High interest rates, low fees

Annual percentage return (APY)
Nothing
Benefits
- Easy to waive the $ 2 monthly service charge
- Unlimited check writing
- Overdraft protection available by logging into a Federal Broadway checking or savings account, or setting up a line of credit
- No out-of-network ATM fees
The inconvenients
- Minimum opening deposit of $ 50
- $ 2 monthly service charge
- $ 35 overdraft fee
- Does not reimburse fees charged by off-network ATM providers
- DC and Los Angeles area branches
- Free withdrawals at 20,000 MoneyPass ATMs (deposits are not available)
- Skip the $ 2 monthly service fee by signing up for online banking and electronic statements
- FDIC insured
City First Basic Check is a good checking account, as long as you have $ 50 to open the account. There’s a $ 2 monthly service charge, but it’s easy to waive – all you need to do is sign up for online banking and electronic statements.
City First also has a paid checking account, but you’ll need $ 2,500 to get started.
Annual percentage return (APY)
0.25% APY
Benefits
- Competitive APY
- Easy to waive monthly service fee of $ 3
The inconvenients
- Minimum opening deposit of $ 50
- $ 3 monthly service charge
- DC and Los Angeles area branches
- To waive the $ 3 monthly service charge, maintain an average daily balance of $ 200 or more
- Interest compounded daily
- FDIC insured
City First statement savings pays a competitive interest rate. You can always earn more with high yield online savings accounts, but their rate is much better than what most traditional banks pay. It’s also easy to forgo the $ 3 monthly service fee.
If you have at least $ 5,000 to open an account, you may prefer the City First Regular Savings Account. It pays an even higher rate and there is no monthly maintenance fee.
Annual percentage return (APY)
0.30% to 0.50% APY
Minimum deposit
$ 500 to $ 2,500
Benefits
- High APY
- Minimum deposit of $ 500 for 12 month terms
The inconvenients
- Minimum deposit of $ 2,500 for 91-day and 6-month terms
- No information on early withdrawal penalties
- Limited time options
- DC and Los Angeles area branches
- Choose from a 91-day, 6-month or 12-month contract
- Must inquire about early withdrawal penalties at a branch
- Interest compounded daily
- FDIC insured
You’ll earn a high rate on a 91-day, 6-month, or 12-month CD with City First. But you will have to look elsewhere for other terms of office. The bank doesn’t display early withdrawal penalties online, and a customer support agent told Insider you need to go to the branch to withdraw funds early and find out what you would pay in penalties.
Annual percentage return (APY)
0.10% APY
Benefits
- Includes debit card and paper checks
- No out-of-network ATM fees
The inconvenients
- Low APY
- Minimum opening deposit of $ 5,000
- Monthly service charge of $ 12
- Does not reimburse fees charged by off-network ATM providers
- DC and Los Angeles area branches
- Free withdrawals at 20,000 MoneyPass ATMs (deposits are not available)
- Includes debit card and paper checks
- Eliminate the $ 12 monthly service charge by maintaining an average daily balance of $ 5,000
- Interest compounded daily
- FDIC insured
the City First Money Market Account is not as competitive as other bank accounts. The interest rate is relatively low, you will need a minimum opening deposit of $ 5,000 and a monthly service charge of $ 12. On the plus side, the account comes with a debit card and paper checks, making it easy for you to dip into your savings. This is especially useful if you have a financial emergency and need to access cash quickly.
In April 2021, Broadway Federal Bank in California and City First Bank in Washington merged with City First Bank. City First Bank is a black-owned bank with branches in Washington, DC and the Los Angeles area.
Each branch has an ATM where you can make free withdrawals and deposits. You can also withdraw money for free at 20,000 MoneyPass ATMs nationwide, but you cannot deposit money there.
The bank’s mobile app only has a few online reviews. If banking with a powerful mobile app is important to you, you might want to look elsewhere.
You can call a live customer support agent Monday through Friday, 9:00 a.m. to 4:00 p.m. PT. Or call Saturday 9:00 a.m. to 1:00 p.m. PT.
Your bank accounts are FDIC insured for a maximum of $ 250,000 or $ 500,000 for joint accounts.
The Better Business Bureau offers both The city first and Broadway Federal an A + of reliability. A good BBB rating means that a business responds effectively to customer complaints, has honest advertising practices, and is transparent in how it conducts its business.
City First has no recent public scandals. You may decide that you are more comfortable with a black owned bank with a clear history than some of the other banks in Los Angeles. Both Wells fargo and Bank of America are prevalent in these towns, but each faces charges of racial discrimination.
We compared City First Bank to two other black owned banks you can access in the Los Angeles area. OneUnited (FDIC member) has branches in Los Angeles. Citizens Trust Bank (FDIC member) does not have branches nearby, but you can do online banking.
City First Bank vs. OneUnited Bank
You will probably prefer City First if interest rates are important to you. City First pays higher rates than OneUnited. It also compounds daily interest, while OneUnited only compounds interest monthly or annually, depending on the account. The more frequent the compounds of interest, the more you will gain.
But OneUnited allows you to receive paychecks up to two days in advance, which could be useful if you often worry about making payments on time.
City First Bank v Citizens Trust Bank
Citizens Trust has branches in other parts of the United States, but not in Los Angeles or DC. You might like Citizens Trust if you prefer online banking, but you’ll want to go with City First if you like in-person banking.
City First pays higher rates. But Citizens Trust has a number of chequing accounts to choose from, so you can find one that best meets your needs.
Laura Grace Tarpley is the managing editor of banking and mortgage services at Personal Finance Insider, which covers mortgages, refinancing, bank accounts and bank reviews. She is also a certified personal finance educator (CEPF). In her four years of covering personal finance, she has written extensively on how to save, invest, and find loans.