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First National Bank of America Review: High-Yield CD Rates

First National Bank of America is a Michigan bank founded in 1955 that sells CDs online nationwide. CDs run 3 months to 10 years at 3.85% to 4.65% APY with a $1,000 minimum (October 2026).

By Krystine Carneiro, Contributor. See their work.Published May 21, 2026Updated October 16, 2026This page was compiled from primary sources: company disclosures and terms, the BBB and regulators. Our ratings method is described on the methodology page.
First National Bank of America High-Yield CD Rates BestGuide rating
4.6/5 BestGuide rating: 4.6 out of 5. Set by our editors from reputation, services, transparency, customer satisfaction and scale. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.

Best for: Savers with at least $1,000 who want a fixed CD rate from an established small bank and are sure they won't need the money early.

On this page13 sections
  1. Ratings and complaints
  2. First National Bank of America vs. competitors
  3. Pricing
  4. Step by step
  5. First National Bank of America legitimacy and licensing
  6. First National Bank of America CD rates
  7. Savings, checking and other accounts
  8. Early withdrawal penalties and maturity rules
  9. Complaints and what customers report
  10. Who should skip First National Bank of America
  11. What customers say
  12. Alternatives
  13. FAQ
Our verdict

First National Bank of America (FNBA) suits savers who want a CD from a small bank paying well above the national average: 4.30% APY on a 12-month CD in October 2026, against an FDIC national average of 1.73%. It is a legitimate, FDIC-insured national bank in East Lansing, Michigan, with about $6.8 billion in assets and an A+ BBB rating. The tradeoffs are a $1,000 minimum, steep early withdrawal penalties (up to 720 days of interest on long CDs), no CD statements, IRA CDs that must be opened in a Michigan branch, and only three branches, all in Michigan. Some online banks pay a little more on certain terms, so compare before you lock in.

CD rates
3.85% APY (3 months) to 4.65% APY (120 months); 4.30% on 12 months; 4.35% on a 9-month special; rates as of October 12, 20261
CD minimum
$1,000 to earn the APY; no monthly fees on CDs1
Early withdrawal penalty
90 days of interest (1 to 11 months) up to 720 days (96 to 120 months); can reduce principal2
FDIC insurance
FDIC certificate 17438; insured up to $250,000 per depositor, per ownership category5
Size and regulator
About $6.82 billion in assets and $3.88 billion in deposits (June 30, 2026); national bank supervised by the OCC; holding company First National Bancshares Inc.5
Founded
May 1955 as First National Bank of East Lansing; renamed First National Bank of America in 19983
Branches
Three, all in Michigan: East Lansing, Grand Rapids and Traverse City; surcharge-free Allpoint ATMs for checking customers4
Savings
High Yield Savings promotion: 4.20% APY for 6 months on new money, then 3.60% up to $250,000; $1,000 minimum1

First National Bank of America ratings and complaint records

  • BBB A+ Accredited since February 10, 2017; 2 complaints in the last 3 years; 12 customer reviews View source
  • CFPB complaints 0 No complaints listed under First National Bank of America in the CFPB database for the last 3 years. Complaints about banks this size usually go to the bank's own regulator, the OCC. View source
  • Trustpilot 3.8 out of 5 Only 2 reviews, none in the last 12 months; profile not claimed View source
  • FDIC BankFind Active, insured Certificate 17438, established May 6, 1955, 3 domestic offices View source

Pros

  • CD rates of 3.85% to 4.65% APY, more than double the FDIC national averages for most terms
  • FDIC-insured national bank operating since 1955, A+ BBB rating with 2 complaints in 3 years
  • Terms from 3 months to 10 years, opened online from any state
  • No monthly fees on CDs, and checking customers can use Allpoint ATMs without a surcharge

Cons

  • $1,000 minimum to open a CD
  • Steep early withdrawal penalties, up to 720 days of interest, which can eat into principal
  • Only three branches, all in Michigan; IRA and HSA CDs must be opened in person
  • No CD statements, and withdrawals or rollovers are requested by email

Best for: Savers with at least $1,000 who want a fixed CD rate from an established small bank and are sure they won't need the money early.

Skip it if: You may need the cash before the term ends, want an IRA CD without visiting Michigan, or prefer a full-service bank with branches near you.

