First Foundation bank review July 2024: Offers numerous deposit accounts, and competitive APY, but the requirements are steep

Founded in 2007, First Foundation is a Federal Deposit Insurance Corp. (FDIC)-insured bank with 33 branches in California, Florida, Hawaii, Nevada, and Texas. Its parent company is Texas-based First Foundation Inc., which also operates the wealth management company First Foundation Advisors. Its offerings include checking, savings, money market accounts (MMAs), and certificates of deposit (CDs).

First Foundation Bank was created initially to serve wealth advisory clients but has since expanded to offer consumer accounts to appeal to a broader base of consumers with more varied banking needs. It puts a strong focus on customer service and a high-touch banking experience, but it has a more limited digital experience as a result. 

All rates and fees are current as of July 5, 2024, and are subject to change.

First Foundation Bank

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with $1000
Certificate of deposit (CD) rates:	Earn up to 5.00% annual percentage yield (APY)

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Pros and Cons

Pros

• Competitive interest rates
• Strong customer service
• Good account variety

Cons

• Some accounts can only be opened in person
• The interest-bearing checking account has a monthly fee (waivable)
• Sparse digital banking tools

Who is First Foundation good for?

First Foundation is likely best for someone who lives near one of its 33 local branches and values a personal touch to their banking experience. While it offers banking on its website and mobile app, it is not as comprehensive as other banks that are set up to be 100% digital. However, the bank has solid account options and great customer service. Customers seem very happy, so if you can overcome the limited digital banking, First Foundation may be a solid choice.

Who shouldn’t use First Foundation?

Those who want a seamless and fully digital banking experience may want to look elsewhere. If you do all your banking online and calling or visiting your bank is out of the question, then you may find First Foundation to be a frustrating experience.

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First Foundation rates and products

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

Checking accounts 

First Foundation Bank offers three checking accounts: Personal Checking, Personal Interest Checking, and Senior Interest Checking. 

All three accounts have a debit card, Zelle, bill pay, and mobile deposits. First Foundation will also reimburse up to $20 in ATM fees per month from ATMs nationwide. 

Personal Checking

The Personal Checking account has no monthly fee and a $100 minimum opening deposit. It is the only checking account that does not accrue any interest. 

You can open this free checking account online if you are already a First Foundation customer. If you don’t yet have a First Foundation account, you can open a savings account online first and then open this checking account once you have an online login. Otherwise, you can go to a branch and open the account in person. 

Personal Interest Checking

The Personal Interest Checking account has a $20 monthly fee, which will be waived if you maintain a minimum daily balance of $2,500. This account does earn interest. 

This account is not available online and is only available through local branch locations.

Senior Interest Checking

The Senior Interest Checking account features exclusive extras available to customers who are 55 and over, such as free basic checks and no minimum balance requirements. This account also earns 0.05% APY.

Only existing customers are able to open this account online—you can open an online savings account first or visit a branch and open the account in person. 

Savings accounts

First Foundation’s savings account can be opened online and is available to clients anywhere in the country. This high-yield savings account earns 4.90% APY and has no monthly fees. A $1000 minimum deposit is required to open the account. 

The opening deposit must be “new money,” meaning it must come from a bank other than First Foundation. 

There is no requirement to have a checking account with First Foundation, and ATM cards for the online savings account are available upon request. 

You can learn more about how high-yield savings accounts work here. 

First Foundation Bank savings rates compared to current top rates*

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

Online money market accounts 

MMAs are a hybrid of a savings account and a checking account. They typically earn interest like a savings account but have access like a checking account. You can learn more about how MMAs work here. 

The First Foundation Online Money Market account has no monthly fee and earns 4.9% APY. It includes a debit card upon request and check writing capabilities. 

New customers can open this account online. It requires a $1000 opening deposit, but these funds must be "new money," which means you can't transfer them from an existing First Foundation account. 

There is also an MMA that you must open in person at a local branch. It is similar to the Online Money Market account, but it only earns 1.0% APY. So, if you are considering an MMA, open the online version instead.

Certificates of deposit

When opening a CD account with First Foundation, you will get access to online and mobile banking. There are two CDs available, a 9-month and a 12-month. Both can be opened either online or in-person with a minimum deposit of $2,500.  

When opening a CD, you typically get a fixed interest rate in exchange for locking your money up for a specified period of time. If you withdraw the funds before the term of the CD, you usually have to pay an early withdrawal penalty. At First Foundation, that penalty is 180 days of interest for both CDs. Here's more about how CDs work. 

First Foundation CD rates

First Foundation CD rates are competitive with some of the top CDs on the market. They are: 

• 5.00% APY for the 9-month CD 
• 4.85% APY for the 12-month CD

Other services First Foundation offers 

In addition to personal deposit accounts, First Foundation Bank offers a full spectrum of additional services ranging from business accounts to real estate lending services, and residential mortgage loans. Additional services include:

• Business banking, including checking, savings, money markets, and CDs
• Lines of credit and term loans
• Owner-occupied real estate financing
• Small Business Administration (SBA) lending
• Equipment financing
• Business credit cards
• Multifamily lending
• Commercial real estate (CRE) lending
• Rental property loans
• Mortgages for primary residence purchases, vacation or secondary residences, and investment properties
• Credit cards
• Investment management

The First Foundation platform and customer support 

First Foundation Bank offers online and mobile banking. Both platforms can be used to track your account activity, pay bills online, transfer funds, send person-to-person payments, and more.

The bank’s customer service representatives can be reached via phone. Service hours are Monday through Thursday from 5 a.m. until 8 p.m. Pacific time, Friday from 5 a.m. until 6 p.m. PT, and Saturday from 6 a.m. until 2:30 p.m. PT. 

The customer service phone number also provides automated support 24 hours a day, seven days a week.

I emailed First Foundation customer service for clarification on the accounts since the website lacks details. Response times ranged from a few minutes to a few hours and provided helpful responses. When calling customer service, the wait was short, and the representative was helpful. 

Virtual help is also available via Webex from the bank’s website, which features a knowledge center with videos explaining many of its services.

Is First Foundation secure?

First Foundation Bank is a secure and trustworthy bank. It is FDIC-insured so your funds are protected up to $250,000 per account type, per owner. The bank also utilizes all the security measures you should expect from a bank, such as encryption, two-factor authentication (2FA), staff training, and updated software. 

First Foundation user reviews

First Foundation Bank has an average score of 3.7 out of 5 on Trustpilot, but there is only one written review that praises its customer service. Posters on Reddit also seem pleased with the customer service and competitive interest rates. 

Compare First Foundation alternatives

First Foundation	Quontic Bank	SoFi
Top savings APY	Top savings APY	Top savings APY
4.90%	4.50%	4.60%
Top checking APY	Top checking APY	Top checking APY
0.05%	1.10%	0.50%
Top CD APY	Top CD APY	Top CD APY
5.00%	-%	N/A
Learn more	Learn more	Learn more
View offer at Fiona.com	View offer at Fiona.com	View offer at Sofi.com

Is First Foundation right for you?

Customers who live near a First Foundation Bank location may have the best experience. While it does have a website and mobile app, the bank leans toward personalized in-person banking. First Foundation values the human connection of serving their local community.

That said, it does offer solid accounts, and in-person banking is not required.

Frequently asked questions