First Commonwealth Bank: Customer-Focused With Solid Digital Banking
Written by
Rudri Patel
Edited by
Melanie Grafil
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Open a new personal checking account and receive a $200 bonus.
First Commonwealth Bank has savings accounts for children, holiday shopping, and general savings. There are several checking account options, and first-time account holders can earn a $200 bonus by opening a new personal checking account.
First Commonwealth Bank offers a variety of account options, including fee-waivable checking accounts, interest-bearing accounts, as well as CDs and money market accounts. The bank has a great digital platform, including Zelle services. It has a large focus on community banking. First Commonwealth Bank has 125 banking centers across 30 counties in Ohio and Pennsylvania.
First Commonwealth Checking Accounts
If you’re looking for checking account choices, First Commonwealth has four options: Confidence Checking, Hometown Checking, Hometown Checking + Interest, and Hometown Checking + Interest + Solutions. Confidence Checking requires no minimum deposit, but all Hometown Checking options require a $50 minimum opening deposit. All accounts have a monthly service charge, which can be waived easily.Â
- Access to more than 55,000 ATMs
- Hometown Checking + Interest and Hometown Checking + Interest + Solutions earn interest and come with unlimited check-writing abilities
- Receive a rate discount on personal and home equity loans if you have any of the four checking accountsÂ
- All accounts come with a debit cardÂ
- FDIC-insuredÂ
Best For
Banking in Pennsylvania
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Access to 55,000+ ATMs
First Commonwealth offers versatile checking account options with low minimum deposits and fee-waiver options.
Fees
$2 to $10
APY
Min Opening
$0 to $50
Pros
- Variety of checking account options
- Low minimum deposits
- Fee waiver opportunitiesÂ
- Extensive access to ATMs
Cons
- All accounts have monthly service fees that have some requirements to meet to qualify for a waiver
- APYs are generally lowÂ
Quick Take
First Commonwealth offers various checking account options with low minimum deposits. Hometown checking account options include additional perks like identity protection and credit score management.Â
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First Commonwealth Savings Accounts
Hometown Savings, American Dream Savings, Tower Savers Child Savings Account and Holiday and Vacation Club Accounts are four savings accounts offered at First Commonwealth. Hometown Savings requires no minimum deposit, while American Dream Savings requires a $25 minimum deposit. Hometown Savings has no monthly minimum balance, but American Dream Savings requires a $100 monthly daily balance to avoid the $2 service charge.Â
- Tower Savers Child Savings Account requires no minimum deposit and no monthly service charge until after age 21Â
- Holiday Club and Vacation Club Accounts require a $5 deposit with no monthly maintenance feeÂ
- APYs on all savings accounts range from to , though these may vary based on your region
- All funds are FDIC-insuredÂ
Best For
Banking in Pennsylvania
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
4 Savings Accounts Options for Your Needs
First Commonwealth provides several different savings options each with different opening requirements, so you can save at every budget.
Fees
$0 to $3, waivable
APY
Min Opening
$0 to $25
Pros
- Variety of savings accounts
- Minimum deposit amounts
- Service fees are easily waivedÂ
- Savings target specific goals
Cons
- Interest rates are generally low compared to competitors
- Limited physical presenceÂ
- Transaction fees are $6 each after the first six transactions
Quick Take
First Commonwealth caters to either general savings or specific goals regarding your finances. The bar to set up and maintain a savings account is low, so it offers an accessible opportunity for customers to save money.
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First Commonwealth CD Accounts
There are two different minimum deposit fees for CDs at First Commonwealth. A minimum deposit of $2,500 is required for CDs for terms over a year, and for terms less than a year, $500 is required for a minimum deposit. CD terms range from 90 days to 5 years.Â
- $2,500 for CD terms less than one yearÂ
- $500 for CD terms of more than one year
- APYs range from to
- FDIC insured
- Access your CD anywhere online, on your mobile device or in a branch
- Promo CDs available, with APY of on the 6-month term option
Best For
Banking in Pennsylvania
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Promo CDs With APY Up to
First Commonwealth provides a range of CD terms and promotional rates but has relatively high minimum deposits and low standard APYs.
Fees
No monthly service fee
APY
Standard CDs: to
Min Opening
$500
Pros
- Varying term lengths
- Flexible interest disbursement, with an option to reinvest or transfer it into another account
- Predictable returns
Cons
- Low APYs on CDs
- Higher minimum deposits on CDs
- Early withdrawal penaltiesÂ
Quick Take
First Commonwealth offers a variety of CD terms and some high-yield promotional CDs, but the minimum deposit and the low APY may push people to consider other options.
