Founded in 1955 as First National Bank of East Lansing, First National Bank of America (FNBA) operates out of three branches within Michigan. It’s a full-service financial institution offering checking, CDs, and some competitive savings accounts for savers seeking to earn interest at a generous rate.
But opening an account with First National Bank of America likely won’t be easy for many. Fortune’s First National Bank of America review will help you to decide if this is the right bank for your situation.
Rates and fees current as of Sept. 30, 2025 and subject to change.
First National Bank of America at a glance
First National Bank of America
| Checking accounts | $100 minimum opening deposit |
| Savings accounts | Earn up to 3.50% APY |
| CD rates | Up to 4.20% APY |
at MoneyLion
- Year Founded: 1955
- Company Headquarters: East Lansing, MI
Pros
- Excellent high-yield checking and savings account APYs
- Competitive CD rates
- Individual retirement account (IRA) and HSA account options are available
Cons
- Extremely limited physical presence
- Specific accounts require branch walk-ins to open
- No fee-free checking account option without satisfying monthly requirements
Who is First National Bank of America good for?
First National Bank of America may be ideal for those looking for a way to earn passive money on their bank account balances. You can earn high APYs on three major types of deposit accounts: checking, savings, and CDs.
First National Bank of America is also a suitable option for Michiganders looking for a community bank with unique benefits for locals.
Who shouldn’t use First National Bank of America?
Not all First National Bank of America account types are available outside of Michigan. With the exception of the bank’s CDs and high-yield savings account, all accounts must be opened in-person at one of three Michigan branches—East Lansing, Grand Rapids, and Traverse City. If you don’t live near one of these branches, the selection of accounts you can open will be restricted.
The bank is also unsuitable for someone who wants to run a simple account without the hassle of keeping up a minimum daily balance to waive monthly fees.
First National Bank of America rates and products
First National Bank of America offers multiple checking and savings account options, as well as a large selection of CD terms. Again, whether you’ll be able to enjoy these accounts depends on your location.
| First National Bank of America products | APY |
|---|---|
| Checking accounts | Up to 3.25% |
| Savings accounts | Up to 3.50% |
| CDs | Up to 4.20% |
| Checking accounts | |
|---|---|
| APY | Up to 3.25% |
| Savings accounts | |
| APY | Up to 3.50% |
| CDs | |
| APY | Up to 4.20% |
Bank details checked Sept. 30, 2025.
Checking accounts
First National Bank of America offers Michigan residents three checking options—none of which are free checking accounts. You’ll need to pay a monthly fee to keep your account running unless you maintain the required minimum daily balance.
The APY you’ll earn depends on both the checking account option you choose and the location at which you open your account.
Bank details checked Sept. 30, 2025.
HomeTown Checking
- Minimum deposit: $1,000
- Monthly fee waiver: Maintain $1,000 minimum daily balance
- APY: Up to 3.25% (based on location and deposit amount)
- East Lansing: Up to 2.75%
- Grand Rapids: Up to 3.25%
- Traverse City: Up to 2.38%
- Insufficient funds fee: $30
- Outgoing wire transfer (international): $25
- Cashier’s check: $3
Simple Checking
- Minimum deposit: $100
- Monthly fee waiver: Maintain $500 minimum daily balance (or $750 average daily balance)
- APY: N/A
- Insufficient funds fee: $30
- Outgoing wire transfer (international): $25
- Cashier’s check: $3
Personal Checking
- Minimum opening deposit: $100
- Monthly fee waiver: Maintain $100 minimum daily balance (or $350 average daily balance)
- APY: N/A
- Insufficient funds fee: $30
- Outgoing wire transfer (international): $25
- Cashier’s check: $3
Savings accounts
First National Bank of America offers three savings account options, including one health savings account (HSA) option. Its High-Yield Savings account is available nationwide, but its Statement Savings and Health Savings Account can only be opened in-branch.
Bank details checked Sept. 30, 2025.
High Yield Savings
- Minimum opening deposit: $1,000
- Monthly fee: $10 (waived when maintaining a minimum $1,000 balance)
- APY: Up to 3.50%
- Daily withdrawal limit: $2,500
- Early account closing fee: $20 when closed within 90 days
Statement Savings
- Minimum opening deposit: $100
- Monthly service fee waiver: Minimum $199 balance
- APY: 0.25%
- Early account closing fee: $20 when closed within 90 days
Health Savings Account
- Minimum opening deposit: $50
- Monthly service fee waiver: Minimum $50 balance
- APY: 0.30%
- Early account closing fee: $20 when closed within 90 days
Certificates of deposit
First National Bank of America offers lucrative standard CDs and IRA CDs nationwide.
