Written by Kim Porter | Edited by Rebecca Stropoli | Published on 12/10/2024
First Horizon Bank offers a full range of banking services and products — including an interest-bearing checking account — and charges low fees on its deposit accounts.
Founded in 1864, First Horizon is the 32nd-largest bank in the U.S., with headquarters in Memphis, Tenn. It has more than 400 branches spread across Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, New York, North Carolina, South Carolina, Texas, Tennessee and Virginia.
The bank’s offerings include three checking accounts, two money market savings accounts, a traditional savings account and certificates of deposit (CDs) with terms ranging from 30 days to five years. You can also apply for credit cards, mortgages, auto loans and personal loans, as well as access several products and services geared toward small businesses.
All three checking accounts require a $50 minimum opening deposit. The bank’s basic checking account, FirstView Checking, won’t charge monthly service fees if you sign up for e-statements. The other two accounts, SmartView Checking and TotalView Checking, charge a monthly fee that can be refunded if you meet requirements, such as making one direct deposit or bill pay per payment cycle and maintaining a minimum daily balance. The SmartView account also pays “reward interest” if your account qualifies for a monthly service charge refund.
The savings and the two money market accounts also require a $50 minimum opening deposit. Traditional Savings has an annual percentage yield (APY) of 0.25% and waives a maintenance fee if you maintain a minimum daily balance of at least $250. Otherwise, it charges a quarterly fee of $5.
The TotalView Money Market Savings account, however, aims to reward you with a higher interest rate as you develop a consistent savings habit. Earn a minimum of 0.90% APY on any balance and up to 1.16% APY when you save more. With the regular Money Market Savings, you'll earn at least 0.35% APY and up to 0.70% APY with a higher balance.
The bank also offers 10 standard CDs but doesn’t provide special options, such as no-penalty and bump-up CDs. Terms start at 30 days and extend to five years, and the minimum opening deposit for all CDs is $1,000. APYs range from 0.05% to 0.10%, which are much lower than the national average rates for CDs.
Unlike most CDs, interest compounds annually for terms longer than a year. CDs typically compound interest daily and credit it to the account monthly.
While the bank’s ATM network is relatively small, with about 600 machines, you’ll get fee-free access within this network.
If you need First Horizon Bank customer service for a deposit product, you can visit a branch during business hours. The bank encourages customers to use email for inquiries, or you can call 800-382-5465.
Live phone help is available from 7 a.m. to 10 p.m. Eastern time Monday through Friday and from 8 a.m. to 5 p.m. ET on Saturday. Alternatively, you can sign into your account online and send a secure email or access mobile banking 24/7.
First Horizon Bank pros and cons
Pros:
• Minimal account fees
• Checking account with interest earnings
• Ten standard CD options
Cons:
• Low APYs on savings, money market, checking accounts and CDs
• Branches limited to 12 states
• Small network of ATMs
Savings Account
It's been 3 months since I started my Money Market savings account. 5.25 APR, great staff, FDIC insured. I was getting .025% at another bank, when I asked if they could beat First Horizon they talked a story buy all BS.
A Fine Bank With Bad System
1. Their digital system was disastrous:
+ Their app is unresponsive and blocks my dad's face ID three times, same for my mom.
+ It takes longer to connect their bank through Plaid or other connector, and it even fails to connect a couple of times.
+ The Zelle function cannot send to some Banks, they keep notify error. The only one time work when I send to Regions took a week to finish.
+ Their transactions usually take longer than the others.
2. However their customer service is fine, and I never had money-hold issue with them.
3. I never use any other product of them except for the checking account.
NOT RECOMMENDED!!!
Unbelievably Bad Service
Thank you, First Horizon, for making the death of my only son an even worse experience than it should be. You are dispicable.
Big Banks Collecting Data On Cash Deposits.
Went to the local FH Bank to deposit 5K cash from the sale of a vehicle. After waiting 10 minutes to be greeted at the Drive-thru and sending my deposit in, I had to wait 10 more minutes and then was told by a rude teller that Due to the amount, she needed my drivers license. I obliged her and then she asked my occupation. I again obliged. But then she started asking other personal information like my social security number. I refused. I went inside and spoke to the manager and she spouted some bank policy about depositing cash over $3K and that information was to monitor cash deposits. So, this is big banks monitoring and scrutinizing your money. Bank elsewhere like a Credit Union or small bank. This a Nazi control move.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4977 |
| Year Established | 1864 |
| Employees | 6941 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.09% |
| Return on Equity - YTD | 10.03% |
| Annual Interest Income | $4.37B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $81.87B$81.37B |
| Loans | Q4 2024vs Q4 2023 | $62.31B$61.03B |
| Deposits | Q4 2024vs Q4 2023 | $66.43B$66.65B |
| Equity Capital | Q4 2024vs Q4 2023 | $8.78B$8.95B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $815.5MM$773.1MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $624.7MM$483.9MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $3.3MM$4.2MM |
