First Tennessee Bank Review 2020: Checking & Savings Account 

First Tennessee Bank Review 2020: Checking & Savings Account.

First Tennessee Bank: What are the features and benefits that you most expect when you open a checking or saving account?  This article is a guide to help you find out if First Tennessee is right for you.

First Tennessee Bank Review 2020: Checking & Savings Account 

First Tennessee Bank is one of the Tennessee State’s biggest banks. It offers customers a complete range of personal banking services, in addition to commercial banking and lending.

There are several types of checking and savings accounts available at First Tennessee. The rates offered on those accounts tend to be on the low side when compared with other banks nationally.

Likewise, its service fees and overdraft fees are not especially customer-friendly.

While there are account features that will appeal to some customers for their convenience, such as access to the national Allpoint ATM network, there are better options than First Tennessee for most personal banking services.

First Tennessee Bank Services Offered

  • Checking Account
  • Savings Account

Checking Account

Each First Tennessee Checking account includes access to First Tennessee ATMs plus the more than 43,000 ATMS through the Allpoint ATM network, a free Visa debit card, and free digital and mobile banking.

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees
  • Express Checking: $7 monthly fee, rebated with direct deposit
  • Classic Checking: $8 monthly fee
  • Select Checking: $9 monthly fee, rebated with direct deposit and 15 debit transactions
  • Premier Checking: $12 monthly fee, rebated with $5,000 in combined deposits
  • Premier Plus: $6 monthly fee, rebated with $25,000 in combined deposits

Express Checking

You’ll need $50 to open this account, but you don’t have to worry about a minimum monthly balance. In order to waive the monthly service fee, you’ll need to set up at least one monthly direct deposit.

You can only receive statements online and you’ll have access to CD rate bonuses. This account doesn’t earn interest.

Classic Checking

You’ll need $50 to open this account and you don’t have to meet a minimum balance requirement. There is a small monthly service charge with no way to waive it.

You do get unlimited teller visits with this account, but you don’t earn interest.

Select Checking

With $50, you can open this account and you don’t have to meet minimum balance requirements. You don’t earn interest on this account, but you can waive the monthly service fee with one monthly direct deposit and at least 15 debit card transactions.

You may be eligible for a CD rate bonus and one yearly refund of an overdraft fee.

Premier Checking

You can earn interest on your balance with this checking account, which requires a $50 opening deposit. You’ll need a combined balance of $5,000 across all First Tennessee deposit accounts to waive the monthly service fee.

Also, you can use any ATM in the US free of charge (the host bank may charge a fee, though). You may also have up to two overdraft fees waived per year and have access to Premier Plus Banking (see below).

You can earn bonus rates on CDs and have access to a cash rewards Visa debit card.

Premier Plus

You can add Premier Plus to your Premier Checking account for even further benefits. You will need a combined balance of at least $25,000 to waive the additional monthly service fee.

Also, you will have access to free standard checks, tiered interest rates, bonus CD rates, bonus rates on Money Market Savings accounts, and a discount on a safety deposit box.

Read: Top 5 Best National Banks in the world, 2020 Ranked

Savings Account

First Tennessee only has a few savings/CD options, but they have decent benefits. You’ll have access to your account through their digital banking service and have various ways to waive the service fees.

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $5 quarterly fee, waivable for accounts with minimum balance of $250.
Current Terms and Rates 0.01% APY

Money Market Savings

With just $50, you can open this money market savings account, which offers higher (tiered) interest rates than standard savings accounts. You’ll have access to your funds via ATM or check, but you can’t have more than six withdrawals in one cycle.

You can have the monthly service fee waived with a qualifying checking account or a combined deposit balance of $5,000.

Traditional Savings

This is your typical savings account with a $250 daily balance requirement in order to waive the quarterly service fee. You can link your savings account to a First Tennessee checking account for easy access to your funds.

Add-On CD

Help your CD grow by continually depositing money into the account. You must deposit at least $25 at a time. You are also eligible to make one penalty-free withdrawal throughout the CD’s term. This account offers higher interest rates than a standard savings account and the ability to set up automatic transfers.

Regular CD

With $1,000, you can open a traditional CD with a range of 1 month to 60 months. You can automatically let the amount roll over upon maturity, or you can withdraw the funds and deposit it elsewhere if you need access to it relatively soon.

Reasons To Bank with First Tennessee

  • You can set up digital banking for many of the First Tennessee Deposit accounts.
  • The mobile app has a large variety of functions to help make banking easier.
  • You can set up your Visa debit card with Apple Pay.
  • You can set up automatic savings.
  • Your accounts are covered by FDIC insurance.
  • ATM transactions conducted by 8 PM Monday – Friday will count as a same-day transaction.
  • First Tennessee offers an overdraft waiver on any overdrafts equal to $5 or less.
  • If you have a Cash Back Visa debit card, you may earn cash on regular purchases.

Reasons Not To Bank with First Tennessee

  • Only available in five states – Tennessee, Florida, Virginia, North Carolina, & South Carolina. If you reside outside these regions, you will not be able to bank at First Tennessee.
  • The overdraft fees are quite hefty. These charges are more than other banks with a frequency of up to four times per day. However, their extended overdraft fee will not apply unless if you have over-drafted for more than 15 days.
  • There are many fees that may be charged that you may overlook. Not only will there be monthly fee dues, you may need to pay for paper statements, ATM car use, cashier’s check, or your custom Visa debit card. Although these fees may be small, they can all surely add up.

Final Words

First Tennessee is a regional bank, with branches throughout the Volunteer State. It offers fairly low rates on deposit accounts such as its savings account and money market account, and its fee requirements may be difficult to meet for some.

In short, there are few compelling reasons to go with First Tennessee for your checking or savings account needs.

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