Is First Horizon a Good Bank for Your Financial Needs

First Horizon is a well-established bank with a long history dating back to 1864. It offers a wide range of financial services, including personal and business banking, investments, and insurance.

First Horizon has a strong presence in the Southeastern United States, with over 270 branches and more than 300 ATMs across its footprint. This extensive network provides customers with convenient access to their accounts and financial services.

In terms of customer service, First Horizon has a 24/7 customer service hotline and online banking platform, allowing customers to manage their accounts and get help whenever they need it. This level of accessibility is a significant advantage for customers who value convenience and flexibility.

First Horizon offers a range of account features that make banking convenient and accessible. Most deposit accounts have a $50 minimum opening deposit and a monthly service fee, although some fees can be waived based on certain benchmarks.

You can access your accounts online, through the mobile app, or at any of First Horizon's physical branches. The bank also offers a Visa debit card and access to the Allpoint ATM network, which has over 40,000 ATMs nationwide.

Here are some key account features to consider:

First Horizon Bank offers a range of account features that make managing your finances easier. Most accounts have a $50 minimum opening deposit, which is relatively low compared to other banks.

You can access your accounts online, mobile, ATMs, and physical branches. This convenience is a major plus, especially for those who like to manage their finances on the go. With First Horizon, you can transfer funds, set up wire transfers, and make withdrawals from the comfort of your own home or office.

First Horizon is a member of the Allpoint ATM network, which has over 40,000 ATMs nationwide. This means you can withdraw cash for free at any of these ATMs, making it easy to access your money when you need it.

Here are some key account features to consider:

First Horizon's accounts also come with a range of benefits, including free online and mobile banking, a Visa debit card, and access to the Allpoint ATM network. However, be aware that some accounts may have higher fees or requirements to waive these fees.

A referral from a friend can be a great way to find a new bank, but it's essential to understand the promotion's requirements. A friend referred Lizbet to First Horizon Bank, which offered a promotion for opening a new account.

However, Lizbet soon found out that daily deposits wouldn't count toward the promotion's requirements, even if they came from the same company. This was a surprise to her, as she had expected both daily and weekly deposits to be treated the same.

First Horizon Bank's limited partnerships with other banks can also be a drawback, limiting ATM access and other services. This made Lizbet's experience at the bank in Charlotte, NC, inconvenient.

It's crucial to understand the promotion's requirements and the bank's services before opening an account based on a referral.

First Horizon's online banking platform is quite robust, allowing you to transfer money between accounts, set up automatic bill pay, and even create budgets.

With the mobile app, you can deposit checks remotely, which is super convenient.

The mobile app has a moderate rating on the Apple App store with 2.9 stars out of a possible 5.

You can also manage your savings and money market accounts, as well as CDs, through the online banking platform.

Here are some of the online banking features you can access:

First Horizon Bank offers a range of digital banking tools, including online and mobile access through its apps for Android and iOS users, which are rated 3.8 out of 5 stars on the App Store and 3.6 out of 5 stars on Google Play.

The bank's digital experience also includes a Digital Banking Help page dedicated to answering common questions and issues. For non-urgent matters, you can even send a secure email message via its website or through Digital Banking, although it may take one to two days to receive a response.

If you're looking for more personalized financial planning, First Horizon Bank offers wealth management services led by experienced and certified financial advisors. You can also purchase life insurance, disability income insurance, and long-term care insurance for added security and peace of mind.

Here are some key details to consider when comparing First Horizon Bank to its competitors:

Keep in mind that early withdrawal penalties may apply to certain accounts, so be sure to review the terms and conditions before opening an account.

First Horizon Bank has a strong capital foundation, thanks to its annual stress tests and countercyclical businesses that help maintain a solid capital foundation even in volatile financial conditions.

First Horizon's FirstView Checking account has no monthly maintenance fee and comes with a complimentary savings account, making it a more affordable option compared to Chase Bank's similar account with a $12 monthly service charge.

The bank's liquidity position and borrowing arrangements are regularly reviewed by executive management and the Board of Directors, ensuring prudent financial governance.

