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

First Bank, which operates primarily in the Southeast and Midwest through branches and online services, offers traditional savings accounts but not a product specifically branded or structured as a high-yield savings account. Their standard savings accounts earn interest, but the rates are typically lower than what you would find at online-only banks or credit unions that specialise in high-yield products.

If you bank with First Bank and want to earn more on your savings, you have two paths: keep money in their regular savings account and accept the lower rate, or move funds to a separate institution that offers higher yields. Many people do both—keeping a small balance at their primary bank for convenience and moving larger sums elsewhere for better returns.

Key Takeaways

  • First Bank's savings accounts earn interest but are not marketed as high-yield and typically pay less than online banks or credit unions.
  • Interest rates at First Bank vary by account type and change over time, so you should check their current rates directly on their website or by calling a branch.
  • Online banks and credit unions often pay two to ten times more on savings than traditional branch banks, even though they have no physical locations.
  • You can keep a checking account at First Bank for everyday banking and move savings to a higher-rate account elsewhere without closing your First Bank relationship.
  • Money market accounts and certificates of deposit at First Bank may pay slightly more than savings accounts, but still typically lag behind online alternatives.

How First Bank's savings rates compare to online alternatives

First Bank's savings account rates depend on your account balance and the current economic environment, but they generally sit below 1% annual percentage yield (APY). Online banks—institutions with no physical branches—often pay 4% to 5% APY or higher on savings accounts, depending on the Federal Reserve's current rate environment.

The reason for this gap is simple: online banks have lower overhead costs. They do not maintain branch buildings, pay tellers, or run physical infrastructure. They pass those savings to customers through higher interest rates. First Bank, by contrast, operates hundreds of branches across multiple states, and that cost structure gets reflected in lower rates.

If you have $10,000 in savings, the difference matters. At First Bank earning 0.01% APY, you would earn about $1 per year. At an online bank earning 4.5% APY, you would earn $450 per year on the same balance. Over five years, that gap grows to thousands of dollars.

What First Bank does offer for interest-bearing accounts

First Bank provides several account types that earn interest: regular savings accounts, money market accounts, and certificates of deposit (CDs). Money market accounts typically pay slightly more than savings accounts but may require a higher minimum balance and limit how often you can withdraw. CDs lock your money away for a set term—anywhere from three months to five years—in exchange for a may provide rate that is usually higher than savings or money market rates.

If you want to keep all your banking in one place, a CD might be your best option at First Bank. You would know exactly what rate you are earning and for how long. The trade-off is that you cannot access the money without paying an early withdrawal penalty, usually equal to a few months of interest.

Check First Bank's website or call a local branch for current rates on these products, as they change frequently and may vary slightly by location or account balance.

When to keep money at First Bank versus moving it elsewhere

Keep money at First Bank if you value having a physical branch nearby, use their checking account for direct deposit and bill pay, or need to deposit cash regularly. The convenience of walking into a branch or using their ATM network may be worth a slightly lower interest rate to you.

Move savings to another institution if you have a lump sum you do not need to touch for several months, want to maximize interest earnings, or are comfortable banking entirely online. Many people maintain both: a First Bank checking account for daily transactions and a high-yield savings account at an online bank for money they are saving.

You do not have to choose one bank forever. You can open a high-yield savings account at an online bank in minutes, transfer money there, and leave your First Bank account open. If you later decide you prefer the branch experience or want to consolidate, you can move money back.

How to find current rates and open an account elsewhere

To see First Bank's current savings rates, visit their website, call 1-800-FIRST-BC, or visit a branch in person. Rates change based on Federal Reserve decisions, so what you see today may not be what you see in three months.

To compare high-yield savings accounts, search for "high-yield savings account" and look at banks like Marcus, Ally, American Express Personal Savings, or Discover Bank. Credit unions also offer high-yield savings; search for "credit union high-yield savings" plus your state to find options near you. Most online banks let you open an account and fund it entirely online, and money typically transfers within one to three business days.

When comparing, look at the APY (not just the interest rate), any minimum balance requirements, and whether the bank is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). All deposits up to $250,000 are protected at FDIC-insured banks and NCUA-insured credit unions, so your money is safe regardless of which institution you choose.

Frequently Asked Questions

Does First Bank have any savings account that pays more than 1%?

First Bank's CDs may pay slightly higher rates than savings accounts, but rates vary by term length and current market conditions. Call a branch or check their website for current CD rates. Even their highest-rate CDs typically lag behind online banks, but they offer the security of a may provide rate.

Can I move money from First Bank to a high-yield account without closing my First Bank account?

Yes. You can open a high-yield savings account at another bank and transfer money there while keeping your First Bank checking and savings accounts open. There is no penalty for having accounts at multiple banks, and many people do this to earn higher interest on savings while keeping a checking account at their primary bank.

What happens to my money if I move it to an online bank?

Your money is insured the same way. As long as the online bank is FDIC-insured (which nearly all are), your deposits up to $250,000 are protected. Online banks are regulated by the same federal agencies as branch banks; they just operate without physical locations.

How often do First Bank's interest rates change?

First Bank adjusts rates periodically in response to Federal Reserve decisions and market conditions. You should check their website or call a branch every few months if you want to know the current rate. Rates can go up or down, and there is no set schedule for changes.

Is it worth opening a CD at First Bank if online banks pay more?

Only if you value the convenience of managing everything at one bank or prefer the certainty of a may provide rate. If your only goal is to earn the most interest, an online bank will almost always pay more. If you want to lock in a rate and do not want to manage multiple accounts, a First Bank CD is a reasonable option.