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First Foundation Bank Review: West Coast Bank With High-Yield Savings

Review Updated
Kevin Payne
Steven Porrello
By: Kevin Payne
Kevin Payne
Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.

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 and  Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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First Foundation Bank is a regional bank that offers several savings products with competitive interest rates, including savings accounts, CDs, and checking accounts.

Keep reading our full First Foundation Bank review to learn more about its account offerings to see if it's right for you.

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Member FDIC.

First Foundation Bank

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

First Foundation Bank offers in-person banking services for people living in California, Florida, Hawaii, Nevada, and Texas, along with certain online bank accounts available nationally. Its online savings account is a standout that earns high interest with no monthly fees.

Pros
  • No monthly fees on online savings or personal checking accounts
  • Competitive APY on online savings account
  • ATM fee reimbursements
Cons
  • High minimum deposits
  • Branches in only five states

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Is First Foundation Bank right for you?

First Foundation Bank is right for you if:

  • You reside in California, Florida, Nevada, Texas, or Hawaii near First Foundation branches or want a completely online bank.
  • You're looking for an online savings or money market account with a competitive APY.
  • You're interested in a checking account that earns interest.

Savings accounts

First Foundation Bank offers a few different types of savings accounts. Each has online and mobile banking capabilities, though only one -- Online Savings -- is designed to be a completely digital experience.

Online Savings

The First Foundation Bank Online Savings account offers a competitive APY of 5.00%, which is much higher than the national average. You'll need a minimum initial deposit of $1,000 to open an Online Savings account, funded by new money -- i.e., money that's not in an existing First Foundation account.

Online Savings accounts have no monthly maintenance fees and can be opened from anywhere in the U.S., even if you don't live near a physical branch.

Ratings Methodology
Rates as of Jun 28, 2024

First Foundation Bank Online Savings

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Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
5.00%
Min. To Earn APY
$0.01
  • Competitive APY
  • ATM access with unlimited fee reimbursements
  • No maintenance fees
  • High opening deposit requirement
  • Incoming wire transfer fee

The First Foundation Bank Online Savings account offers a competitive rate along with easier access to your cash than you normally see with a savings account. The steep opening deposit requirement may bar some from opening this account, but those who can afford it should definitely give First Foundation Bank a closer look.

  • Customers can open a Personal Savings account with just $100. The traditional savings account has a $3 monthly fee, which is waived with an average daily balance of $250 or higher.

  • First Foundation's Senior Savings account is similar to the Personal Savings account, but it's designed for people 55 and older. This interest-bearing account is opened with a $100 minimum deposit. It requires an average daily balance of $250 or higher to waive the $3 monthly fee.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Certificates of deposit

CDs typically offer higher rates than other interest-bearing accounts. That's because your funds are tied up for a fixed period of time, otherwise known as the "term."

First Foundation Bank's term options are limited in the sense that it only offers two terms. Nevertheless, if you're looking for a CD with decent rates, a First Foundation Bank CD may be a solid choice.

Personal CDs

First Foundation Bank offers two CD terms -- 12 and 18 months. Like most banks, First Foundation doesn't charge fees on CD accounts but will hit you with an early withdrawal penalty if you pull funds before your account reaches maturity.

As far as its rates go, both its 12-month and 18-month CDs are competitive. First Foundation Bank CDs come with a deposit minimum of $2,500 to open an account. That might make First Foundation less ideal for those who want to build a CD ladder but don't have enough savings to meet the minimum for several CDs.

  • A Personal IRA CD is designed to help customers reach short- and long-term retirement goals. Like Personal CDs, they require a $2,500 minimum deposit and have no monthly fees. 

Checking accounts

First Foundation Bank has several checking accounts for everyday spending. Offerings include an attractive interest-bearing checking account, plus debit cards and ATM fee reimbursements up to $20 per transaction.

Personal Interest Checking

Personal Interest Checking is a checking account that earns interest. It's primarily for First Foundation customers who plan to keep a higher balance in their checking account, as it requires a $2,500 minimum daily balance to avoid the $20 monthly maintenance fee. You also need a $100 minimum deposit to open the account.

  • This account is similar to the one above, except it doesn't earn interest on daily account balances. It charges no monthly fees but requires a $100 minimum balance to open the account.

  • People 55 and older also have the option of Senior Interest Checking. This interest-bearing account comes with a variety of attractive benefits, like no monthly fees and minimum balance requirements. Plus, you'll get free basic checks and a debit card.

Money market accounts

First Foundation Bank's online money market account presents another opportunity to earn high interest. Like its savings account, First Foundation requires an opening deposit of $1,000 in "new money." But you'll get a decent APY, a free debit card, and check-writing privileges.

Customer experience

Customer service

First Foundation Bank provides customer service via phone, email, and virtual support. First Foundation doesn't rank among the top banks in its region for customer satisfaction. However, it also has not received many customer complaints online.

Mobile app

First Foundation's mobile app has high ratings in the App Store and Google Play, with a cumulative average of 4.1 between both apps.

Physical locations

Headquartered in Dallas, Texas, First Foundation Bank has 31 branch locations in California, Florida, Hawaii, Nevada, and Texas.

Relationship benefits

Some banks offer relationship benefits as a way to draw new business. Common benefits include higher rates and maintenance fee waivers. Right now, First Foundation Bank doesn't offer any relationship benefits. But all of its deposit accounts either have no monthly fees or offer an option to waive fees by meeting monthly balance requirements.

How does First Foundation Bank compare?

First Foundation Bank is home to full-service banking. Still, it may not be right for everyone. It's especially inconvenient if you don't live near one of its branches. Here are a couple of top banks to consider instead.

First Foundation Bank vs Bank of America

If you're looking for a traditional brick-and-mortar bank with more accounts available to people nationally, look at Bank of America. This bank is known for generous relationship benefits and flexible checking. As with many big national banks, Bank of America also offers a suite of products to people residing in all 50 states.

First Foundation Bank vs Capital One

Capital One is another top bank with high-yield deposit accounts. It also offers branches in select states for those who prefer in-person banking services. You'll find competitive savings, checking, and CD accounts with little to no fees. You're probably familiar with Capital One credit cards. Like its cards, Capital One's banking services also rank among the best in the market. 

FAQs

  • Yes, First Foundation Bank may charge a $35 overdraft fee when you overdraw your account.

  • First Foundation Bank has FDIC insurance, which will cover up to $250,000 of a depositor's money.