First Foundation Bank is headquartered in Irvine and is the 17th largest bank in the state of California. It is also the 148th largest bank in the nation. It was established in 2007 and as of June of 2022, it had grown to 657 employees at 30 locations. First Foundation Bank's money market rates are 8X the national average, and it has an A health rating.
Related Posts
11/9 - First Foundation Bank Raises Online Savings To 3.60% APY
11/9 - First Foundation Bank Online Savings To 3.60%
10/14 - First Foundation's Online Savings Edges Up To 3.10% APY
9/24 - First Foundation Bank Savings Acct. Increase To 2.75%
9/13 - First Foundation Online Savings Now 2.25% APY
8/3 - Savings Rate Increase To 2.02% APY
6/18 - First Foundation Bank Online Savings Account Has Highest APY
6/17 - A 1.65% Savings Account At First Foundation Bank
6/17 - First Foundation Online Savings Increase To 1.65%
5/5 - First Foundation Bank Online Savings Account Is New Rate Leader
5/4 - First Foundation Raises Online Savings To 1.00%
1/8 - Rate Drop - First Foundation Online Savings - 0.75% To 0.60%
10/20 - Rate Drop To 0.75% 10/20/20
8/7 - First Foundation Dropping To 1.00% Today
6/19 - Rate Drop To 1.20%
6/4 - Rate Drop To 1.45%
5/21 - Current Rate Leader First Foundation Savings Drops To 1.60% APY
5/10 - Updated Minimum Balance Required To Earn Stated APY From $1000 To $.01
3/25 - Rate Drop To 1.735% - 3/24/20
3/6 - Grandfathered 2.20% APY Accounts Down To 2.00% Effective Today March 6, 2020
2/5 - First Foundation Bank Online Savings APY Remains Competitive
High Rates, And Successful Interactions
FF's rate's been consistently higher than other banks. They went down after I opened, but so did everyone else and they were still higher. They've just raised to 1.65% when everyone else is at 1% or .7%. They're A or A+ rated.
The time I needed to add higher amounts (or was it remove?), I got a wire fee waver and it was done promptly.
I tried ACH at first but each limit doesn't open up until the last ACH has fully cleared, so it takes too long. I use my broker (who has high limits) to push pull larger amounts if needed, without problems.
The customer service is mixed. Some interactions go smoothly. Others not so well. The online messaging person isn't very good. Chat wasn't very clear either. Tone's are cheery though.
You need to ask for the new accounts dept.
Recently needed to deposit a large check. New accounts raised my mobile limit for the day.
Mostly my funds sit there and I do nothing, so it's worked well for me!
High Savings Rates. Difficult Application Process.
On line set up was not an easy process. First application was rejected because I scanned my driver license instead of taking a photo and uploading to them(they didn't let me know the reason my application was denied until I called). They won't let you scan your ID. So I submitted a second application and took an iPhone photo of my passport and sent to them by email and it was approved. However, there still was a delay in getting account set up so I called customer service. I left a call back number and they called back after about 3 hours later. Then they had a problem identifying my wife's SS number on the application. So I had to send them a photo of her SS card. Then they had a computer problem and had to call back. Finally, the problem was resolved and the account was set up.Their website is very easy to use.
Poor Customer Service
My savings account was compromised but there were no attempts to withdraw funds. It clearly wasn't First Foundation's fault, but no one bothered to contact me as to why my account had been locked. For more than a week, I made repeated calls to the customer service department. No one would get back with me. I finally resorted to calling the corporate office. That worked. At that point, it took weeks to get things resolved so I could withdraw my funds.
First Foundation's current interest rate is for "new money only." Translated, that means that existing customers will not see the increase in their savings account interest rate and that it's very unlikely that your "new money" will see future interest rate increases.
First Time For Everything.....
I have never, ever, ever, ever......EVER been turned down when applying for a SAVINGS ACCOUNT.....until how.
Filled out all the necessary and uber personal information, including photo copies of both Passports and State ID. Felt more like applying for a loan than opening a savings account.
Got an email stating we were denied based on credit reporting...what?!? Our credit scores are excellent.
We annually make over 6 figures, have great credit reports, low debt, and had every intention to fund well over 6 figures.....why would we be denied??
Honestly, I didn't even know you could be denied an account by a bank without really good cause. Guess we don't have the password, or secret handshake to get into this club....if it even exists?? I'm really hoping this isn't a scam, because they literally have all our personal info and our beneficiaries info as well....
Please read the reviews and think twice before applying with all your personal info.
I read the reviews, but in my arrogance, assumed we wouldn't have problems.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58647 |
| Year Established | 2007 |
| Employees | 657 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.23% |
| Return on Equity - YTD | 11.41% |
| Annual Interest Income | $172.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $11.23B$7.92B |
| Loans | Q2 2022vs Q2 2021 | $9.39B$5.99B |
| Deposits | Q2 2022vs Q2 2021 | $9.60B$7.12B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.20B$730.8MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $33.2MM$22.3MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $14.0MM$16.2MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $6.2MM$0 |
