When opening a checking or savings account, what are the features and benefits that you expect the most? While you won’t find the best interest rates, you’ll experience terrific customer service and get a wide variety of benefits when opening an account. To find out if First Tennessee is right for you, continue reading this review below.
If you haven’t guessed it, First Tennessee is headquartered in the state of Tennessee. Outside of their headquarters, First Tennessee operates in a additional states with collaboration with Capital Bank.
One of the most prominent perks of this bank is its 43,000+ ATM network. This perk provides you easier access to your money with less fees. Another perk is a complimentary Visa debit card when you open a checking account.
Checking Account Options
With each First Tennessee checking account option, it includes access to their ATMs (including the 43,000 ATMs via the Allpoint ATM network), free Visa debit card, & digital/mobile banking. They have several down below.
This account requires $50 to open and there are no minimum balance requirements. Classic Checking comes with a minor monthly fee with no waiver opportunity. However, you’re able to visit your teller with no limit. This account earns no interest.
This account requires $50 to open and there are no minimum monthly balance requirement to worry about. Although there is a monthly fee, you can waive it by setting up a monthly direct deposit.
While this account does not earn any interest, you’ll have access to CD rate bonuses. For those looking to go more green, this account only offers eStatements (statements online).
This account requires $50 to open and there are no minimum balance requirements to meet. While you aren’t able to earn interest with this account, you’re able to waive the monthly fee with a monthly direct deposit and 15 minimum debit card transactions. In addition, you can also be eligible for CD rate bonuses and a yearly overdraft fee refund.
This account requires $50 to open and you have the opportunity to earn interest on your funds. To avoid the monthly fee, you simply need to have a combined balance of $5,000 across all deposit accounts with First Tennessee. Additionally, you’re able to use any ATM within the U.S. for free (however the host bank may charge a fee).
This account offer up to two refunds on overdraft fees annually and you can gain access to Premier Plus Banking (more info below). Another benefit is that you can earn CD rate bonuses & have access to the cash rewards Visa debit card.
For further benefits, you’re able to add Premier Plus to your Premier Checking account. Keep in mind that you’ll need a minimum of at least $25,000 to waive the monthly fee. Some benefits you can expect are access to to free standard checks, tiered interest rates, CD rate bonuses, money market savings rate bonuses, and safety deposit box discounts.
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Savings Account Options
First Tennessee does offer a few selection of savings accounts and CDs. Access to these accounts will be through their digital banking with variety of ways to waive the monthly fees.
With this savings account, there are no opening or balance requirements. However, you’ll need to maintain at least $250 daily in order to waive the quarterly service fee. To gain easier access to your money, you can link your savings account to your First Tennessee checking account.
This account requires $50 to open with tiered interest rates higher than your standard savings account. To waive the monthly fee, you’ll need to have a qualifying checking account or a combined balance of $5,000 in deposit accounts.
With this account, you’ll get access to your money through their ATMs or checks – however, keep in mind that you are limited to 6 withdrawals per cycle.
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Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB923 by 12/14/2023
• Earn high interest rate of 4.35% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
CD Account Options
Down below are how you can earn a higher interest rate by obtaining a CD account with First Tennessee. They offer two CDs that have little minimum requirements to open.
You can open a regular CD with just $1,000 within 1 month to 60 months. Once it reaches the maturity date, you can withdraw your funds or deposit in another account.
If you don’t have a large sum of money to invest at the moment, the Add-On CD may help. Add your funds to your CD anytime during its term. You must deposit at least $25 to open this account, but you can also make one penalty-free withdrawal during the CD’s term.
This is a recommended option because you can earn high interest rates with it.
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• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 5.30% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 5.00% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
Reasons To Bank with First Tennessee
- You’re able to set up digital banking for a vast majority of First Tennessee accounts. Whether you’re logged in on your computer or mobile device, you are able to check your balance(s), pay bills, set up custom alerts, or transfer money with this option.
- The app comes with a variety of functions to help make your banking experience easier. Some of these include setting up Quick Glance to view your account balance(s) without having to log in, freezing your debit card (beneficial if you lose your card or if it was stolen), & depositing your checks remotely.
- Setting up your debit card with Apple Pay. With this benefit, you will not have to carry around your physical card around and pay at stores that accept Apple Pay. This lowers the risk of you having your card lost/stolen and helps keep your card more secure.
- You have the opportunity to set up automatic savings transfers. Paying yourself may be hard, but with perks like this, it makes it that much easier since the money is automatically transferred form your checking account to your savings/CD account. This method is an effortless way to guide you to start saving.
- The accounts at First Tennessee are FDIC Insured.. You’re protected up to $250,000 per account in the case the bank fails , etc.
- In conjunction of the Allpoint ATM network, this gains you access to more than 43,000 ATMs across the country. Let’s say you travel outside of the Southeast area, you’ll more than likely be able to locate an ATM where you will not need to pay a fee (at the very least, through First Tennessee).
- Through the First Tennessee website, you’re able to find financial education and tips. The representatives want to make sure their customers are educated on various financial topics. You can find these tips, how-to articles, and info in their “learning” section.
- If you’re conducting ATM transactions by 8PM during the weekdays (Monday – Friday), they will count as a same day transaction. This offers you more time to complete the transaction(s) and have it available the following business day. However, any transaction after 8PM will be process the following business day.
- First Tennessee allows an overdraft fee waiver on any overdraft less than or equal to $5. While you should try our best to keep your account in good standing, this perk and cushion can save you quite a bit of money on overdraft fees.
- You’re able to earn cash back on your every day purchases using your cash back Visa debit card. If you have the debit card, then you’re automatically enrolled in the program–you do not need to opt in to this offer. In the event that there’s a deal, you simply need to meet the requirements and you’ll earn the cash back which will appear in your account.
Reasons Not To Bank with First Tennessee
- Only available in five states – Tennessee, Florida, Virginia, North Carolina, & South Carolina. If you reside outside these regions, you will not be able to bank at First Tennessee.
- The overdraft fees are quite hefty. These charges are more than other banks with a frequency of up to four times per day. However, their extended overdraft fee will not apply unless if you have over-drafted for more than 15 days.
- There are many fees that may be charged that you may overlook. No only will there be monthly fee dues, you may need to pay for paper statements, ATM car use, cashier’s check, or your custom Visa debit card. Although these fees may be small, they can all surely add up.
First Tennessee Routing Number
The main routing number is 084000026. 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 Tennessee Customer Service at 1-800-382-5465. Reps are available Monday – Friday from 7 AM – 10 PM and Saturday from 8 AM – 5 PM ET.
In addition, you’re able to fill out an online Customer Service Request; however, a response can take anywhere between one and two business days.
How First Tennessee Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- Regions Bank: While the checking options are similar, there is a wider variety of savings, CDs, & IRA options to help you save. The cash back rewards program is also very similar. You can find Regions Bank across 15 states.
- SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
- Wells Fargo: They have many more ways that you can waive your monthly maintenance fee, such as making 10 debit card purchases per month or receiving at least $500 in monthly direct deposits.
If you’re looking for a simple bank that requires a small amount to open any kind of banking account, then First Tennessee Bank might be right for you. Since they have ATMs all over the U.S, this is is convenient for those who travel a lot and need to retrieve their cash on-the-go. Online banking also makes managing accounts easier.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
Otherwise, then this is the bank for you! If you’re interested in banking with First Tennessee, see our list of the latest First Tennessee bank bonuses! For more options from a variety of banks, see our list of the best bank promotions!