
4.35%
Rate info Circle with letter I in it. 4.35% annual percentage yield as of February 23, 2024
Min. to earn: $1
N/A
5.32%
Min. to earn: $1
N/A

Full First Foundation Bank Online Savings review

Top perks

High APY: The First Foundation Bank Online Savings account offers a competitive APY. The account requires a minimum deposit of $1,000 to open, but a minimum balance of just $0.01 is required to earn the 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.

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 The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.

FAQs

  • The First Foundation Bank Online Savings account currently offers 5.00% 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.

Our Banking Experts