First National Bank of America vs. competitors

First National Bank of America compared with competitors
Company12-month CD APYHighest CD APY listedCD minimumSavings APYBranchesNext step
First National Bank of America 4.30%4.65% (120 months)$1,0004.20% for 6 months, then 3.60%3, Michigan only
Bread Savings Not verified4.75% (18 months)$1,5004.05%None, online only Read review
Ally Bank Not verified3.00% (Raise Your Rate CD)$03.10%None, online only Read review

First National Bank of America pricing at a glance

First National Bank of America CD rates, as listed October 12, 20261

Term Interest rate APY Early withdrawal penalty
3 months 3.80% 3.85% 90 days of interest
6 months 3.94% 4.00% 90 days of interest
9 months (special) 4.28% 4.35% 90 days of interest
12 months 4.23% 4.30% 180 days of interest
18 months 4.23% 4.30% 180 days of interest
24 months 4.23% 4.30% 360 days of interest
36 months 4.38% 4.45% 360 days of interest
48 months 4.38% 4.45% 540 days of interest
60 months 4.43% 4.50% 540 days of interest
72 months 4.43% 4.50% 540 days of interest
84 months 4.47% 4.55% 540 days of interest
96 to 108 months 4.47% 4.55% 720 days of interest
120 months 4.57% 4.65% 720 days of interest

$1,000 minimum to earn the APY. The same rates apply to HSA, Roth and traditional IRA CDs, which must be opened in a Michigan branch. Interest compounds quarterly. Call for rates on deposits over $1 million. Rates change without notice.

First National Bank of America, step by step

  1. Pick a term

    Compare the terms on FNBA's deposit rates page and choose one you can leave alone until maturity, since penalties run from 90 to 720 days of interest.

  2. Apply online

    Regular CDs, checking and savings can be opened at open.fnba.com from any state. IRA and HSA CDs must be opened in person at a Michigan branch.

  3. Fund by ACH

    FNBA pulls at least $1,000 by ACH from a checking or savings account on the day you open. It can't pull from a brokerage, annuity or CD account, and the transfer can take up to ten business days.

  4. Track it

    The CD appears in online banking the next business day. FNBA does not send CD statements; you get a mailed 1099-INT and a maturity notice about 30 days before the CD ends.

  5. Decide at maturity

    You have a 10-day grace period to withdraw, add money or change terms. If you do nothing, the CD renews for the same term at the rate offered that day.

First National Bank of America legitimacy and licensing

Yes. First National Bank of America is an active national bank, FDIC certificate 17438, supervised by the Office of the Comptroller of the Currency. It opened on May 6, 1955 as First National Bank of East Lansing and took its current name in 1998. As of June 30, 2026, FDIC data shows about $6.82 billion in assets and $3.88 billion in deposits, owned by First National Bancshares Inc. Deposits are insured up to $250,000 per depositor, per ownership category.

It is not related to Bank of America. FNBA is a much smaller bank whose main businesses are deposits, buying mortgage notes through its subsidiary First National Acceptance Company, and Non-QM mortgages for borrowers who don’t fit standard loan rules. The BBB rates it A+, accredited since 2017, with 2 complaints in three years. The only OCC enforcement action we found was a formal agreement from August 2001.

First National Bank of America CD rates

As of October 12, 2026, FNBA’s CDs pay 3.85% APY for 3 months, 4.00% for 6 months, a 4.35% special for 9 months, 4.30% for 12 to 24 months, 4.45% for 36 and 48 months, 4.50% for 60 and 72 months, 4.55% for 84 to 108 months, and 4.65% for 120 months. You need $1,000 to earn the APY, and interest compounds quarterly. Online and in-branch CDs pay the same rates, and the same rates apply to IRA and HSA CDs.

For context, the FDIC’s national average in September 2026 was 1.73% for a 12-month CD and 1.38% for 60 months. FNBA pays well above that, but not always the most: Bread Savings listed 4.75% APY on an 18-month CD the same month. Rates change without notice, so check the bank’s page on the day you open.

Savings, checking and other accounts

FNBA also sells deposit accounts beyond CDs. Its High Yield Savings promotion pays 4.20% APY for the first 6 months on new money, then 3.60% on balances up to $250,000 (3.86% above that), with a $1,000 minimum. Elevate Checking pays up to 4.50% APY on the first $20,000 if you make 10 debit transactions, keep $1,000 daily, receive $1,000 in new electronic deposits and sign in each cycle; miss a requirement and it drops to 0.01%. Signature Checking pays 2.51% APY up to $250,000 but charges $10 if your balance falls below $1,000 on any day.

On the lending side, FNBA offers Non-QM mortgages, ITIN home loans, land loans, a HELOC and business loans. It does not offer credit cards.

What customers say about First National Bank of America

Recurring themes across the review sites and complaint records listed above, not individual quotes.

Common praise

  • CD rates well above big-bank and national average rates
  • Responsive, personal customer service from a small bank
  • Online opening from any state with a low $1,000 minimum

Common complaints

  • Early withdrawal penalties much longer than the common 3 to 6 months of interest
  • No monthly CD statements and email-based requests for withdrawals and rollovers
  • IRA CDs and some services require a visit to a Michigan branch

Early withdrawal penalties and maturity rules

FNBA’s penalties are longer than many online banks charge: 90 days of interest on terms of 1 to 11 months, 180 days on 12 to 23 months, 360 days on 24 to 47 months, 540 days on 48 to 84 months, and 720 days on 96 to 120 months. Partial withdrawals are allowed, and the bank warns the penalty can reduce your principal. On a 10-year CD, breaking it in the first year or two could cost more than you earned.

