First Horizon Bank Review: Multiple Checking Options and Low Minimum Deposits

3.7

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Earn interest on your accounts with a $50 minimum deposit at First Horizon Bank.

First Horizon Bank has four checking accounts, savings accounts, money market accounts, and CDs. First Horizon Bank also provides business services and investment options.

First Horizon Bank, headquartered in Memphis, Tennessee, offers various personal banking products, including checking savings, money market accounts and CDs. Accounts have monthly maintenance fees, but the bank offers options for waiving them. Additionally, First Horizon does require minimum opening deposits, but they are affordable.

First Horizon Bank Checking Accounts

First Horizon Bank has three checking account options: FirstView, SmartView, and TotalView. Each account requires a $50 minimum opening deposit. Smartview and TotalView Checking earn interest. FirstView Checking doesn’t have a maintenance fee, but SmartView has a $15 monthly service charge, and TotalView has a $25 service charge. Both fees can be waived if you meet specific requirements. 

• Firstview Checking Account comes with a complimentary savings account.
• All accounts come with a standard debit card.
• SmartView Checking Account has a $15 service charge unless you keep either:
  • A $5,000 average daily balance
  • $25,000 average daily balance in total balances across all accounts, or
  • $2,500 in monthly First Horizon credit card purchases.
• TotalView has a service charge of $25 unless you have the following:
  • $500,000 in total home deposits and outstanding home equity and mortgage loan balances held at First Horizon, or
  • Maintaining a $15,000 combined daily average across all checking accounts and also make a monthly direct deposit or bill payment.
  • In addition, you must either have $100,000 in total consumer deposits, wealth, and mortgage balances or $5,000 in monthly debit or credit card purchases, or both.
• With SmartView and TotalView accounts, you will have foreign ATM fees and surcharges refunded and receive a complimentary account.

4.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank Checking Accounts

Start Banking

Best For

Low Monthly Fees

Banking in North Carolina

Banking in Tennessee

Loan Options

Mobile App

Multiple Checking Options With Perks

First Horizon Bank offers three checking account options, including fee-free basic checking and interest-earning accounts with waivable fees, but premium benefits require larger balances or more spending.

Fees

$0 to $25

APY

N/A

Min Opening

$50

Pros

• Variety of checking accounts
• TotalView and SmartView checking accounts earn interest
• With TotalView Checking, you receive a complimentary Money Market Savings Account 
• With SmartView Checking, you receive a complimentary TotalView Money Market Savings Account 

Cons

• High monthly fees on interest-earning accounts if you don’t qualify for the waiver 
• Waiver conditions on SmartView and TotalView checking require significant balances 
• FirstView Checking lacks premium benefits

Quick Take

First Horizon Bank definitely has many different checking account options. FirstView offers basic checking with no monthly charges. The two additional accounts have some upside, but account holders must meet minimum balance and spending requirements to reap actual benefits.

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First Horizon Bank Savings Accounts

All it takes is $50 to open a Traditional Savings account at First Horizon, which currently pays APY. The account does have a quarterly maintenance fee of $5, but as long as you maintain a $250 minimum daily balance, the bank will waive it. Additionally, you can link your savings account to your First Horizon checking account as a form of overdraft protection and to provide 24-hour access to your funds via ATM.

• $50 minimum opening deposit 
• $5 quarterly maintenance fee that can be waived if there is a $250 minimum daily balance 
• Interest is compounded daily and posted monthly
• APY is
• Funds are FDIC-insured
• A checking account can be linked to provide 24-hour access to funds through the ATM

4.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank Savings Accounts

Start Banking

Best For

Low Monthly Fees

Banking in North Carolina

Banking in Tennessee

Loan Options

Mobile App

Daily Compounded Interest

First Horizon Bank’s Traditional Savings account offers a low opening deposit, waiver-eligible fees, and ATM access when linked to a checking account, but its APY is less competitive.

Fees

$5 quarterly, waivable

APY

Min Opening

$50

Pros

• Low minimum deposit
• The quarterly service fee can be waived 
• ATM access when linked to a checking account

Cons

• APY is low compared to other competitors.
• Limited ATM access if you don’t have a checking account
• Any transactions that exceed six will be charged $2.

Quick Take

First Horizon Bank provides a basic savings account with a low minimum deposit and a modest APY. Individuals who are seeking higher APYs may want to look at other options.

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First Horizon Bank CD Accounts

First Horizon Bank has CDs with length terms from 30 days to five years. The minimum deposit is $1,000. The APYs range from to . CDs are automatically renewed. 

• Minimum deposit is $1,000
• CD length is from 30 days to five years 
• Interest is compounded annually.
• Automatic renewal
• You can choose how to receive your interest (monthly, quarterly, semi-annually, annually).

3.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank CD Accounts

Start Banking

Best For

Low Monthly Fees

Banking in North Carolina

Banking in Tennessee

Loan Options

Mobile App

Terms from 30 Days to 5 Years

First Horizon Bank’s CDs offer flexible term lengths and guaranteed returns, but the low APYs and penalties for early withdrawal make them less competitive compared to other options.

Fees

No monthly service fee

APY

to

Min Opening

$1,000

Pros

• Varying CD lengths
• Interest payment flexibility
• Guaranteed returns

Cons

• Low APYs compared to other competitors
• Early withdrawal penalties 
• Locked in for the term and so cannot shift your funds if a higher interest opportunity comes up

Quick Take

With a minimum deposit of $1,000, you can open a CD at First Horizon Bank. However, the APY is not competitive, making the CD a less attractive option for account holders.

