First Foundation Bank Ups Savings And Money Market Account Rates

California-based First Foundation Bank (First Foundation) has increased the rates on its Online Savings and Online Money Market Accounts to 4.00% APY on balances up to $5 million. If the account balance exceeds $5 million, a 0.50% APY will apply to the entire account balance.

FYI – there is no Rates page on First Foundation’s website. Current rate information can be found in the fine print of the Online Savings and Online MMA landing pages.

A Little Background

While First Foundation debuted the Online Savings more than three years ago, the Online MMA was added to the product line only two months ago, with an initial 3.10% APY. Three weeks later, the Online MMA rate was increased to 3.60% APY, mirroring the rate increase of the Online Savings account. Both accounts added an additional 40 bps last week.

Following information applies to both the Online Savings and Online MMA. The primary difference between the two accounts is that the Online MMA offers check writing.

The minimum opening deposit is $1k of new money, which is defined as “not funds from existing First Foundation Bank accounts.” As stated on the excellent and comprehensive FAQs page,

You can use our ACH funding option to fund your account up to $150,000. If you would rather fund your account later, we will send you a welcome packet with instructions on other ways to fund your account. You can fund your account by check, wire, initiating a transfer from your other bank, mobile deposit, or by bringing cash into one of our branches.

There are three ways to make subsequent deposits:

• The First Foundation Mobile app check deposit feature.
• Transferring funds from an external account using online banking or mobile app.
• In-branch at any of 30 branch locations.

Online Transfer Limits and Other Details

According to the FAQs,

What are the online transfer limits?

Our external transfer limits are $20,000 per day up to $100,000 per rolling 30-day period. The transfer settlement period is 3 full business days, over which time any additional transfers will be considered a part of the same $100,000 daily limit. Each time external transfers fully settle, the portion of the daily limit that was being utilized will be reset for use again.

If you have multiple accounts at First Foundation Bank, there is no limit to the amount of internal transfers you can process between your accounts.

Both the Online Savings and Online MMA are fee-free with eStatements. The Online Savings Account offers a free ATM card, while the Online MMA offers a free debit card. The Online MMA has unlimited check writing. In the past, there was an excess transaction fee of $20 per item, but First Foundation continues to honor the Fed’s Regulation D pause. There is an $20 early closure fee if an Online Savings/Online MMA is closed within 90 days of opening.

While there are fees for incoming and outgoing wire transfers,

For the first 60 days after your Online Savings or Online Money Market account is opened, First Foundation Bank will waive any incoming wire fees [$10 domestic, $15 international].

An Online Savings/Online MMA can be accessed by using the “Sign In” button at the top right of First Foundation’s home page.

Availability and Account Opening

Headquartered in Irvine, California, First Foundation offers its Online Savings/Online MMA to all U.S. citizens/resident aliens (with a valid Social Security number) through an online application only.

According to the FAQs, they “do not run a credit check” in the application. There is no hard credit pull. “Security questions are generated from public record for Identification purposes.”

Beneficiaries can be added after an Online Savings/Online MMA has been opened by calling 888.405.4332 or at [email protected] They will send you a short form via DocuSign to collect the information they need to add your beneficiaries to your account.

While opening an Online Savings or Online MMA can only be done online (“in five easy steps”), subsequent transactions can also be done at any of 29 full-service branches located in Northern and Southern California (20), Florida (7), Dallas, Honolulu, and Las Vegas.

Existing First Foundation clients are eligible to open an Online Savings account, but the online application must be used.

Bank Overview

First Foundation Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.64% (excellent) based on June 30, 2022 data. In the past year, First Foundation has increased its total non-brokered deposits by $2.51 billion, an excellent annual growth rate of 35.87%. Please refer to our financial overview of First Foundation Bank (FDIC Certificate # 58647) for more details.

First Foundation Bank was established in 2008, but its roots trace back to 1990 when the Keller Group (headed by Rick Keller, current First Foundation Chairman) was providing wealth management services to clients in Orange County, California. According to First Foundation CEO, Scott F. Kavanaugh,

As the needs of clients became more complex, First Foundation sought additional support to offer clients true, comprehensive wealth management. In 2007, we started a bank and added it to the existing asset management platform. We would later add trust services, legacy planning, consulting, and insurance services.

Following the December 2021 acquisition of First Florida Integrity Bank, First Foundation is currently the 17^th largest bank in California, with assets in excess of $11.2 billion and nearly 60,000 customer accounts.

How the Online Savings/Online Money Market Accounts Compare

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com that do not require a large minimum balance and are not limited by small balance caps, the First Foundation Bank Online Savings/Online Money Market Account APYs currently rank fifth.

The above information and rates are accurate as of 12/12/2022.

To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.