FNBA, short for First National Bank of America, has provided banking services to individuals and businesses for more than 65 years. While it operates out of three branches within Michigan, FNBA account holders can access their funds anywhere via online banking and mobile banking. Plus, the bank’s partnership with Allpoint enables surcharge-free withdrawals from 55,000 ATMs across the United States. In this First National Bank of America review, you’ll learn more about FNBA’s checking and savings accounts and high-interest certificates of deposit (CDs)

All rates and fees are current as of March 20, 2024, and are subject to change. 

First National Bank of America at a glance

First National Bank of America






Checking accounts: Open with as low as $100
Savings accounts: Includes health savings accounts (HSAs)
CD Rates: Earn up to 5.15% annual percentage yield (APY)


First National Bank of America rates and products

First National Bank of America offers multiple checking and savings account options with banking features, such as online banking, mobile and text banking, bill payment, and stop payment. They also provide overdraft services and allow customers to send money orders. FNBA accounts have varied rates and APYs, and its CD rates are one of the best CD rates you’ll see. However, these rates are subject to change at the institution’s discretion. 

Checking accounts 

First National Bank of America offers Michigan residents three checking accounts. None of these checking accounts are free—you’ll need to pay a monthly fee to keep your account running unless you maintain the required minimum daily balance. That monthly fee depends on FNBA’s current fee schedule. Also, unlike other banks, First National Bank of America doesn’t offer new customers checking account opening bonuses.

First National Bank of America checking account features
Minimum opening deposit $1,000
Minimum balance required $1,000 to avoid monthly fees
Federal Deposit Insurance Corp. (FDIC) insurance Up to $250,000

Simple Checking

FNBA’s Simple checking account requires a minimum opening deposit of $100. You must also keep a minimum daily balance to escape its monthly service fee. This checking account is the only one that accrues interest, but First National Bank of America doesn’t reveal how much interest you’ll get. 

HomeTowne Money Market Checking

  • Minimum opening deposit: $1,000
  • Minimum daily balance: $1,000
  • Check writing: Unlimited 

Personal Checking

  • Minimum opening deposit: $100
  • Minimum daily balance: $100
  • Debit card: Available for free

Savings accounts

First National Bank of America offers three savings account options. Statement Savings and Health Savings Accounts are only open to Michigan residents, while the High Yield Savings Account can be opened online. 

First National Bank of America savings account features
Minimum opening deposit $50 for Statement Savings
$1,000 for High Yield Savings
Top APY 0.50% on High Yield Savings
Minimum balance required $199 to avoid monthly service fees

High Yield Savings

Anyone within the United States can open a First National Bank of America High Yield Savings Account without visiting a branch. FNBA’s High Yield Savings Account holders acquire standard interests. More benefits are below. 

  • Minimum opening deposit: $1,000
  • Funding limit: $1 million
  • Daily withdrawal limit: $2,500 
  • Monthly service fee: $10 (waived for accounts with $1,000 minimum balance)
  • APY: 0.50%
  • e-Statements: Available 

The APY on this savings account varies, so confirm the current APY rates if you’re considering opening one. There is a daily withdrawal limit of $2,500. To find out how to withdraw beyond the stipulated withdrawal limits, call FNBA toll-free at 800-968-3626.

Statement Savings

  • Minimum opening deposit: $100
  • Monthly service fee: $10 (waived with $199 average balance)
  • Interest rate: 0.25% (paid and compounded monthly) 
  • APY: 0.25% 

Health Savings Account 

This account is only available to those with high-deductible health plans. While you must visit a First National Bank of America branch in person to open a Health Savings Account, you can access it on your mobile device or personal computer. You can save up for upcoming medical expenses by having automatic deductions from your paycheck, setting up recurring payments with FNBA or another bank, or making mobile or check deposits. Your employer can also contribute to your HSA account via direct deposits. 

Features of First National Bank of America Health Savings Account include: 

  • Minimum opening deposit: $50 
  • Minimum daily balance: $50 
  • Standard interest: Available 
  • HSA debit card fee: $0
  • e-Statements: $0
  • Paper statement: $2 per month 

First National Bank of America savings rates compared to current top rates*

While First National Bank of America is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Certificates of deposit

First National Bank of America offers short-term and long-term CDs to anyone in the U.S. These CDs come with high APYs, and interest is compounded quarterly. 

First National Bank of America CD features
Minimum opening deposit $1,000
Available term lengths 6 months to 84 months
Top APY  5.05% for the 12-month CD term
Early withdrawal penalty  90-540 days of interest, depending on the CD term
Last updated: March 20, 2024

You’ll need to call the bank to open a CD account with over $1 million. More CDs are also available to Michigan residents; for example, you can visit any First National Bank of America branch to open accounts with CD terms of 1-5 months and earn a standard interest rate of 2.28% and 2.30% APY. IRAs and CDs are also available to help you save up for retirement. 

First National Bank of America provides various options for account holders upon maturity. You can withdraw all or part of your funds, leaving the remainder to start a new CD term. You can also roll over all the funds or add more to your CD, but you must do that within 10 days. 

To withdraw or roll over your funds, email onlineaccounts@fnba.com. However, note that all new CDs lock in the current rates. 

Compare First National Bank of America alternatives

Here’s how First National Bank of America stacks against other banks with high CD and savings rates. 

Is First National Bank of America right for you?

We recommend First National Bank of America for its multiple savings and checking options as well as special products available to Michigan locals. Its high CD rates are a huge selling point for those with at least $1,000 to set aside. However, if you want to set up and run your accounts from anywhere in the country, enjoy high interest on savings and checking accounts, and do not want to pay monthly fees, you’re better off with another bank. 

Frequently asked questions

How many branches does First National Bank of America have?

First National Bank of America has three branches in East Lansing, Grand Rapids, and Traverse City, Michigan. However, you can access some of its products even if you live outside the state.

What are the cons of First National Bank of America?

First National Bank of America doesn’t offer interest on its checking accounts, and not all account types are available to non-Michigan residents. 

Are First National Bank of America deposit accounts FDIC-insured?

Yes. Your deposits with First National Bank of America are insured, up to $250,000 per account holder, per ownership category.



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