2022 First Foundation Review

© Fortune Illustration; The original First Foundation Inc. the logo Illustration of the First Foundation Bank logo in a blue and orange frame.

Founded in 2007, First Foundation is an FDIC-insured bank with an online presence and 31 branches in California, Florida, Hawaii, Nevada and Texas.

Its parent company is First Foundation Inc. First Foundation Advisors of Texas is also in the running.

First Foundation Bank was originally established to serve wealth advisory clients, but has since expanded to offer consumer accounts to appeal to a broader consumer base with more diverse banking needs. Best of all, First Foundation offers a high-yield online savings account with an industry-leading 4.0% APY.

All fees and charges are as of 27 December 2022 and are subject to change.

First offerings of the fund

In addition to savings accounts, First Foundation offers a variety of options for consumers, including a variety of checking accounts, money market accounts and certificates of deposit (CDs).

Current accounts and savings accounts

Personal control

• APY: 0%
• Fees:
  • Maintenance fee: $0
  • Mailed statements: $3
  • Teller Fee: Up to $20 per transaction
  • Outbound international transfer: $45
  • International income transfer: $15
  • Outbound domestic transfer: $35
  • Domestic transfer included: $10
  • Cashier's checks: $8
  • Stop Payments: $35 for checks and ACHs
  • Insufficient funds fee: $35
  • Cashier card replacement: $5 or $75 rush
• Minimum opening deposit: $100

This account comes with a debit card and is available at ATMs nationwide. Additional features include electronic statements, mobile deposit capabilities and Zelle transfers.

Control of personal interests

• APY: 0.05%
• Fees:
  • Maintenance fee: $20. There are no fees for those who maintain a minimum daily balance of $2,500
  • Mailed statements: $3
  • Teller Fee: Up to $20 per transaction
  • Outbound international transfer: $45
  • International income transfer: $15
  • Outbound domestic transfer: $35
  • Domestic transfer included: $10
  • Cashier's checks: $8
  • Stop Payments: $35 for checks and ACHs
  • Insufficient funds fee: $35
  • Cashier card replacement: $5 or $75 rush
• Minimum opening deposit: $100

Personal Interest Current Accounts are designed for customers with large balances who want to earn interest on their funds. Like personal checks, these accounts come with a debit card. This account is not available for online only customers and is only available at local branches.

High interest control

• APY: 0.05%
• Fees:
  • Maintenance fee: $0
  • Statement: $0
  • Teller Fee: Up to $20 per transaction
  • Outbound international transfer: $45
  • International income transfer: $15
  • Outbound domestic transfer: $35
  • Domestic transfer included: $10
  • Cashier's checks: $8
  • Stop Payments: $35 for checks and ACHs
  • Insufficient funds fee: $35
  • Cashier card replacement: $5 or $75 rush
• Minimum opening deposit: $100

Senior checking accounts offer exclusive extras like free basic checking and minimum balance for customers 55 and older.

High performance savings

Online savings

• APY: Variable 4.0%
• Fees:
  • Monthly maintenance fee: $0
  • Mailed statements: $3
  • Teller Fee: Up to $20 per transaction
  • Outbound international transfer: $45
  • International income transfer: $15
  • Outbound domestic transfer: $35
  • Domestic transfer included: $10
  • Cashier's checks: $8
  • Stop Payments: $35 for checks and ACHs
  • Insufficient funds fee: $35
  • Cashier card replacement: $5 or $75 rush
  • Account Closure Fee: A $20 fee is charged if an online savings account is closed within 90 days of opening. Accounts closed after 90 days do not pay fees.
• Minimum deposit required to open: $1,000

This account is available to customers anywhere in the country. Online savings account ATMs are available upon request. First Foundation does not allow online savings accounts to be funded by existing First Foundation bank accounts. The minimum deposit of $1,000 must be funded with new money.

Money market accounts

Online money market

• APY: 4.0% variable rate.
• Fees:
  • Monthly maintenance fee: $20. There are no fees for those who maintain a minimum daily balance of $2,500
  • Mailed statements: $3
  • Teller Fee: Up to $20 per transaction
  • Outbound international transfer: $45
  • International income transfer: $15
  • Outbound domestic transfer: $35
  • Domestic transfer included: $10
  • Cashier's checks: $8
  • Stop Payments: $35 for checks and ACHs
  • Insufficient funds fee: $35
  • Cashier card replacement: $5 or $75 rush
• Minimum deposit required to open: $1,000

Debit cards for money market accounts are available on request. You can also order and write checks from your money market account.

Certificates of deposit

• API:
  • 12 months: 4.00%
  • 18 months: 4.00%
• Fees:
  • Maintenance fee: $0
  • Statement: $0
• Early Withdrawal Penalty: A penalty of 180 days is charged for withdrawal at any time.
• Minimum deposit required to open: $2,500

When you open a CD account with First Foundation, you can use online banking and mobile banking. Early withdrawal penalties may apply, but fees are not disclosed.

Other services are provided by First Foundation

In addition to personal deposit accounts, First Fund Bank offers a variety of additional services, from business accounts to real estate loans and mortgage loans. Additional services include:

• Company control
• Lines of credit and term loans
• Financing of own property
• SBA loans
• Equipment financing
• Business credit cards
• Apartment loan
• Commercial real estate loans
• Property rental loans
• Mortgage loans for the purchase of primary residence, holiday home or secondary residence and investment property
• Credit cards
• IRA

First Foundation Platform and Customer Support

The first fund bank offers online and mobile banking services. Track your account activity, pay bills online, transfer money, send personal payments and more from both platforms. can be used

You can contact the bank's customer service representatives at 888.405.4332. Hours of Service: Monday through Thursday 5:00 AM to 8:00 PM PST, Friday 5:00 AM to 6:00 PM PST, and Saturday 6:00 AM to 2:30 PM PST. The helpline number provides automated support 24 hours a day, seven days a week.

Virtual support is also available on the bank's website via Webex. The bank's website also has a knowledge center with videos explaining many of its services.

The pros and cons of the first venture

If you're considering banking with First Foundation, here are the pros and cons to consider.

Positive aspects:

• Generous APY on savings. First Foundation Savings offers 4.0% APY, which is 16 times the national average.
• branch location There are 31 offices of the First Foundation, which can be very useful for those who want to go to the bank in person.
• Different types of customer accounts. First Foundation offers many types of deposit accounts, including checking, savings, money market and CD accounts.

Against:

• Conditions for quick deposit opening in some accounts. You need $1,000 to open a savings or money market account with First Foundation.
• Variable Interest Rate on Money Market and Savings Accounts: The APY on First Foundation Savings and Savings Accounts is subject to change at any time.

General questions

Is First Foundation a real bank?

Yes, First Foundation is an online bank with local branches.

First Foundation has Zelle?

Yes, First Foundation Bank's mobile app includes Zelle and its online banking platform as part of its bill payment functionality.

How long does the First Fund last?

The first fund was created in 2007.

This story originally appeared on Fortune.com

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