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.

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.

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.

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.