What First Horizon offers and who it suits

First Horizon Bank is a regional bank operating primarily in Tennessee, Arkansas, Mississippi, and Texas. It offers standard checking and savings accounts, money market accounts, and certificates of deposit (CDs). Whether it is a good fit depends on whether you live in or near one of its service areas, what fees matter most to you, and whether you prefer in-person banking or are comfortable with online-only options.

First Horizon has physical branches, which means you can deposit cash, speak to someone face-to-face, and resolve account issues without relying entirely on phone or email. That matters if you handle cash regularly or prefer to bank in person. The bank also offers online and mobile banking, so you are not locked into branch visits for routine transactions.

The main trade-off is that First Horizon is not available everywhere. If you do not live in or travel frequently to one of its four-state footprint, you will have limited branch access and may pay out-of-network ATM fees more often. National banks like Chase, Bank of America, and Wells Fargo have thousands of branches; regional banks like First Horizon have dozens to a few hundred.

Key Takeaways

  • First Horizon is a regional bank with branches in Tennessee, Arkansas, Mississippi, and Texas; if you live outside these areas, branch access will be limited.
  • The bank charges monthly maintenance fees on most checking accounts unless you meet balance or deposit requirements, which vary by account type.
  • Out-of-network ATM withdrawals cost money, and First Horizon does not have a large ATM network, so frequent cash users in other regions may pay more.
  • First Horizon offers competitive CD rates and money market accounts, which can be worth comparing if you are saving rather than just checking.
  • Online and mobile banking are available, but the bank's digital tools are less extensive than those of larger national banks.

Checking account fees and minimum balances

First Horizon's checking accounts carry monthly maintenance fees unless you meet one of several conditions. The exact fee and the way to waive it depend on which checking product you choose. Some accounts waive the fee if you maintain a minimum daily balance (often $500 to $1,500); others waive it if you set up direct deposit or maintain a linked savings account with a certain balance.

Read the fee schedule for the specific account you are considering, because the conditions change. A $12 monthly fee sounds small until you realize you are paying $144 a year because you fell $100 short of the minimum balance requirement. If you cannot or do not want to meet the balance threshold, direct deposit is often the easier path to a waived fee.

Overdraft fees and out-of-network ATM fees also apply. First Horizon charges for overdrafts (the amount varies), and using an ATM outside its network costs money per transaction. If you live in a First Horizon service area and use the bank's ATMs, this is less of a problem. If you travel or live outside the region, you will encounter these fees regularly.

ATM access and branch availability

First Horizon has roughly 150 branches across its four-state region. That is enough for regular banking if you live in one of those states, but it is a small network compared to national banks. If you need to deposit cash, withdraw cash, or handle account issues in person, you will need a branch nearby.

The bank's ATM network is similarly limited. First Horizon owns and operates its own ATMs, and there are far fewer of them than you would find with a national bank. Using another bank's ATM will cost you a fee per transaction—usually $2 to $3. If you withdraw cash multiple times a week, those fees add up.

Some people solve this by using a national bank for checking (for the ATM network) and First Horizon for savings or CDs (for the rates). Others accept the ATM fees as a trade-off for banking with a regional institution. The right choice depends on how often you need cash and whether you have other banks nearby.

Savings accounts and CD rates

First Horizon offers savings accounts and money market accounts alongside its checking products. Savings account rates vary and change with market conditions; the bank's website shows current rates. Money market accounts typically offer higher rates than savings accounts but may require a larger opening deposit and have limits on how often you can withdraw.

Certificates of deposit (CDs) are a common reason people choose First Horizon. The bank regularly offers competitive rates on CDs with terms ranging from a few months to several years. If you are saving money you do not need to access immediately, a CD can earn more than a savings account. The trade-off is that you cannot withdraw the money without paying an early withdrawal penalty.

Compare First Horizon's CD rates to those of online banks and other regional banks before you commit. Rates change frequently, and an online bank might offer a better rate on a one-year CD even though it has no physical branches. Use a rate-comparison tool or check multiple banks' websites to see what is available.

Online and mobile banking features

First Horizon offers online banking through its website and a mobile app for iOS and Android. You can check balances, transfer money between accounts, pay bills, and deposit checks by photograph. These are standard features that most banks offer.

The bank's digital tools are functional but not as extensive as those of larger banks. Some national banks offer features like spending categories, budget tracking, or integration with third-party financial apps. First Horizon's platform is simpler and more straightforward, which some people prefer and others find limiting.

If you do most of your banking on your phone or computer and rarely visit a branch, the online and mobile options will work. If you need advanced digital features or prefer a bank with a large ecosystem of connected tools, a larger national bank or a digital-first bank may be a better match.

How First Horizon compares to other regional and national banks

First Horizon is one of several regional banks operating in the South. Other regional banks in similar areas include Pinnacle Financial, Renasant Bank, and Trustmark. National banks like Chase, Bank of America, Wells Fargo, and Citibank have much larger branch and ATM networks but often charge higher fees and offer lower savings rates.

Online banks like Ally, Marcus, and Discover have no physical branches but typically offer higher savings and CD rates and lower or no monthly fees. The choice between a regional bank, a national bank, and an online bank depends on what matters most to you: branch access, fee structure, rates, or digital features.

If you live in First Horizon's service area and value in-person banking, the bank is worth considering. If you live outside that area or prefer to avoid monthly fees and ATM charges, a national bank with a larger network or an online bank with higher rates may serve you better.

When First Horizon makes sense and when it does not

First Horizon is a reasonable choice if you live in Tennessee, Arkansas, Mississippi, or Texas and want a regional bank with physical branches and competitive CD rates. It is also reasonable if you already bank there and are satisfied with the service. The bank has been operating for over 150 years and is FDIC-insured, so your deposits are protected up to the legal limit.

First Horizon is less suitable if you live outside its service area, travel frequently to other regions, or want to avoid monthly maintenance fees and ATM charges. It is also less suitable if you need advanced digital banking features or want the highest possible savings rates. In those cases, a national bank or an online bank will likely serve you better.

The best way to decide is to check whether a First Horizon branch is convenient to you, review the specific fees and rates for the accounts you are considering, and compare them to one or two alternatives. A few minutes of comparison can save you money and frustration over time.

Frequently Asked Questions

Does First Horizon have branches outside the South?

No. First Horizon operates only in Tennessee, Arkansas, Mississippi, and Texas. If you need a branch in another state, you will need to use a different bank or rely on online banking and ATM networks.

What is the minimum balance to avoid monthly fees?

It varies by account type. Some checking accounts waive the fee with a $500 daily balance; others require $1,500 or more. Check the fee schedule for the specific account you want, or ask a branch representative about the easiest way to waive the fee for your situation.

Are First Horizon deposits insured?

Yes. First Horizon is FDIC-insured, which means deposits up to $250,000 per account holder per bank are protected if the bank fails. This is the same protection offered by all FDIC-member banks.

Can I use First Horizon if I live out of state?

You can open an account online and use mobile banking and bill pay, but you will not have branch access and will pay out-of-network ATM fees if you need cash. For most people living outside the service area, an online bank or a national bank is more practical.

How do First Horizon's CD rates compare to online banks?

Rates change constantly and vary by term length. First Horizon's rates are competitive for a regional bank, but online banks often offer higher rates because they have lower operating costs. Compare rates on the same CD term across multiple banks before you decide.