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Read our editorial standards. The bottom line: First General Bank might be worthwhile if you’d like to be part of an Asian American-owned financial institution that serves local Southern California communities. The bank’s strongest product is its First General Bank SuperVal Checking Account , which doesn’t charge monthly service fees.
But bear in mind the bank doesn’t have an ATM network. Overall bank rating Feature Insider rating (out of 5) Savings 3 Checking 3. 25 CD 2.
75 Money market account 2. 75 Trustworthiness 3 Total 3 Pros and cons Pros Cons Asian American-owned bank and community development financial institution that serves its local community Free interest-earning checking account Only available in select cities in Southern California No ATM network Monthly service fees on savings and money market account First General Bank Savings Account First General Bank Savings Account Annual Percentage Yield (APY) 0. 10% APY Minimum Deposit Amount $100 3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3 out of 5 Stars Editor’s Rating Learn more First General Bank Savings Account 3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0.
10% APY Minimum Deposit Amount $100 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Possible to waive monthly service fee Cons Low interest rate $100 minimum opening deposit $5 monthly service fee Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Asian American-owned bank with 5 branches in Southern California To waive $5 monthly service fee, keep a daily balance of $500 or more in account Interest compounded daily and deposited monthly Member FDIC The First General Bank Savings Account works best if you keep at least $500 in your account daily so you can avoid the $5 monthly service fee.
If you don’t think you can maintain that much money in your account, our high-yield savings account guide has savings accounts without minimum balance requirements. First General Bank SuperVal Checking Account First General Bank SuperVal Checking Account Annual Percentage Yield (APY) 0. 10% to 0.
15% APY Minimum Deposit Amount $100 3. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 25 out of 5 Stars Editor’s Rating Learn more First General Bank SuperVal Checking Account 3.
25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 25 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0. 10% to 0.
15% APY Minimum Deposit Amount $100 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros No monthly service fees No out-of-network ATM fees Cons $100 minimum opening deposit $20 overdraft fee No overdraft protection is available No ATM network No reimbursements if charged by an out-of-network ATM provider Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Asian American-owned bank with 5 branches in Southern California Tiered interest rate: Earn a higher interest rate on higher account balances Interest compounded and deposited monthly Member FDIC The First General Bank SuperVal Checking Account is a solid checking account.
It doesn’t charge monthly service fees, and you’ll earn some interest on your money. Keep in mind First General Bank doesn’t have an ATM network. If you frequently visit ATMs to make transactions, you might choose another bank instead.
First General Bank CD First General Bank CD Annual Percentage Yield (APY) 0. 10% to 0. 25% APY Minimum Deposit Amount $2,500 2.
75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2. 75 out of 5 Stars Editor’s Rating Learn more First General Bank CD 2. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.
75 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0. 10% to 0. 25% APY Minimum Deposit Amount $2,500 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros Standard early withdrawal penalties Cons Low interest rate $2,500 minimum opening deposit No CD terms over 3 years Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Asian American-owned bank with 5 branches in Southern California Terms range from 7 days to 3 years CD early withdrawal penalties: For terms under 30 days, the penalty is all interest earned; For terms between 30 days and 1 year, the penalty is 30 days simple interest; For terms over 1 year, the penalty is 90 days simple interest Interest compounded daily and deposited monthly Member FDIC A First General Bank CD might be a decent option if you have at least $2,500 for an initial deposit. However, online banks offer much higher interest rates right now.
First General Bank Money Market Account First General Bank Money Market Account Annual Percentage Yield (APY) 0. 10% to 0. 15% APY Minimum Deposit Amount $1,000 2.
75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2. 75 out of 5 Stars Editor’s Rating Learn more First General Bank Money Market Account 2. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.