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First Commonwealth Money Market Accounts
There are two types of money market accounts available at First Commonwealth. The Hometown Money Market and Relationship Money Market require a $1,000 minimum deposit. Both accounts have a $3 monthly maintenance fee if you don’t keep a minimum daily balance of $1,000.Â
- Both money market accounts require a $1,000 minimum to open
- APYs for the Hometown Money Market range from to
- APYs for the Relationship Money Market range from to
- Both money market accounts have check-writing privileges
- To qualify for a Relationship Money Market account, Â the primary or joint owner of the Relationship Money Market must also be a primary or joint owner of a Hometown Checking + Interest + Solutions account.Â
Best For
Banking in Pennsylvania
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Earn Higher APYs With Relationship Account
First Commonwealth offers money market accounts with check-writing and waivable fees, but requires a $1,000 minimum balance if you do wish to avoid fees.
Fees
$3, waivable
APY
for promo
Min Opening
$1,000
Pros
- Low monthly fee that can be waived
- Easy to access funds
- Limited fees
Cons
- Minimum balance requirements are highÂ
- Limited transactionsÂ
- APYs are low without a Relationship Money Market account
Quick Take
You earn higher APYs with a Relationship Money Market account. Both accounts require a $1,000 minimum deposit and have low service fees.
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- Pros
- Low monthly fee that is waivable
- Easy to access funds
- Limited fees
- ConsÂ
- Minimum balance requirements are highÂ
- Limited TransactionsÂ
- APYs are low without a Relationship Money Market account
- Quick Take: You earn higher APYs with a Relationship Money Market account. Both accounts require a $1,000 minimum deposit and have low service fees.
Banking Experience
First Commonwealth has several ways you can contact customer service. You can contact customer service representatives at 1-800-711-BANK (2265) Monday through Friday during the hours of 7 a.m. to 7 p.m. and on the weekends from 8 a.m. to 2 p.m.Â
You can also schedule an appointment at a branch or connect online with a customer service representative.Â
The First Commonwealth app rates 4.2 out of 5 stars on Google Play and 4.8 out of 5 stars on the App Store.
How Does First Commonwealth Bank Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$2 to $10
No monthly service fee
$0
APY
APY
APY
Min Opening
Min Opening
Min Opening
$0 to $50
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $3, waivable
No monthly service fee
$0
APY
APY
APY
Min Opening
Min Opening
Min Opening
$0 to $25
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
Standard CDs: to
to
Up to
Min Opening
Min Opening
Min Opening
$500
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3, waivable
No monthly service fee
$0
APY
APY
APY
for promo
As high as
Min Opening
Min Opening
Min Opening
$1,000
$1
$0
First Commonwealth Bank vs. CIT Bank Â
CIT Bank is an online-only bank that offers a high-yield savings account, competitive CDs, and money market accounts with no monthly fees. CIT Bank is a good fit for those who don’t need in-person banking. First Commonwealth is a regional bank that offers traditional financial products and the chance to meet with banking officers. CIT offers more accessibility, but First Commonwealth provides local branches, community support, and fee-waivable checking and savings account options.Â
First Commonwealth Bank vs. Capital One
Capital One offers a high-yield savings account at APY with no fees and a minimum deposit. Capital One also has a nationwide presence. First Commonwealth Bank offers a community feel with its in-person branches, but the APYs on their savings account are much lower.
First Commonwealth Bank vs. Ally Bank
Ally Bank is an online bank that offers a APY on its savings account. Because of its online presence, APYs tend to be higher than First Commonwealth Bank’s rates. However, First Commonwealth Bank offers business services and in-person banking.
Final TakeÂ
First Commonwealth Bank is a strong regional choice for those who live in Pennsylvania and Ohio. The bank caters to those who want different choices regarding savings and checking accounts and business services. However, because of its lack of a national footprint and generally low APYs on most products, First Commonwealth may not be appealing to all customers.Â
First Commonwealth Bank FAQ
- What is the maximum withdrawal from First Commonwealth Bank?
- Maximum withdrawal amounts are not accessible online. You must contact customer service or visit a branch to determine your maximum withdrawal amount.
- Does First Commonwealth send text messages?
- If you sign up for the Security Manager service, you will likely receive a text message from First Commonwealth Bank.
- Does First Commonwealth have external transfers?
- Yes. You must log on to www.fcbanking.com and set up the link to the external account. You can add the financial institution that will receive the external transfer.
- What are First Commonwealth Bank's monthly maintenance fees?
- Yes. All checking accounts have a monthly maintenance fee that can be easily waived. Money market accounts and some savings accounts have monthly maintenance fees.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024. Rates may vary by region. To verify rates in your area, check the issuer’s website for details.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024. To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