You’ll have 13 standard term lengths to choose from—between 3 and 120 months. IRA CDs come with identical term lengths, except they start at 12 months. You’ll be subject to a friendly $1,000 minimum deposit (some financial institutions require much more).
As one might expect, you’ll be subject to early withdrawal penalties if you access your money before your account matures.
Bank details checked Sept. 30, 2025.
First National Bank of America standard CD rates
| Term length | APY |
|---|---|
| 3 months | 4.10% |
| 6 months | 4.00% |
| 7 months | 4.20% |
| 12 months | 3.95% |
| 18 months | 3.81% |
| 24 months | 3.70% |
| 36 months | 3.65% |
| 48 months | 3.65% |
| 60 months | 3.75% |
| 72 months | 3.90% |
| 84 months | 3.90% |
| 96 months | 3.90% |
| 108 months | 3.90% |
| 120 months | 3.90% |
| 3 months | |
|---|---|
| APY | 4.10% |
| 6 months | |
| APY | 4.00% |
| 7 months | |
| APY | 4.20% |
| 12 months | |
| APY | 3.95% |
| 18 months | |
| APY | 3.81% |
| 24 months | |
| APY | 3.70% |
| 36 months | |
| APY | 3.65% |
| 48 months | |
| APY | 3.65% |
| 60 months | |
| APY | 3.75% |
| 72 months | |
| APY | 3.90% |
| 84 months | |
| APY | 3.90% |
| 96 months | |
| APY | 3.90% |
| 108 months | |
| APY | 3.90% |
| 120 months | |
| APY | 3.90% |
Bank details checked Sept. 30, 2025.
Other services First National Bank of America offers
First National Bank of America offers several other services in addition to the above standard deposit options. These include:
- Mortgages: Take out both home purchase mortgages and home refinances.
- Retirement accounts: Traditional and Roth IRAs are both available through FNBA.
- Business banking: Open business versions of checking and savings accounts and apply for business loans.
First National Bank of America platform and customer support
First National Bank of America offers standard online banking features, from setting up balance alerts to messaging with bankers to freezing your debit card to depositing checks. FNBA also offers a mobile app in both the Google Play Store and the Apple App Store.
For online accounts, you can reach FNBA at 517-679-6485. They are available Monday through Friday from 8:30 a.m. to 5 p.m. Eastern Time. If you’d like to contact a specific branch, each has its own unique phone number.
You can also send a message via the Contact page on FNBA’s website.
Is First National Bank of America secure?
First National Bank is as secure as you can expect a bank to be. None are infallible, but FNBA does offer electronic safety measures, as well as secured files and buildings.
First National Bank of America user reviews
Online reviews typically lean negative, as users with a bone to pick tend to be the most vocal.
That said, customers on forums like Reddit remark positively about its mortgage services and its notably high APYs for deposit accounts. Other customers express frustration with using the bank with third-party budgeting apps due to its relative obscurity.
Compare First National Bank of America alternatives
Here’s how First National Bank of America stacks up against a couple other popular banks.
 First National Bank of America |  SoFi® Member FDIC |  Axos Bank |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 3.50% | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 4.00% APY (up to 4.46% with the Axos One bundle) |
| Top checking APY | Top checking APY | Top checking APY |
| 3.25% | 0.50% | 3.30% |
| Top CD APY | Top CD APY | Top CD APY |
| 4.20% | N/A | 0.20% |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Bank details checked Sept. 30, 2025.
Is First National Bank of America right for you?
First National Bank of America is worth your consideration for its high-APY savings and checking account options—as well as special products available to Michigan locals. Its high CD rates are a huge selling point, as well.
However, you may not be eligible for every account type. And checking and savings accounts aren’t free unless you meet certain requirements. If you want to enjoy high interest on savings and checking accounts without the worry of monthly fees, you’re better off with another bank.
Lastly, customers may find smaller institutions such as this one somewhat lacking in technological convenience compared to larger brands that are nationally well known.
Frequently asked questions
How many branches does First National Bank of America have?
First National Bank of America has three branches: East Lansing, Grand Rapids, and Traverse City, Michigan. However, you can access some of its products even if you live outside the state.
What is the minimum deposit for a First National Bank of America CD?
The minimum deposit for a First National Bank of America CD is $1,000.
Are electronic statements available with FNBA accounts?
Yes, electronic statements are available with FNBA accounts.
What options do I have when my CD matures at First National Bank of America?
When your CD matures at First National Bank of America, you can choose to roll the money into a new CD or withdraw your money. Otherwise the CD will automatically renew for the same term at the current APY.
Are First National Bank of America deposit accounts FDIC-insured?
Yes, deposits with First National Bank of America are insured up to $250,000 per account holder per ownership category.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.