First Tennessee Bank Review, Rates: CDs, Savings, Money Market, Mortgages
First Tennessee Bank is a traditional bank located in Tennessee offering all banking services. First Tennessee is protected by FDIC for $250,000.
First Tennessee Bank CD Rates
First Tennessee Bank has the ability to offer its customers a wide variety of CD accounts. All come with varying terms and rates. The regular CDs they offer also come with a varying initial opening deposit as it is determined by the market and term.
They also offer the convenience of the Add-On CD, which allows you an unlimited number of deposits and gives 1 penalty-free withdrawal every 6 months. The deposits can be made in the amount of $25 and can be automatically transferred from another First Tennessee Bank.
The Rate-CLIMBERSM CD is also an option for First Tennessee Bank customers. With this CD account, you can increase your rate one time during the term of the CD. The terms you can choose from are the 12, 24 or 36 month.
Special interest rates are given to those who have a checking account.
First Tennessee Bank: Regular CDs – as of 8/15/11
- 30 days – 0.15% APY
- 60 days – 0.15% APY
- 90 days – 0.20% APY
- 180 days – 0.30% APY
- 270 days – 0.35% APY
- 12 months – 0.35% APY – 0.65% APY with checking account
- 24 months – 0.45% APY – 0.75% APY with checking account
- 36 months – 0.50% APY – 0.80% APY with checking account
- 48 months – 0.80% APY – 1.10% APY with checking account
- 60 months – 1.10% APY – 1.40% APY with checking account
First Tennessee Bank: Add-On CD – as of 8/15/11
Less than $25,000 – 0.10% APY
$25,000 or more – 0.20% APY
Terms & Conditions: Penalty for early withdrawal. They reserve the right to discontinue the bonus rate at anytime without notice.
First Tennessee Bank Money Market Rates
With First Tennessee Bank’s Money Market Savings account, you will be able to earn more with their tiered-interest rates. The account is easy to access simply by writing a check, ATM card or linking up your savings or checking accounts. The minimum opening deposit will vary by market, so please consult with the bank to determine what your initial deposit will be.
The Money Market Savings account features no monthly service charge, but only if the required checking account or balance is maintained. The minimum balance to maintain is at least $5,000 or the monthly fee is $9.00. The interest on the account is compounded and credited monthly and it can be linked to a First Tennessee checking account for ease of access.
A rate bonus is applied to those who currently have a Premier Checking account.
First Tennessee Bank: Money Market Savings account – as of 8/01/11
- $0-$9,999 – 0.05% APY – 0.35% APY with Premier Plus
- $10,000 – $24,999 – 0.10% APY – 0.40% APY with Premier Plus
- $25,000 – $49,999 – 0.15% APY – 0.45% APY with Premier Plus
- $50,000 – $99,999 – 0.20% APY – 0.50% APY with Premier Plus
- $100,000 or more – 0.25% APY – 0.55% APY with Premier Plus
Terms & Conditions: Federal law requires that First Tennessee Bank convert a savings account to a checking account if you exceed six preauthorized or automatic debits or withdrawals per month, including transactions by check or similar order payable to a third party.
First Tennessee Bank Savings Rates
The Traditional Savings account offered by First Tennessee Bank is an easy way to accumulate extra cash. It offers a low minimum opening balance and the option of automatically transferring your funds from your First Tennessee Bank checking account. The savings account comes with no monthly service charge if you are able to meet the daily balance requirements. It also features unlimited penalty-free withdrawals when you use your First Tennessee ATM card.
It is important to note that if the daily balance falls below $250, then quarterly maintenance fees will be accessed on the account. With the ability of linking accounts, this should not become a major problem. The interest on the account is compounded daily and credited on a quarterly basis.
First Tennessee Bank: Traditional Savings account – as of 8/01/11
Balances over $250 – 0.05% APY
Terms & Conditions: Federal law requires that we convert a savings account to a checking account if you exceed six preauthorized or automatic debits or withdrawals per month, including transactions by check or similar order payable to a third party.
First Tennessee Bank Mortgage Rates
First Tennessee Bank wants to be there to help you with your home buying experience. Right now is a great time to act because current market rates are low. First Tennessee Bank is able to offer several stable, fixed-rated mortgage options to suite your financial needs.
They provide professional and knowledgeable mortgage guidance to properly help you reach your goals. If you are a current customer, then feel relaxed knowing that all your banking products are met underneath one roof.
With First Tennessee Bank, you will be given strong, lasting customer service. The knowledgeable loan officers will be able to provide you an easy-to-understand loan application and process. First Tennessee Bank mortgage features include flexible terms, fixed monthly payments and also competitive terms.
To learn more information about their mortgages, you can call at 800-609-2116 or visit a financial center. You can also start the application process online.