To open most accounts at First Horizon, you'll need just $50, which is an affordable minimum balance requirement.

First Horizon's rates are better than some national offerings, making it a great option for those living in its service area and looking for an affordable full-service bank.

You can expect to pay $0 to $25 monthly for some accounts at First Horizon, which can be waived in some cases.

When you need to reach First Horizon, the fastest way is to call their client services at 800-382-5465. They answer calls Monday-Friday, 7 a.m. to 10 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET.

First Horizon also offers secure email messaging for non-urgent matters, but be prepared for a response time of one to two days.

The bank's digital experience is top-notch, with online and mobile access available through their apps for both Android and iOS users. First Horizon's app is rated 3.8 out of 5 stars on the App Store and 3.6 out of 5 stars on Google Play.

If you're having trouble with digital banking, don't worry – First Horizon has a dedicated Digital Banking Help page to guide you through any issues.

In addition to digital banking, First Horizon offers wealth management services led by experienced and certified financial advisors who can help with financial planning, including investments.

You can also purchase life insurance, disability income insurance, and long-term care insurance for added security and peace of mind.

Here are some key features of First Horizon's banking experience:

Fifth Third Bank offers some checking options that do not require a minimum deposit, a perk that sets it apart from First Horizon Bank.

Its standard CD rates, however, are lower than First Horizon's standard CD rates of APY.

One checking option from Fifth Third Bank has no minimum deposit requirement, giving customers more flexibility.

Fifth Third Bank's standard CD rates trail behind First Horizon's in terms of interest earned.

Comerica has a national presence, making it a viable option for those with business needs. Its apps are designed with business-oriented solutions in mind.

Comerica's digital platforms are robust and user-friendly, allowing customers to manage their finances on the go. However, its focus on business solutions means it may not be the best fit for individual customers.

Comerica's money market account is not as competitive as First Horizon's, which offers more attractive rates. This is worth considering if you're looking for a high-yield savings option.

Comerica's business-oriented approach is reflected in its app features, which cater to the needs of entrepreneurs and small business owners.

Opening an account with First Horizon is a relatively straightforward process. You can apply online, which takes less than half an hour, or in person at a local branch in Tennessee.

To open an account, you'll need to provide some basic information, such as your ID, Social Security number, and contact details. You'll also need to have your opening deposit handy, either through an online transfer or a debit/credit card number.

The minimum opening deposit for most First Horizon accounts is $50, and you'll also need to pay a monthly service fee, although this can be waived in some cases.

Here's a summary of the requirements for opening an account with First Horizon:

As for saving money, First Horizon has a Money Market Savings account that offers tiered interest rates, although these don't provide much advantage if your deposits are less than $50,000.

Opening a Traditional Savings Account with First Horizon is a straightforward process. You'll need to deposit at least $50 to get started.

You can access your Traditional Savings Account online, through the mobile app, or at any First Horizon ATM. However, ATM access is only available if you have a linked checking account.

The account has a quarterly maintenance fee of $5, but it can be waived if you maintain a $250 minimum daily balance.

Interest is compounded daily and posted monthly, but the APY is a relatively low 0.30%.

Here's a quick rundown of the account's key features:

Saving money with First Horizon is a bit tricky, but there are some options to consider. To open a First Horizon Money Market Savings Account, you'll need to deposit at least $50.

One of the benefits of this account is that it has ATM access, which is a big plus. You can also write checks, which is a feature that the standard First Horizon savings account lacks.

However, there is a $9 monthly service fee for the money market account, which can be waived if you link it to a checking account or have at least $5,000 in total deposits among all First Horizon accounts.

If you're looking for a high-interest rate, you might be disappointed. First Horizon's rates are not the best, and a long-term certificate of deposit is your best bet – but even those rates are below what other banks offer.

Here are the details you need to know about the First Horizon Money Market Savings Account:

First Horizon may not be the best option if you're looking for high returns on your deposit accounts. Their rates are relatively low compared to other options.

One thing to consider is the fee requirements. For example, some accounts come with a monthly fee that can be a problem if you don't have a steady source of income.