When opening a checking or savings account, what are the features and benefits that you expect the most? First Commonwealth Bank has benefits and features that enhance your banking experience.
First Commonwealth Bank has been around since the 1880s starting as multiple community banks, growing rapidly since its original bank opening. If you’re interested in what First Commonwealth Bank has to offer, continue reading to learn more!
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Checking Account Options
Each and every First Commonwealth Bank checking account comes with overdraft protection, and access to more than 55,000 ATMs.
If you are looking for an account that offers access to your checking account from online, mobile, ATMs and physical branches, then this is the account for you.
To be eligible for completely free checking, you must enroll in eStatements. Otherwise there will be a $2 monthly fee. This account is FDIC insured, so you will be protected to a certain amount if the bank were to go under. Do keep in mind that this account doesn’t earn interest. Their overdraft protection comes from a linked Hometown Savings account.
If you can maintain a balance of $1,000 in your checking account or more in deposits per statement cycle, you will not be charged a service fee on this account.
If you want an interest bearing account, consider opening a Hometown Checking + Interest + Solutions Account. However, you’ll need $2,000 or more in deposits per statement cycle to waive the $10 monthly fee. From there, accounts that balances of $500 and over will receive 0.01% APY. On top of the interest rate, this account also includes free person-to-person transfers, discounted expedited bill payment and premium debit card benefits with the World Debit™ Mastercard®. You’ll also be able to set up free overdraft protection from any of your First Commonwealth accounts, including lines of credit.
With at least a $25 opening deposit, you can get started on this account. There is a $5 monthly fee that can’t be waived. This is a great account for customers who want to have responsible banking. One of the biggest safety measures is that it prevents you from spending money you don’t have to avoid overdrafts and its fees. The account also includes the ability to create a budget for you, track your spending, set savings goals and more through your online banking interface.
Savings Account Options
At First Commonwealth Bank, the more money you have, the higher the rates you’ll get. They have a wide variety of savings accounts, ranging from your standard savings account to premier accounts with higher rates.
The Hometown Savings Account is their most basic savings account with no minimum deposit requirement or monthly fee. It earns interest according to balance tiers, with higher balances earning at a slightly higher rate. The interest rates are decent, especially when compared to big banks. Also, if you have a checking account, First Commonwealth Bank will ill this account as perfect for providing fee overdraft protection if you have it linked to a Hometown Checking account.
The American Dream Savings account earns at a base rate that comes in much lower than the Hometown Savings account. However, you do have the opportunity to boost your base rate of 0.03%, in increments of 0.04% up to an extra 0.12% for a max APY of 0.15%. You can add each additional 0.04% by having a checking account, certificate of deposit, IRA, or consumer loan. However, multiple accounts within the same type will count as only one.
The Tower Savers Savings account is meant for kids as it teaches them how to save and grow their money from an early age. The is made easier with no minimum deposit and no monthly fee. You will also receive free monthly statements to keep track of the child’s funds.
For parents, you can link your own First Commonwealth Bank account to see all accounts in your own online banking portal. You can choose to open this account either as a joint or custodial account.
Money Market Account Options
If you have $1,000 to open the Money Market Savings account and you plan to maintain a high average balance per day, you’ll be able to earn higher money market interest rates on this account. Up to 6 complimentary outgoing transactions can be made per month.
CD Account Options
First Commonwealth Bank has CDs ranging from 90 days to 60 months. The longer you leave your money, the higher the rate you’ll receive. The CDs don’t have a monthly fee and your money earns tiered interest rates (the more you save, the higher the interest that you earn). You do need at least $500 to open a CD if it is for one year and greater, $2,500 for terms less than one year.
Reasons to Bank With First Commonwealth Bank
- Variety of accounts available. There are plenty of accounts offered by First Commonwealth Bank that can work for you. Whether you are a parent that is trying to teach your children how to budget properly, or someone who wants to save money, there is an account for everyone.
- This is great for residents of Pennsylvania and Ohio who want a community-focused bank with multiple product options.
- A majority of the accounts mentioned have overdraft protection so you won’t be penalized for spending more than you have in your checking account.
- Their CDs range anywhere from 90 days to 60 months, so you have access to higher earning rates the more money that you deposit.
Reasons Not To Bank With First Commonwealth Bank
- Higher rates found elsewhere. With their savings account offering a low interest rate, their is potentially higher interest rates found at other banks.
- Potentially high deposits on some accounts. Occasionally, there will be some accounts that will require a high deposit in order to open the account. On top of that, those accounts may even have difficult requirements on waiving their monthly fees.
First Commonwealth Bank Routing Number
The main routing number is 043306826. To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach First Commonwealth Bank Customer Service at 800-711-2265.
In addition, you’re able to fill out an online Customer Service Request, but a response can to take between one and two business days.
How It Compares
- Citizens Bank: Citizens Bank is a Midwest and East Coast bank with branches in 10 different states. Citizens Bank offers a large number of checking and savings account options as well as CDs and IRAs. They also offer a GoalTrack program that helps you track and meet your goals, with bonuses offered in certain situations.
- BB&T Bank: This bank has coverage in only 13 states. Accounts can be opened for all ages – Teenager to Senior. They also have savings accounts that offer high-yield interest rates for those who are in between investments and need a safe place to park their money.
- Bank Of America: Many resort to Bank of America since it’s a household name. However, BoA has a low variety of accounts to choose from unlike First Commonwealth Bank. If you want more physical locations, BoA is good, but First Commonwealth Bank may have an account that suits your needs better.
If you are looking to do all of your banking in one local bank, First Commonwealth Bank does offer many benefits. Although you can’t access your funds nationwide, there are many ways to waive your monthly service fees and maximize the interest earned on your deposit accounts.
If you’re interested in banking with First Commonwealth Bank, see our list of the latest First Commonwealth Bank bonuses! For more options from a variety of banks, see our list of the best bank promotions!