First Foundation Bank is offering one of the best APY for an online savings account anywhere in the country currently.
Now available nationwide, First Foundation Bank is offering a whopping 1.20% APY on all new money placed in their online savings account product.
Learn more about First Foundation Bank and their generous online savings account below.
Who is First Foundation Bank?
First Foundation Bank was originally founded back in 1990 by Rick Keller and his team at the Keller Group to provide wealth management services to individuals and businesses around the Orange County area in California. They differentiated themselves by always taking a fiduciary standard approach to investing their clients’ wealth. Industry jargon refers to this as the “fee only” approach where wealth managers take only a flat fee regardless of how well they perform on their client’s behalf.
In 2008 they officially begun operating under First Foundation Bank and expanded their product line to include traditional banking products as well as trust services, legacy planning, consulting, and insurance services.
1.20% APY Online Savings Account Details
First Foundation Bank’s online savings account yield of 1.20% APY makes it one of the most noteworthy FDIC-insured savings vehicles on the market today. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.
Account Details Below:
Minimum Balance Requirements? There are no minimum balance requirements to earn the advertised rate, however a minimum deposit of $1,000 (new money) is required to open the account.
Any fees to worry about? There are no monthly monthly maintenance fees or minimum balance requirements. That said, if for whatever reason you need to withdrawal your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.
Availability? Nationwide and can be opened online. If you’d prefer to stop by a branch you’ll only find them in California, Hawaii and Nevada. Find a branch here. You can also give them a call at 1-888-405-4332.
Credit Inquiry? None. Security questions will be generated from public databases though to confirm your identity.
Variable Rate or Fixed? This is a variable interest rate and may change at anytime.
Additional Account Features
You can expect all the standard bells and whistles in terms of account features.
If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.
Once you’ve opened the account and downloaded the app you can do the following:
- Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
- Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
- Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
- Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.
If you have more than $1,000 and are looking for a high yield online savings account to plop those funds into, then this product by First Foundation Bank is one of the best options available anywhere in the country.
If you feel like maintaining a balance of $1k may be an issue, we’d suggest shopping around for other high yield accounts with $0 minimum balance requirements.
Also, if there is a possibility you will need to close the account within 90 days of opening it, we’d suggest a savings account with no early withdrawal fees.
The interest rate on the savings account still lags the projected rate of inflation through 2020 which is estimated to be around 1.90%, but no FDIC-insured savings account can top that currently.