2022 First Foundation review

Founded in 2007, First Foundation is an FDIC-insured bank that includes both an online presence and 31 branch locations across 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.

First Foundation bank was initially created to serve wealth advisory clients, but has since expanded to offer consumer accounts in order to appeal to a broader base of consumers with more varied banking needs. Most notably, First Foundation offers a high-yield online savings account with an industry-leading 4.0% APY.

All rates and fees are current as of December 27, 2022 and are subject to change.

First Foundation offerings

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

Checking and savings accounts

Personal checking

APY: 0%
Fees:
- Maintenance fee: $0
- Mailed statements: $3
- ATM fees: Reimbursed up to $20 per transaction
- International outgoing wire transfer: $45
- International income wire transfer: $15
- Domestic outgoing wire transfer: $35
- Domestic incoming wire transfer: $10
- Cashiers checks: $8
- Stop payments: $35 for checks and ACH
- Insufficient funds fee: $35
- ATM card replacement: $5 or $75 for rush
Minimum opening deposit: $100

This account comes with a debit card and funds can be accessed via ATMs across the country. Additional features include e-statements, mobile deposit capabilities, and Zelle transfers.

Personal Interest Checking

APY: 0.05%
Fees:
- Maintenance fee: $20. Fee is waived for those who maintain a minimum daily balance of $2,500
- Mailed statements: $3
- ATM fees: Reimbursed up to $20 per transaction
- International outgoing wire transfer: $45
- International income wire transfer: $15
- Domestic outgoing wire transfer: $35
- Domestic incoming wire transfer: $10
- Cashiers checks: $8
- Stop payments: $35 for checks and ACH
- Insufficient funds fee: $35
- ATM card replacement: $5 or $75 for rush
Minimum opening deposit: $100

Personal interest checking accounts are designed for clients with higher balances, who want to earn interest on their funds. Similar to the personal checking, these accounts come with a debit card. This account is not available to online-only customers and is only available through local branch locations.

Senior Interest Checking

APY: 0.05%
Fees:
- Maintenance fee: $0
- Statements: $0
- ATM fees: Reimbursed up to $20 per transaction
- International outgoing wire transfer: $45
- International income wire transfer: $15
- Domestic outgoing wire transfer: $35
- Domestic incoming wire transfer: $10
- Cashiers checks: $8
- Stop payments: $35 for checks and ACH
- Insufficient funds fee: $35
- ATM card replacement: $5 or $75 for rush
Minimum opening deposit: $100

The senior checking account features exclusive extras available to customers who are 55 and over, such as free basic checks and no minimum balance requirements.

High-yield Savings

Online Savings

APY: Variable 4.0%
Fees:
- Monthly maintenance fee: $0
- Mailed statements: $3
- ATM fees: Reimbursed up to $20 per transaction
- International outgoing wire transfer: $45
- International income wire transfer: $15
- Domestic outgoing wire transfer: $35
- Domestic incoming wire transfer: $10
- Cashiers checks: $8
- Stop payments: $35 for checks and ACH
- Insufficient funds fee: $35
- ATM card replacement: $5 or $75 for rush
- Account closure fee: If the Online Savings account is closed within 90 days of opening, theres a $20 fee. Accounts closed after 90 days do not incur a fee.
Minimum required opening deposit: $1,000

This account is available to clients located anywhere in the country. ATM cards for the online savings account are available upon request. First Foundation does not allow online savings accounts to be funded through existing First Foundation bank accounts. The $1000 minimum required opening deposit must be funded with new money.

Money market accounts

Online Money Market

APY: 4.0% variable rate
Fees:
- Monthly maintenance fee: $20. Fee is waived for those who maintain a minimum daily balance of $2,500
- Mailed statements: $3
- ATM fees: Reimbursed up to $20 per transaction
- International outgoing wire transfer: $45
- International income wire transfer: $15
- Domestic outgoing wire transfer: $35
- Domestic incoming wire transfer: $10
- Cashiers checks: $8
- Stop payments: $35 for checks and ACH
- Insufficient funds fee: $35
- ATM card replacement: $5 or $75 for rush
Minimum required opening deposit: $1,000

Debit cards for money market accounts are available upon request. In addition, you can request and write checks from your money market account.

Certificates of deposit

APY:
- 12-month: 4.00%
- 18-month: 4.00%
Fees:
- Maintenance fee: $0
- Statements: $0
Early withdrawal penalty: Early withdrawal penalty of 180-days interest applies to early withdrawals made at any time.
Minimum required opening deposit: $2,500

When opening a CD account with First Foundation, you will get access to online and mobile banking. Penalties may apply to early withdrawal but the fees are not publicly disclosed.

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 checking
Lines of credit and term loans
Owner-occupied real estate financing
SBA lending
Equipment financing
Business credit cards
Multifamily lending
Commercial real estate lending
Rental property loans
Mortgages for primary residence purchase, vacation or secondary residences, and investment properties
Credit cards
IRAs

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 banks customer service representatives can be reached via phone at 888.405.4332. Service hours are Monday through Thursday from 5 a.m. until 8 p.m. PST, Friday from 5 a.m. until 6 p.m. PST, and Saturday from 6 a.m. until 2:30 p.m PST. The customer service phone number also provides automated support 24 hours a day, seven days a week.

Virtual help is also available via Webex from the banks website. The banks website also features a knowledge center that includes videos explaining many of its services.

Pros and cons of First Foundation

If youre considering banking with First Foundation, here are some of the benefits and drawbacks to consider.

Pros:

Generous APY on savings. The First Foundation savings offers a 4.0% APY, which is 16 times the national average.
Branch locations. There are 31 First Foundation branch locations, which can be very beneficial for those who like the option to also bank in person.
Variety of consumer account types. First Foundation offers many different types of deposit accounts including checking, savings, money market, and CD accounts.

Con:

Steep opening deposit requirements on some accounts. In order to establish a savings or money market account with First Foundation youll need $1,000.
Variable interest rate on money market and savings accounts: The APY on the First Foundation savings and money market accounts can change at any time.