75 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0. 10% to 0. 15% APY Minimum Deposit Amount $1,000 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros Possible to waive monthly service fee Checks included Cons Low interest rate $1,000 minimum opening deposit $15 monthly service fee No debit card Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Asian American-owned bank with 5 branches in Southern California Tiered interest rate: Earn a higher interest rate on a higher account balance To waive $15 monthly service fee, keep a daily balance of $2,500 or more in account Interest compounded daily and deposited monthly Member FDIC The First General Bank Money Market Account offers the same tiered interest rate as the First General Bank SuperVal Checking Account , but you’ll need to keep at least $2,500 in your account to avoid a $15 monthly service. You may find it easier to maintain a First General Bank SuperVal Checking Account , or if you’d like to open a money market account, our best money market accounts guide has some strong contenders.
How First General Bank works First General Bank is an Asian American-owned bank with five branches in Southern California. The brick-and-mortar bank doesn’t have an ATM network. You may use out-of-network ATMs, and First General Bank won’t charge you a fee.
If the ATM provider charges a fee, you’ll have to pay it. Customer service is available by phone from 9 a. m.
to 4:30 p. m. PT Monday through Thursday, 9 a.
m. to 6 p. m.
PT on Friday, and 10 a. m. to 2 p.
m. PT on Saturday. First General Bank’s mobile app is rated 4.
8 out of 5 stars in the Apple store and 3. 4 out of 5 stars in the Google Play store. The brick-and-mortar bank is FDIC insured .
You may deposit up to $250,000 in an individual bank account or $500,000 in a joint account, and it will be safe should the bank shut down. First General Bank Bank trustworthiness and BBB rating First General Bank hasn’t been involved in any recent public controversies. We also include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues.
First General Bank doesn’t have a rating from the BBB, though. BBB ratings aren’t necessarily the be-all and end-all. To get a well-rounded perspective of a bank, you may reach out to current customers or read online customer reviews.
The role of community development financial institutions Community development financial institutions, or CDFIs , serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. In 2021, First General Bank participated in the Paycheck Protection Program and gave out loans to over 900 small business owners.
Bank employees also completed over 500 hours in volunteering services. First General Bank vs. Golden Bank We’ve compared First General Bank to Golden Bank , an Asian American-led financial institution in California and Texas.
First General Bank Golden Bank Locations CA Locations CA and TX Standout feature Free interest-earning checking account Standout feature Free checking account Learn more Learn more Both banks have free checking accounts . You may prefer the First General Bank SuperVal Checking Account if you’d like to earn some interest on your money. Meanwhile, the Golden Bank Opportunity Checking Account might be appealing if you’re looking for an account with a low minimum opening deposit.
Be mindful of Golden Bank’s monthly debit card transaction limit, though. If you make more than 10 debit card transactions per month, you’ll pay a $0. 50 fee for each extra transaction.
Golden Bank might also be ideal if you’re like to open a CD at a brick-and-mortar bank. It has a variety of CD terms to choose from and pays a higher interest rate than the average CD. First General Bank vs.
Royal Business Bank Royal Business Bank is an Asian American-led financial institution with locations in Southern California. See how the two banks stack up. First General Bank Royal Business Bank Locations CA Locations CA, NV, NY, IL, NJ, and HI Standout feature Free interest-earning checking account Standout feature Solid interest rates on CDs Learn more Learn more If you would like to open a strong checking account, you’ll probably lean more toward First General Bank.
First General Bank has a free interest-earning checking account, so you won’t have to worry about maintaining your account balance or meeting certain requirements. However, one of the major downsides to the account is that First General Bank doesn’t have an ATM network. Royal Business Bank might be worth exploring if you’d prefer to keep your money in a CD.
Royal Business Bank pays decent interest rates on short-term CDs compared to other brick-and-mortar banks. Frequently asked questions Is First General Bank FDIC insured? Yes, First General Bank is FDIC insured. Up to $250,000 is secure in an individual bank account, and $500,000 in a joint account.
Where is First General Bank located? First General Bank serves residents in Southern California. You may find locations in the following cities: Arcadia, CA Artesia, CA Irvine, CA Rowland Heights, CA San Gabriel, CA Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020.
You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider. com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Read more Read less.
From: businessinsider_us
URL: https://businessinsider.com/personal-finance/first-general-bank-review
