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You may like First Horizon Bank if you live in an eligible state in the Southeast region and want to open a First Horizon Bank First Horizon Bank FirstView Checking Account. Other financial institutions offer stronger savings accounts and mobile apps with higher ratings, though.
First Horizon Bank Overall Bank Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.75 |
| CD | 3.75 |
| Money market | 3.75 |
| Trustworthiness | 5 |
| Total | 4 |
First Horizon Bank Pros and Cons
| Pros | Cons |
|
|
First Horizon Bank Savings
$5 quarterly service fee
0.25%
$50
- $50 minimum opening deposit
- Possible to waive the quarterly service fee
- Low interest rate
- $5 quarterly service fee
- Over 400 branches and 675 ATMs in 12 states: AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA
- To waive the $5 quarterly service fee, keep at least $250 in your account daily
- Interest compounded daily, deposited quarterly
- Member FDIC
The First Horizon Bank Traditional Savings Account might be worth considering if you're able to avoid the $5 quarterly service fee. To waive the fee, you'll need to keep at least $250 in your account daily.
First Horizon Bank doesn't offer a high-yield savings account. Look over our best high-yield savings accounts guide to see our top picks.
First Horizon Bank Checking
no monthly service fee
None
$50
- $50 minimum opening deposit
- No monthly service fees
- Complimentary savings account
- Free overdraft protection
- $2 paper statement fee
- $3 out-of-network ATM fee
- $37 overdraft fee
- Over 400 branches and 675 ATMs in 12 states: AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA
- One complimentary Traditional Savings Account
- Overdraft protection plans that let you link your checking account to a First Horizon Bank savings account, apply for a line of credit or use a credit card
- No overdraft transfer fees if you use overdraft protection
- Member FDIC
The First Horizon Bank FirstView Checking Account doesn't charge monthly service fees and has a low minimum opening deposit.
To avoid overdraft fees, look over the bank's overdraft protection plans. You may link your checking account to a First Horizon savings account, apply for a line of credit, or use a credit card.
First Horizon Bank CD
0.05% to 0.10%
$1,000
- Variety of CD terms
- Standard early withdrawal penalties
- $1,000 minimum opening deposit
- Low interest rate
- Interest compounded annually on terms longer than 1 year
- Over 400 branches and 675 ATMs in 12 states: AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA
- Terms range from 1 month to 5 years
- Early withdrawal penalties: For terms less than 1 year, all interest on the amount withdrawn; For terms between 1 year and 2 years, 1% of the amount withdrawn; For terms greater than 2 years, 2% of the amount withdrawn
- Interest compounded annually on terms over one year
- Interest compounded monthly on shorter CD terms
- Interest paid monthly, quarterly semi-annually, or annually
- Member FDIC
First Horizon Bank First Horizon Bank Regular CD are pretty much in line with CDs from other brick-and-mortar banks. You'll need an initial deposit of at least $1,000, and the interest rates are pretty low.
First Horizon might be decent if you'd like a variety of term options, but keep in mind terms longer than a year only compound interest annually.
First Horizon Bank Money Market Account
$9 monthly service fee
0.22% to 0.35%
$50
- Check writing option
- Possible to waive the monthly service fee
- Low interest rate
- $9 monthly service fee
- No debit card
- Over 400 branches and 675 ATMs in 12 states: AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, VA
- To waive the $9 monthly service fee, keep at least $5,000 in your account daily OR own a qualifying checking account
- Earn a higher interest rate with a higher account balance
- Interest compounded and deposited monthly
- Member FDIC
You might like the First Horizon Bank Money Market Savings Account if you can keep at least $5,000 in your account daily or have a qualifying checking account. Otherwise, you're better off with the bank's savings account, so you don't have to pay the $9 monthly service fee.
How First Horizon Bank Works
In February 2022, First Horizon Bank completed its merger with IberiaBank. If you had an IberiaBank checking, savings, CD, or money market account, it will be converted to a new First Horizon account. You may continue to use your IberiaBank debit card if you have one. Beginning April 1, First Horizon Bank will send out new First Horizon debit cards once existing cards expire.
As of February 2022, First Horizon Bank customers will have access to more than 400 branches in 12 states and 675 free ATMs. You'll find a nearby branch in the following states:
- Alabama
- Arkansas
- Tennessee
- Florida
- Georgia
- Louisiana
- Mississippi
- New York
- North Carolina
- South Carolina
- Texas
- Virginia
If you have questions about First Horizon consumer bank products or services, call Client Services from 7 a.m. to 10 p.m. ET on weekdays or 7 a.m. to 5 p.m. ET on Saturdays.
First Horizon's mobile app is rated 2.3 out of 5 stars in the Apple Store and 2.7 out of 5 stars in the Google Play Store.
First Horizon Bank is FDIC insured. Up to $250,000 is secure in an individual bank account.
Is First Horizon Bank Trustworthy?
First Horizon Bank does not have any recent public scandals.
The bank also has an A+ rating from the Better Business Bureau. The BBB rates businesses according to how effectively they manage customer complaints.
How First Horizon Bank Compares
We compared First Horizon Bank to two other popular banks in the Southeast: First Citizens Bank and Regions Bank.
If you're looking for a bank with a large bank presence, First Citizens Bank or Regions Bank will stand out to you. Out of all three banks, First Citizens Bank is available in the most states. Meanwhile, Regions Bank has over 1,300 branches and 2,000 free ATMs.
You also might want to consider which bank accounts you'd like to open and whether there are potential bank account fees at these financial institutions.
First Citizens Bank is the only bank out of the three to offer both free savings and checking accounts. However, the savings account has a $3 excess withdrawal fee when you exceed two monthly withdrawals.
Regions Bank has a free traditional savings account. However, you might have to deal with monthly service fees and overdraft fees if you get a checking account.
First Horizon Bank has a free checking account with a low minimum opening deposit, but the bank's savings accounts have monthly service fees unless you qualify to waive them.
Why You Should Trust Us: How We Rated First Horizon Bank
We rate bank accounts on a scale from one to five stars. For First Horizon Bank's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For First Horizon Bank's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Frequently Asked Questions (FAQ)
First Horizon Bank might be a good option for opening bank accounts with low minimum opening deposits. The bank's checking account also doesn't charge monthly service fees. However, you'll have to pay fees on savings accounts unless you qualify to waive them.
Yes. The First Horizon Bank FirstView Checking Account is a free checking account. You won't have to deal with any monthly service fees.
Yes. As of February 2022, IberiaBank has legally merged with First Horizon Bank. In addition to taking on First Horizon Bank's name, existing IberiaBank customers are receiving new First Horizon products and services.
