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City First Bank (Member FDIC) is a Black-owned bank in Los Angeles and Washington, DC.
It pays higher rates than most brick-and-mortar banks, and it’s easy to waive monthly fees.
The checking accounts, savings accounts, and CDs are strong; the money market account is just so-so.
See Business Insider’s picks for the best high-yield savings accounts »
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This post was last reviewed and updated on April 30, 2021.
Should I use City First Bank?
You might like City First if you …
You might not like City First if you …
Live in Los Angeles or DC AND want to bank in person
Would like to bank with a Black-owned business
Want to earn high interest rates
Are looking for low-fee accounts
Don’t live in Los Angeles or DC OR you prefer online banking
Want more CD term length options
Are searching for a strong money market account
Value a strong mobile app
The bottom line: City First Bank has strong checking accounts, savings accounts, and CDs, but the money market account is its weak spot.
City First Bank Basic Checking Account
City First Bank Basic Checking Account is a good checking account, as long as you have $50 to open the account. There’s a $2 monthly service fee, but it’s easy to waive it — you just need to enroll in online banking and e-statements.
City First also has an interest-bearing checking account, but you’ll need $2,500 to get started.
City First Bank Statement Savings Account
City First Bank Statement Savings Account pays a competitive interest rate. You can still earn more with online high-yield savings accounts, but its rate is much better than what most brick-and-mortar banks pay. It’s also easy to waive the $3 monthly service fee.
If you have at least $5,000 to …read more
Source:: Business Insider