Established in 2008, First Foundation has since grown to hold more than $6.3 billion in assets. It’s currently the 21st-largest California-based bank.
The company’s banking, financial planning, investment management, and other financial services are available to customers nationwide via First Foundation’s online platforms. As a bonus, if you reside in Nevada, California, or Hawaii, you can visit any of the bank’s 21 brick-and-mortar locations.
This bank’s high-interest savings option comes with an opening deposit requirement of $1,000. Bear in mind that initial deposits need to be made from any external US savings, checking, or money market account. Transferring the funds from an existing First Foundation account won’t fulfill the requirement.
There are three different ways to make a deposit with this bank. You can use the check deposit feature on the First Foundation mobile app, transfer funds from an external account of any type via mobile or online banking, or make the transaction at any of the bank's physical locations.
Minimum account balance and APY
As one of the best online high-yield savings accounts out there, First Foundation's offer comes with a 2.00% APY on end-of-day balances of at least $1,000. If your daily balance falls below the $1,000 mark, you’ll earn an APY of 1.00%. The maximum balance you can store in the account is $3 million.
When this California-based financial company first made its appearance on the online banking scene, it offered an APY as high as 2.40%. Although those rates have since dropped, First Foundation remains among the banks with the best interest rates.
First Foundation's high-yield savings option has no monthly service fees and comes with a free ATM card (upon request). As far as withdrawals go, you can make six transfers per month free of charge, while each subsequent item will incur a $20 fee. Should you decide to close your account within 90 days of opening, you’ll be charged a $20 early closure fee.
Applying for a savings account with First Foundation is simple and takes just a few minutes. First, you need to enter your email address and contact information. After that, you’ll be asked to choose the account type and transfer the funds. Once you meet the minimum initial deposit requirement, you’re good to start earning dividends.
As you’d expect from one of the best high-yield savings accounts, First Foundation’s offer includes both online and mobile banking. However, if you prefer to make larger transactions at physical branches, you can visit any of the bank’s full-service brick-and-mortar locations in the states of Nevada, California, and Hawaii. Just keep in mind that actually opening an account can only be done online.
As far as support goes, you can get in touch with the company’s client service via email or telephone. Working hours are 5:00 a.m. to 8:00 p.m. PT Monday through Thursday, 5:00 a.m. to 6:00 p.m. PT on Fridays, and 6:00 a.m. to 2:30 p.m. PT on Saturdays.
If you wish to discuss savings accounts or any financial products and services provided by this company, you can set up a meeting with a local advisor using the contact form on the bank’s website.
Reasons to open an account
- Highly rated mobile app
- ATM card upon request
- No monthly fees
- No minimum balance requirements
- Excellent customer support