First Security Bank Review

First Security Bank Savings

0.15% APY

Founded in 1998, First Security has grown a large presence in the state of Arkansas. The bank offers a number of savings account and checking account options, as well as a money market account and several certificates of deposit (CDs).

The wide variety of deposit accounts allows customers to choose the features they want and not the ones they don’t. Furthermore, First Security Bank offers a completely free checking account and a couple special CD accounts with competitive interest rates.

On the other hand, interest rates across the board aren’t very competitive, especially when compared to those you can find online. Also, you can’t find a savings option at the bank without a monthly service fee attached.

Products Offered

First Security Bank Interest Rate Comparison

First Security Bank Overview

Headquartered in Searcy, Arkansas, First Security Bank operates 72 different branch locations across the state of Arkansas. The bank also operates a small network of ATMs in the same service area.

Although this article will focus on the personal banking options, First Security Bank also offers business banking services, commercial real estate lending and agribusiness services. In the personal realm, the bank offers two types of savings accounts, one money market account, three checking accounts and several different CDs. Read on to learn more about each of these options.

First Security Bank Account Features

Many of the deposit accounts at First Security Bank are accessible online or via the bank’s mobile app. Accounts also come with a Mastercard debit or ATM card, depending on the type of account.

With the exception of CDs and the Bank Better Checking account, all the accounts at First Security Bank come with monthly service fees, but all are waivable provided you meet certain requirements that vary in difficulty. You may also face fees for excessive transactions with the savings accounts.

Regular Savings Account

The Regular Savings account is the basic savings options at First Security Bank. You’ll need $100 to open the account, which is also the amount you’ll need to waive the $2.50 monthly service fee. You’ll earn interest at a 0.15% rate, which is below the national average.

Like any savings account, you’re limited to six pre-authorized withdrawals or transfers during each statement cycle. If you exceed that limit, you’ll incur a fine, and if you exceed it on a regular basis, you’ll run the risk of having the bank close or convert your account.

Kids Club Savings Account

Designed for children age 17 and under, the Kids Club Savings account has no minimum opening balance and no monthly service fee. Customers can learn how to build up good saving habits without having to worry about fees or balance thresholds. Once you turn 18, your account will either be closed or converted into a Regular Savings account.

Money Market Investment Account

If you’re planning to invest larger sums of money and you’re looking to save at a higher interest rate, you may be interested in the Money Market Investing account. Your interest rate can get as high as 0.50% if your balance is between $10,000 and $100,000.

Your monthly service fee is higher than the Regular Savings account at $10 and you’ll need at least $2,500 in the account in order to get rid of it. Like the savings accounts, you’re limited to six free withdrawals per month.

Certificates of Deposit

First Security Bank offers a variety of certificate of deposit (CD) accounts, with term lengths ranging from three months to three years. Rates may vary from branch to branch, so make sure to contact your nearest branch location to get the most accurate information.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term. Once your term matures, you’ll have 10 days to withdraw your money before the bank renews you automatically for a new CD of the same term.

Special Certificates of Deposit

The bank also offer two different special CD accounts with much more competitive interest rates. The same early withdrawal penalties apply to these accounts, but it’s unlikely that they will auto-renew at the same rate once your term length matures, so make sure to keep that in mind.

Bank Better Checking Account

The Bank Better Checking account is a completely free checking account at First Security Bank. As long as you have at least $100 to open the account, then you’ll never have to worry about a balance requirement or a monthly service fee.

Teal Checking Account

With this account, you’ll have all the features of the Bank Better Checking account, but you’ll also have the opportunity to earn interest. Your interest rate will be determined by your account balance, starting at 0.10% and rising as high as 0.25%.

While you only need $100 to open this account, you’ll need a balance of at least $1,000 to waive the $10 monthly service fee. You’ll also have unlimited check writing, access to online banking and a First Security Bank check card.

50+ Gold Checking Account

This checking account is reserved for bankers who are at least 50 years old. You won’t have to worry about a monthly fee, and you’ll also have the ability to earn interest on your account balance. Furthermore, you’ll receive a slew of discounts and free services like safe deposit box rentals, free cashier’s checks and free notary services.

Where Can I Find First Security Bank?

First Security Bank operates 72 different branch locations across the state of Arkansas. The bank also operates more than 100 ATMs in the same area.

What Can You Do Online With First Security Bank?

You can manage most of your deposit accounts on the First Security Bank website, but you’ll have to visit a branch in person to open an account. You can also manage your accounts with your smartphone via the First Security Bank Mobile app. On iTunes, the app has a 4.5 star rating and 371 ratings as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any First Security Bank ATM. If you use an out-of-network ATM, you may face fees from both First Security Bank and whichever third party operates the ATM, although the Value and Select Checking accounts will allow a limited number of free foreign ATM transactions per statement cycle. And, of course, you can visit a First Security Bank branch to access funds.

How Can I Save More Money With First Security Bank?

The best interest rate of any First Security Bank offering is the 25-month CD at 2.27%. This is a very competitive rate for that term length, especially among other brick-and-mortar banks. However, you’ll need to deposit at least $2,500 to gain access to this rate. Other than that CD, rates at First Security Bank are fairly low.

What’s the Process for Opening an Account With First Security Bank?

Although you can manage most accounts on the First Security website, you can’t open the accounts online, so your best bet is to visit your nearest branch in person to open any account. To open an account, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or other form of government-issued ID. You’ll also need your Social Security number, date of birth, current home address and possibly your phone number and email address.

What’s the Catch?

The most disappointing thing about First Security Bank is probably the interest rates, which aren’t very competitive across the board. 0.15% is below the national average for savings accounts, and it’s far beneath what you can find online. The rates offered with the special CDs are much more competitive, but overall the rates at First Security Bank leave something to be desired.

Bottom Line

If you live near a First Security Bank branch and you’re interested in doing your banking in person, you may appreciate what the bank has to offer, especially if you’re looking to invest in a special CD.

If you don’t live near a branch or your biggest priority is maximizing your interest-earning potential, then you will likely find more of what you’re looking for somewhere else.