First Foundation Bank review 2024: Unlock high rates, if you can meet the requirements

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First Foundation Bank is an online bank with 31 branches. Most of the bank’s branches are in California, though it maintains some branches in Florida, Nevada, Hawaii, and Texas.

Though First Foundation has been around since 2007, it’s grown from serving wealthy customers as an advisory to offering banking products aimed at everyday consumers. First Foundation Bank might be a good fit if you want to earn more for your money and don’t mind dealing with minimum deposit requirements.

First Foundation Bank accounts 

First Foundation Bank offers a range of consumer banking and lending services. Customers can apply for a new account both online or by visiting a branch. First Foundation has over $13 billion in assets and is fully insured by the FDIC.

First Foundation Bank checking accounts 

First Foundation Bank offers three main types of checking accounts. All checking accounts offer ATM fee reimbursements of up to $20 per transaction and access to digital banking tools like bill payment, Zelle, and mobile deposit.

Here’s a closer look at First Foundation’s checking accounts. 

First Foundation Bank Savings Accounts 

First Foundation Bank can choose from three different savings account options.

The Personal Savings account is the bank’s basic offering. It has a $100 minimum deposit and a $3 monthly fee, which you can avoid with a minimum daily balance of $250. The Senior Savings account is similar, with a $100 minimum deposit and the same fee structure.

The Online Savings account is likely the best option if you can afford the minimum initial deposit. It comes with a competitive rate of 4.90% and no monthly fees. But, it has a minimum opening deposit of $1,000.

Remember that to make the $1,000 initial deposit, you’ll need to transfer the funds from an external account. You can’t use money from another First Foundation account to fund your Online Savings account.  

First Foundation Bank money market account

First Foundation Bank offers a money market account with 4.00% APY for customers seeking higher interest rates and more flexibility. You’ll need $2,500 to open the account and must maintain a daily balance of $2,500 to avoid the $20 monthly maintenance fee.

This account comes with check-writing privileges and a debit card upon request. 

First Foundation Bank CDs

First Foundation Bank offers just two CD options — a 9-month CD offering 5.00% APY and a 12-month CD offering 4.85% APY. Both require a minimum initial deposit of $2,500 and charge an  
early withdrawal penalty equal to 180 days of accrued interest.

Like the Online Savings account, your initial deposit must be funded with “new money” from an external account, not an existing First Foundation account.

When either CD matures, there is a 10-day grace period during which you can make a penalty-free withdrawal or add additional funds to the account. If you make no changes during the grace period, the CD will renew with the same term at the currently offered interest rate.

Other services First Foundation Bank offers 

First Foundation Bank offers various other services outside its bank accounts, from credit cards to mortgages to other loans.

First Foundation Bank offers a full suite of business banking solutions, including checking and savings accounts, commercial loans, and cash management services.

The bank’s wealth management team also offers personalized investment strategies and financial planning to help clients achieve long-term financial goals.

Is First Foundation a good bank to bank with? 

One of the top reasons to choose First Foundation Bank is its online savings account. The 4.90% APY is among the highest rates available, with many other online banks offering 4.50% APY or less. If you can afford the $1,000 minimum deposit, First Foundation will offer a strong return on your money.

Another benefit is the bank’s focus on wealth management and the strong relationships it builds with its customers. Plus, unlike many other online-first banks, First Foundation has over 30 branch locations. If you’re looking for a bank that offers personalized service based on your specific needs (and you live in a state where First Foundation operates), this bank could fit the bill.

That said, if you’re looking for a branch with a large geographic footprint, First Foundation is likely not for you. 

Fees 

Many online banks have no monthly fees and low or no minimum balance requirements. First Foundation has both, charging as much as $20 a month and requiring hundreds or thousands of dollars to open an account.

While you can often waive fees by maintaining a minimum daily balance, this may generally be a drawback for some consumers. Not to mention, there are plenty of free savings accounts and free checking accounts on the market.

First Foundation reimburses you up to $20 per transaction on ATM fees — a perk many other banks don’t offer. First Foundation also comes with other typical fees, including wire transfer fees, insufficient funds fees, and stop payment fees. 

Online and mobile banking

Like most banks, First Foundation Bank offers both a mobile and online bank platform, letting you manage your money from a computer or phone. You can track your account balance and transactions, pay bills, and send or receive money through Zelle.

The user interface is simple to understand and use — allowing you to easily manage your account online. The bank also uses layers of authentication and encryption to protect your data.

The First Foundation Bank mobile app has a 3.7/5 on Google Play and a 4.5/5 on the App Store. 

Customer Experience

First Foundation Bank offers multiple ways to receive customer support. You can reach their customer service representatives by calling 888-405-4332. Phone support hours are:

• Monday - Thursday: 5 a.m. - 8 p.m. PST
• Friday: 5 a.m. - 6 p.m. PST  
• Saturday: 6 a.m. - 2:30 p.m. PST

Outside of these hours, you can still access automated support 24/7 through the same phone number. You can receive virtual assistance through Webex, which is accessible from the bank's website. First Foundation Bank's website also features a learning center with video explainers.

First Foundation Bank stands out for its competitive interest rates, particularly on its Online Savings account, money market account, and CDs. The high APYs on these accounts make the bank an attractive choice for customers looking to maximize their savings.

However, the bank's fee structure is less favorable, with some accounts charging monthly maintenance fees that can be waived by maintaining minimum daily balances. While the ATM fee reimbursements of up to $20 per transaction are a nice perk, the presence of other typical fees may be a drawback for some customers.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score: 
 

• Interest rates: First Foundation Bank stands out for its competitive interest rates, particularly on its Online Savings account, money market account, and CDs. 
• Fees: However, the bank's fee structure is less favorable, with some accounts charging monthly maintenance fees that can be waived by maintaining minimum daily balances. While the ATM fee reimbursements of up to $20 per transaction are a nice perk, the presence of other typical fees may be a drawback for some.
• Requirements: The higher minimum opening deposits and balance requirements for some accounts may also be a barrier for certain customers. The $1,000 minimum for the Online Savings account and $2,500 minimum for the money market and CD accounts may not be accessible for all.
• Product mix: First Foundation Bank offers a wide range of personal and business banking products, as well as wealth management and financial planning services. 
• Customer service: The bank's customer service is rated well, with phone support available during extended hours and virtual assistance through Webex. However, the lack of 24/7 live support may be drawback to some. 
• Digital experience: First Foundation Bank's digital experience is robust, with user-friendly online and mobile banking platforms that offer essential features like account management, bill pay, and Zelle transactions. The mobile app ratings are generally positive. 
• ATM & branch access: First Foundation Bank has a presence in several states, its branch footprint is limited compared to larger banks. The ATM fee reimbursements are a valuable feature, though.

The bottom line 

First Foundation Bank stands out for its variety of savings and checking accounts. Its online savings account is one of its biggest strengths, offering one of the top interest rates available today. 

If you can meet the $1,000 deposit requirement, it’s well worth considering if you’re looking for a safe place to park your money. 
If you live outside the bank’s service area or can’t afford the bank’s minimum deposits and fees, you should consider alternatives. 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.