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First National Bank Review: Checking, Savings and CDs

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First National Bank Review: Checking, Savings and CDs

NerdWallet’s rating: 3.0 / 5.0


First National Bank
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at First National Bank
Little distinguishes First National Bank from other banks, and that’s both good and bad. Its fees aren’t particularly high, but neither are its savings rates. Its online banking platform has all the basics, but little else.

First National Bank is best for people who live near one of its approximately 100 branches and who might want in-person help occasionally.

The bottom line

  • There are no monthly fees on the bank’s basic checking and savings accounts
  • Annual percentage yields (APYs) are generally low, especially on the basic savings account

» MORE: NerdWallet’s best national banks

Our Ratings
Checking account

Savings account

Certificates of deposit

Customer experience

Overdraft fees

Overall

Here are more details about First National Bank’s checking and savings accounts, CDs, customer experience and overdraft fees.

Checking account

The basic checking account doesn’t bear interest, but it also doesn’t have a monthly fee. It should serve you just fine if you simply need a place to park your money. The bank also has a premier account that offers minimal interest, but it wasn’t factored into our ratings. Rates may vary depending on where you live.

ProsCons
  • First National Bank doesn't charge a fee when customers use a different bank's ATM, but the owner of the cash machine might


  • There are no opening deposit or minimum balance requirements

  • Customers have access to just under 275 free ATMs


Account reviewed for rating: First National Free Checking

» MORE: NerdWallet’s best checking accounts

Savings account

The rate on the basic savings account is low, so if you want your cash to grow faster, take a look at other institutions on NerdWallet’s best savings accounts list. Again, rates may vary depending on where you live.

ProsCons
  • There's no monthly fee


  • There are no opening deposit or minimum balance requirements
  • The basic savings account comes with an APY of just 0.05%
Account reviewed for rating: First National Savings

Certificates of deposit

Customers have access to CDs with term lengths ranging from 91 days to five years. Although rates are higher here than at most national banks, they aren’t nearly as strong as those offered by online banks and a few credit unions. People who have checking accounts at First National Bank can qualify for slightly higher savings rates than those shown below. Customers who live outside of Omaha, Nebraska, might get slightly different rates.

ProsCons
  • Base rates vary from 0.22% to 1.54% APY, with longer term lengths earning the highest rates
  • You'll need at least $500 to open a CD
Account reviewed for rating: First National certificates of deposit

Customer experience

First National Bank has mobile banking apps for iOS and Android devices. You can use them to monitor your accounts, transfer money between them and deposit checks.

The bank’s website makes it easy to find information about fees and rates, but it lacks a live chat service. Branches are limited to seven states: Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota and Texas.

Overdraft fees

First National Bank charges a $33 overdraft fee up to four times per day, which is slightly below the national median of $34. On the plus side, the bank won’t charge customers if their balance is overdrawn by $20 or less, or if the the transaction causing the overdraft is below that amount. At many banks, that threshold is $5.

First National Bank’s overdraft line of credit has a minimum interest rate of about 14%. Customers can also get free overdraft protection using a linked First National Bank savings account. 

Middle-of-the-road option

First National Bank
Learn more
at First National Bank
As long as you can avoid the fees, you wouldn’t be making a huge mistake by turning to First National Bank. That’s especially true if you live near a branch. And there are better places to keep your cash, particularly your savings.

For higher rates and lower fees — and if you think you can do without in-person banking — check out online banks such as AllyCapital One 360 and Discover.

Tony Armstrong is a staff writer at NerdWallet, a personal finance website. Email: tony@nerdwallet.com. Twitter: @tonystrongarm.

Updated May 18, 2017.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.