About 30 days before maturity, FNBA mails a notice. You then have a 10-day grace period to withdraw, add funds or switch terms. If you do nothing, the CD renews for the same term at whatever rate is offered then. Withdrawals and rollovers are requested by email, and there are no monthly CD statements.

Complaints and what customers report

FNBA has a light complaint record. The BBB shows 2 complaints in three years and 12 reviews. The CFPB database lists no complaints under its name for that period, which is common for banks under $10 billion in assets because complaints about them usually go to their federal regulator, the OCC. Its Trustpilot page has only 2 reviews, both praising service, and one reviewer pointed to the 540-day penalty on a long CD.

To avoid problems, pick a term you are sure you can hold, set a reminder for the grace period so the CD doesn’t roll over at a lower rate, and make sure your funding account is a regular checking or savings account so the ACH pull works.

Who should skip First National Bank of America

Look elsewhere if you might need the money before the term ends, if you have less than $1,000, or if you want an IRA CD and can’t get to East Lansing, Grand Rapids or Traverse City. People who want one bank for everything, including credit cards and branches near home, will be better served by a large bank or credit union.

Alternatives to First National Bank of America

  • Bread Savings BestGuide rating: 4.1 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.

    Listed a higher 18-month CD rate (4.75% APY) in October 2026, with a $1,500 minimum and no branches.

    Read review
  • Ally BestGuide rating: 4.3 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.

    Lower CD rates but no minimum deposit, 24/7 support and a full online checking and savings lineup.

    Read review
  • US Treasury bills and notes through TreasuryDirect

    A free, government-backed option with terms from 4 weeks to 30 years and interest exempt from state and local income tax; selling before maturity means moving the security to a brokerage and taking the market price.

First National Bank of America reviews

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Frequently asked questions

Is First National Bank of America FDIC insured?

Yes. It is FDIC certificate 17438, and deposits are insured up to $250,000 per depositor, per ownership category. You can check coverage across your accounts with the FDIC's EDIE calculator.

Is First National Bank of America the same as Bank of America?

No. They are separate, unrelated companies. First National Bank of America is a single bank based in East Lansing, Michigan, with three branches.

What are First National Bank of America's CD rates?

As of October 12, 2026, they range from 3.85% APY on a 3-month CD to 4.65% APY on a 120-month CD, with 4.30% on 12 months and a 4.35% special on 9 months. The minimum is $1,000. Rates change without notice.

What is the early withdrawal penalty at FNBA?

It depends on the term: 90 days of interest for 1 to 11 months, 180 days for 12 to 23 months, 360 days for 24 to 47 months, 540 days for 48 to 84 months and 720 days for 96 to 120 months. The penalty can reduce your principal.

Can I open an FNBA CD if I don't live in Michigan?

Yes. Regular CDs, checking and savings can be opened online from any state. IRA and HSA CDs must be opened in person at a Michigan branch.

How do I fund an FNBA CD?

By ACH from a checking or savings account, requested on the day you open. FNBA can't pull from brokerage, annuity or CD accounts, and the transfer can take up to ten business days.

What happens when my FNBA CD matures?

FNBA mails a notice about 30 days ahead. You have a 10-day grace period to withdraw or change terms; otherwise it renews for the same term at the current rate.

Does FNBA send CD statements?

No. You can see the CD in online banking, and FNBA mails your 1099-INT and a maturity notice. You can request a paper copy of the certificate by email.

Where are First National Bank of America's branches?

There are three: 241 E. Saginaw in East Lansing, 4660 Kalamazoo Ave SE in Grand Rapids, and 315 N. Division St. in Traverse City. Checking customers can also use Allpoint ATMs without a surcharge.

What is First National Bank of America's BBB rating?

A+. It has been BBB accredited since February 2017 and had 2 complaints in the last three years as of October 2026.

Sources (13)

Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards

  1. First National Bank of America: Deposit rates and account disclosures (accessed October 12, 2026)
  2. First National Bank of America: Online CD FAQ (accessed October 12, 2026)
  3. First National Bank of America: About us (accessed October 12, 2026)
  4. First National Bank of America: Branch locations (accessed October 12, 2026)
  5. FDIC BankFind: First National Bank of America, certificate 17438 (accessed October 12, 2026)
  6. BBB: First National Bank of America profile (accessed October 12, 2026)
  7. FDIC: National rates and rate caps, September 21, 2026 (accessed October 12, 2026)
  8. CFPB: Consumer complaint database (accessed October 12, 2026)
  9. OCC: Enforcement actions news release NR 2001-81 (accessed October 12, 2026)
  10. Trustpilot: FNBA reviews (accessed October 12, 2026)
  11. Bread Savings: CDs and savings rates (accessed October 12, 2026)
  12. Ally Bank: Compare CDs (accessed October 12, 2026)
  13. Ally Bank: Online savings account (accessed October 12, 2026)
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