First Bank does not currently offer a dedicated high-yield savings account

First Bank, which operates primarily in the Southeast and Mid-Atlantic regions, does not have a product marketed as a high-yield savings account. The bank offers standard savings accounts and money market accounts, but these carry rates that track with traditional brick-and-mortar banking rather than the rates you would find at online-only banks or credit unions focused on deposit products.

If you bank with First Bank for checking or other services and want higher returns on savings, you have two practical paths: keep a small emergency fund at First Bank for convenience and move larger savings balances elsewhere, or move your entire relationship to a bank that prioritizes savings rates. Neither choice is wrong — it depends on whether the convenience of one institution outweighs the rate difference for your situation.

Key Takeaways

  • First Bank's savings and money market accounts pay rates lower than online banks and many credit unions offer for the same products.
  • The bank's branch network and customer service may justify keeping a small savings account there even if your main savings sits elsewhere.
  • Online banks and credit unions typically pay 4% to 5% APY on high-yield savings accounts, while First Bank's rates are substantially lower.
  • Moving money between institutions takes three to five business days, so you can test a new bank without closing your First Bank account when ready.

How First Bank's savings rates compare to the market

First Bank's savings account rates vary by account type and balance tier, but they generally fall in the 0.01% to 0.05% APY range — the same range as most traditional banks with physical branches. Online banks and credit unions currently offer rates between 4% and 5% APY on high-yield savings accounts, meaning your money grows roughly 100 times faster at those institutions.

The rate gap exists because First Bank maintains hundreds of branches and ATMs, pays for physical locations, and funds lending operations. Online banks have lower overhead and pass that savings to depositors through higher rates. If you have $10,000 in savings, the difference between 0.03% at First Bank and 4.5% at an online bank is roughly $450 per year in interest you would not earn.

First Bank does offer a money market account, which typically pays slightly higher rates than savings accounts but requires a larger minimum balance and limits the number of withdrawals per month. Even with these restrictions, the rate is still well below what online institutions pay.

When it makes sense to keep money at First Bank

If you use First Bank for checking, payroll deposit, or bill pay, keeping a small emergency fund there — perhaps one to two months of expenses — can be practical. You avoid the three to five business day transfer delay when you need cash quickly, and you stay within one institution for routine banking.

This approach works best if your emergency fund is modest. If you have $50,000 or more in savings, the rate difference becomes significant enough that moving it elsewhere makes financial sense, even if you keep your checking account at First Bank. Many people maintain both: a First Bank checking account and a high-yield savings account at an online bank or credit union.

First Bank's branch network is also relevant if you deposit cash regularly or need in-person service. If you rarely visit a branch and handle most banking online, the convenience argument weakens considerably.

How to move savings to a higher-rate account

Opening a high-yield savings account at an online bank or credit union takes 10 to 15 minutes online. You will need your Social Security number, a government ID, and proof of address (a recent utility bill or bank statement works). Most institutions let you fund the new account when ready by linking your First Bank checking account.

Once the new account is open and funded, you can leave your First Bank savings account open or close it. There is no penalty for closing a savings account at First Bank, and you can reopen one later if you change your mind. If you close it, make sure you have moved any automatic transfers or linked services to your new account first.

The transfer itself takes three to five business days. During that time, your money is in transit and earns no interest at either institution. For this reason, moving money in larger batches (once a month rather than weekly) is more efficient than frequent small transfers.

First Bank's other deposit products and their rates

First Bank offers certificates of deposit (CDs) with terms ranging from three months to five years. CD rates are higher than savings account rates but lower than what online banks pay for comparable terms. The trade-off is that your money is locked in for the stated period — early withdrawal triggers a penalty that typically equals three to six months of interest.

The bank also offers individual retirement accounts (IRAs) and other retirement products, which have their own rate structures. These are not savings vehicles in the traditional sense and serve a different purpose — tax-advantaged long-term retirement savings rather than emergency funds or short-term goals.

Money market accounts at First Bank function as a middle ground between savings and checking. They offer check-writing privileges and debit card access (limited to six withdrawals per month under federal rules), but require higher minimum balances — often $2,500 or more depending on the account tier.

Alternatives if you want to stay with a traditional bank

If you prefer working with a bank that has physical branches rather than moving to an online institution, some regional and national banks offer rates closer to the market. Credit unions, which are member-owned rather than shareholder-owned, often prioritize competitive savings rates. You can search for credit unions in your area through CO-OP or Allpoint networks, which give you access to thousands of ATMs nationwide.

Some larger national banks (Bank of America, Wells Fargo, Chase) have begun offering high-yield savings accounts or money market accounts with rates in the 4% to 5% range, though these often come with balance requirements or other conditions. These are worth checking if you already have a relationship with one of these institutions.

The trade-off with any brick-and-mortar bank is that rates will be lower than online-only competitors. The convenience and service may justify that cost for you, but it is worth calculating the actual dollar difference before deciding.

Frequently Asked Questions

Can I open a First Bank savings account online?

Yes. First Bank allows online account opening for savings accounts, though you will need to verify your identity and may need to link an existing First Bank checking account or provide proof of address. The process takes 10 to 15 minutes.

What is the minimum balance required for a First Bank savings account?

Minimum balance requirements vary by account type and may change. Contact First Bank directly or check their website for current requirements, as they differ between standard savings and money market accounts.

If I move my savings elsewhere, do I have to close my First Bank checking account?

No. You can keep your checking account at First Bank and move only your savings to another institution. Many people do this to maintain one checking relationship while optimizing savings rates elsewhere.

How long does it take to transfer money from First Bank to another bank?

Standard transfers between banks take three to five business days. Weekends and holidays extend the timeline. Some online banks offer faster funding options if you link your First Bank account directly during signup.

Are there penalties for closing a First Bank savings account?

First Bank does not charge a fee to close a savings account. Make sure any automatic transfers or linked services are moved to another account first, and confirm the account is fully closed before opening a replacement elsewhere.