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First Horizon Bank Money Market Accounts 

Money Market Savings and TotalView Money Market Savings are two options for accounts at First Horizon Bank. Money Market Savings requires a $50 minimum deposit. There is a $9 service charge unless you have a qualifying checking account or if you have a total combined balance of $5,000 across all combined accounts at First Horizon Bank. TotalView Money Market Savings is only available for current First Horizon Bank checking account holders. TotalView Money Market Savings requires a $50 minimum deposit and no monthly service charge if linked to a checking account. 

• Both money market accounts require a $50 minimum deposit.
• Both money market accounts have tiered interest rates based on balances.
• APYs on TotalView Money Market Savings is up to
• Interest is compounded monthly
• FDIC-insured

First Horizon Bank Money Market Accounts

Start Banking

Best For

Low Monthly Fees

Banking in North Carolina

Banking in Tennessee

Loan Options

Mobile App

Low Opening Deposits

First Horizon Bank offers two money market accounts with low opening deposits, tiered APYs and access to ATM and check-writing services. However, higher balances are required for the best rates.

Fees

$0 to $9, waivable

APY

Up to

Min Opening

$50

Pros

• Low opening deposits
• Money market option for those who already have a checking account at First Horizon
• ATM and check writing access

Cons

• Higher balance requirements for top-tier APYs
• Potential $9 monthly maintenance fee if you don’t meet the balance requirement or have a qualifying checking account

Quick Take

First Horizon Bank provides flexible access to its money market accounts. Those with higher balances may prefer to open a TotalView Money Market account because it has a higher APY. Those who carry lower balances can open a Money Market Savings account. 

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Banking Experience

The fastest way to reach First Horizon is to call client services at the customer service number 800-382-5465. Bank representatives answer calls Monday-Friday, 7 a.m. to 10 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET. For non-urgent matters, the bank also allows for secure email messaging via its website and by logging into Digital Banking, but it could take one to two days to get a reply.

Here are some other key takeaways about banking with First Horizon Bank: 

• The digital experience provided by First Horizon Bank includes online and mobile access, with apps for both Android and iOS users. First Horizon Bank is rated 3.8 out of 5 stars on the App Store and 3.6 out of 5 stars on Google Play.
• The bank offers a convenient and easy way to get the answers you need to your digital banking questions. It has a Digital Banking Help page dedicated to your questions and issues.
• The bank also offers wealth management services led by experienced and certified financial advisors who can help you with financial planning, including investments.
• Additionally, you can purchase life insurance, disability income insurance, and long-term care insurance for security and peace of mind.

How Does First Horizon Bank Compare? 

To get the big picture about a particular bank, it can help to compare it to its competitors. Here’s a quick look at how First Horizon Bank stacks up.

Checking

Savings

CDs

Money Market

SELECTED BANK

4.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank Checking Accounts

Start Banking

MOST COMPARABLE

4.4

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Fifth Third Bank Checking Account

Read Review

MOST COMPARABLE

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase Checking Accounts

Read Review

Fees

Fees

Fees

$0 to $25

$0 to $25 monthly — can be waived

$0 or $12, with options to waive

APY

APY

APY

N/A

Up to

N/A

Min Opening

Min Opening

Min Opening

$50

$0

$0

SELECTED BANK

4.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank Savings Accounts

Start Banking

MOST COMPARABLE

Fifth Third Bank Savings Account

Read Review

MOST COMPARABLE

Chase Savings Accounts

Read Review

Fees

Fees

Fees

$5 quarterly, waivable

$5 monthly

$5 monthly, waivable

APY

APY

APY

Min Opening

Min Opening

Min Opening

$50

$0

$0

SELECTED BANK

3.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

First Horizon Bank CD Accounts

Start Banking

MOST COMPARABLE

3.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Fifth Third Bank CD Account

Read Review

MOST COMPARABLE

3.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase CD Accounts

Read Review

Fees

Fees

Fees

No monthly service fee

Early withdrawal penalties may apply

No monthly service fee

APY

APY

APY

to

Up to

Up to

Min Opening

Min Opening

Min Opening

$1,000

$500 to $5,000

$1,000

SELECTED BANK

First Horizon Bank Money Market Accounts

Start Banking

MOST COMPARABLE

Fifth Third Bank Money Market Account

Read Review

MOST COMPARABLE

Liberty Bank Money Market Account

Read Review

Fees

Fees

Fees

$0 to $9, waivable

$5 monthly

No monthly service fee

APY

APY

APY

Up to

Up to

to

Min Opening

Min Opening

Min Opening

$50

$0

$25

First Horizon Bank vs. Fifth Third Bank

Fifth Third Bank offers some checking options that do not require a minimum deposit, which First Horizon cannot compete with because all of its checking options require a $50 minimum deposit. However, First Horizon Bank offers much higher standard CD rates than Fifth Third Bank’s standard CD rates of  APY.

First Horizon Bank vs. Chase Bank 

Chase Bank has a similar account to First Horizon Bank but has a monthly service charge of $12. First Horizon’s FirstView Checking account has no monthly maintenance fee and comes with a complimentary savings account.

First Horizon Bank vs. Comerica Bank

Comerica Bank has more of a national presence than First Horizon Bank. First Horizon is mainly in the Southeast. Both offer digital platforms, but Comerica’s apps focus on business-oriented solutions. However, First Horizon’s money market account is more competitive than Comerica Bank.

Final Take

First Horizon Bank is worth considering if you’re looking for an affordable full-service bank with rates that are better than some national offerings and you live in its service area. At First Horizon, you’ll need $50 to open most accounts, which is affordable. 

Cynthia Measom and Caitlyn Moorhead contributed to the reporting for this article. 

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024. 

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. 19, 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.

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