First Foundation Bank, founded in 2007 and headquartered in Irvine, California has roughly $13.6 billion in assets and 31 branch locations in 5 states – California, Florida, Hawaii, Nevada and Texas.
Their most competitive deposit account, however, is an FDIC-insured online savings account that can be opened by anyone but is only available online through their website and mobile apps.
To see if First Foundation Bank’s online savings account is right for you, continue reading our review below.
Online Savings Account Rate + Details
All deposits held at First Foundation Bank are FDIC insured up to $250,000 per depositor.
There is a minimum deposit requirement of $1,000 to open the account but once the account is opened the advertised APY (annual percentage yield) applies to all balances over $0.01. The APY is variable and may change at any time.
Online Savings Account Rate
| Minimum balance to earn APY | APY |
| $0.01 | 4.85% |
To put this yield into perspective, the current national average for a savings account and a money market account sit at just 0.40% and 0.59%, respectively, according to FDIC data.
That said, top yields from FDIC-insured online banks are now inching over the 5.00% APY mark.
How Does it Compare?
Take a look at the table below to get a better idea of how First Foundation Bank’s online savings account stacks up against the competition.
| Bank | Min. Deposit | APY |
| Barclays U.S. | $0 | 4.00% |
| BMO Harris | $0 | 4.50% |
| PayPal | $0 | 4.15% |
| PNC Bank | $0 | 4.50% |
| First Foundation | $1,000 | 4.85% |
Minimum deposit and balance requirements
There is a $1,000 minimum deposit requirement to open the online savings account. The funds must be considered “new money” to the bank. So if you have another deposit account with First Foundation bank and would like to take advantage of this higher yielding digital account you must transfer funds from another source to open it.
Potential Fees
There are no monthly maintenance fees or service fees if your account drops below a minimum balance. That said, if for whatever reason you need to withdraw 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.
If funding your online savings account via wire transfer, First Foundation Bank will waive all incoming wire transfer fees for the first 60 days after opening the account. You will still likely have an outgoing wire transfer fee, however, from your current financial institution.
Funding the Account
Depositing funds into the online savings account can be done in the following ways:
- ACH transfer
- Wire transfer
- Mailed check
- Mobile check deposit
Credit Inquiry
None. Security questions will be generated from public databases though to confirm your identity.
Access your funds
Once you’ve opened the account you’ll have access to your funds in the following ways:
- ACH transfer
- Wire transfer
- Requesting a mailed check
- Visiting a First Foundation Bank branch
- ATM withdrawal (must first request an ATM card)
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.
Other Deposit Accounts
First Foundation Bank also offers a standard checking account and a variable rate money market account with a slightly lower yield than their online savings account.
The money market account also requires a $1,000 minimum deposit to open but then earns the advertised yield on all balances over $0.01.
Money Market Rate
| Minimum balance to earn APY | APY |
| $0.01 | 4.20% |