Recently known as First Tennessee Bank, First Horizon Bank (FHB) is the largest bank in Tennessee in terms of total assets and number of customer accounts.
FHB offers full-service consumer banking services, including checking and savings accounts, as well as commercial banking and lending.
Compared to other national, big-box banks, First Horizon’s interest rates and APYs are on the low side and its overdraft fees and service fees are harsher than most.
Still, First Horizons has deep ties to the local Tennessee community and neighboring states in the region and offers convenient branch locations and ATM accessibility.
What Is First Horizon Bank?
First Horizon Bank’s story began in 1864 when Frank S. Davis, a businessman from Ohio, came to Memphis to open the First National Bank of Memphis.
In 1977, the name was changed to First Tennessee Bank to reflect the bank’s growth throughout the state, and in 2019, the name was changed again to its present name, First Horizon Bank, as it better reflects the bank’s expansion into other states:
Today, the bank has over several billion in bank assets and over 7,500 employees working throughout the U.S.
While First Horizon Bank has operations nationwide, its presence is most dominant in Tennessee. Headquarters still remain in Memphis where it operates 16 branch locations. FHB holds the highest market share for all deposit accounts among Tennesseans and has the highest rate of account retention.
First Horizon Bank offers a range of popular products for its consumer customers, including checking, savings, certificates of deposit (CDs), money market savings accounts (MMAs), and mortgage loans.
First Horizon Bank: Checking Accounts
First Horizon has three checking account options, ranging from simple basics to more bells and whistles.
The FirstView account is designed to simplify banking. It offers no-fee, digital, and mobile banking, a free standard debit card, and free ATMs at in-network machines throughout the Southeastern U.S.
The account comes with free eStatements or paper statements for an additional fee.
Your account balance does not earn interest, however, it takes a $50 low minimum deposit to open a FirstView account.
A step up from the FirstView account, the SmartView checking account comes linked to a complimentary consumer Money Market Savings account (MMA). Account holders earn interest both through the MMA and their SmartView account balance.
There is a $15 monthly fee for this account, but the fee is waived for maintaining a $5,000 average daily balance in your checking account, maintaining a $25,000 combined total balance across all of your qualifying First Horizons accounts, or spending at least $2,500 a month on your First Horizon credit card.
TotalView Checking comes with all the bells and whistles. Get rebates on all foreign ATM fees, free paper statements each month, higher daily spend limits for your debit card, bonus interest on your checking account balance, and the ability to link an investment account.
Additionally, you can get free wireless fees. Up to $25 in wireless fee charges are rebated or reimbursed to you each month.
There is a $25 monthly service charge for this account, but First Horizons will waive the fee if you maintain a daily checking balance of $15,000 across all personal (non-business) checking accounts and make one direct deposit or bill pay and also complete one of the following:
- Hold at least a $100,000 balance, coming from total consumer deposit accounts, wealth and investment portfolios, or mortgage loan
- Make at least $5,000 in purchases each month using your debit card or First Horizon credit card.
First Horizon Bank: Savings Account
First Horizon offers a traditional savings account as a no-fuss way to save money for a rainy day. A $50 initial deposit is required, and there’s a $5 quarterly maintenance fee.
First Horizon will waive the fee if you maintain a $250 minimum daily account balance.
Your account balance accrues interest at a current annual percentage yield (APY) of 0.30%. Interest is compounded daily and posted quarterly.
Interest rates are not as high as what a high-yield savings account would offer, however, the account can be linked to your checking for overdraft protection and it offers a convenient automatic savings feature where a recurring deposit is transferred into your savings account each month.
First Horizon Bank: CD Accounts
FHB offers consumers regular and “Ad-On” CD options. Either CD offers you a fixed or guaranteed return at the end of the CD’s terms.
To open a regular CD, a minimum deposit of $1,000 is due as the opening deposit. CD terms range from one (1) month to 60 months, and the CD is automatically renewed unless you close the account.
APYs for CDs range from 0.05% to 0.10%. Interest is paid monthly, quarterly, semi-annually, or annually, either by check or transfer into your checking, savings, or MMA.
An Add-On CD can be opened with a deposit of $500. The product enables you to add on to your CD via automatic transfers starting at $25. Account holders may make one (1) penalty-free withdrawal every six (6) months. Interest earned is transferred to your linked savings, checking, or MMA.
The Add-On CD matures every six (6) months and it is automatically renewed for those semi-annual returns.
First Horizon Bank: MMA Accounts
First Horizon offers two (2) money market savings account options.
With the regular Money Market Savings, a $50 opening deposit is required and consumers earn a tiered rate of interest. There is no monthly service fee if the account holder also holds a qualifying checking account, or if the total combined balances across all FHB accounts is at least $5,000. Otherwise, the monthly service charge is $9.
APYs range from 0.60% to 1.51%. A balance of at least $50,000 is required to earn the 1.51% APY.
The other option is a TotalView Money Market Savings Account, which is designed to work hand in hand with the TotalView Checking account.
A $50 minimum opening deposit is due, but there are no monthly maintenance fees when it’s linked to the TotalView Checking. APYs are considerably higher than with the regular MMA, ranging from 1.76% to 2.02%. A balance of at least $50,000 is required to get the 2.02% APY rate.
First Horizon offers a number of additional financial products and services, contributing to the well-rounded banking experience it provides to consumers.
Here are some of the more noteworthy products that the financial institution offers:
- Home mortgages and refinances
- Home equity lines of credit (HELOCs)
- Personal secured and unsecured loans
- Vehicle loans: boat, RV, and auto loans
- Consumer credit cards
- Automatic Savings Program
- Financial planning services and wealth management advisory
- Medical private banking
- Small business banking, including borrowing, cash management, and investment
- Commercial banking, including treasury management, lending, financing, and industry expertise
- Branch availability: FHB has 400+ banking centers located in 12 states throughout the Mid-South and Southeast.
- Online banking: The FirstHorizon.com website offers 24/7 account access, with the ability to view balance, transfer funds, use bill pay, and more.
- Digital banking: First Horizon offers a digital banking app available for Apple and Android devices. The app has mediocre reviews in the Google Play Store, with a 3.4-star rating based on over 5.3K reviews. In iTunes, the app has a 1.6-star rating but it’s based on fewer than 150 reviews.
- ATM network: Over 675 First Horizon ATMs for First Horizon and IBERIA Bank cards.
- Range of credit card options: Four (4) options, including Secured Visa, Visa Classic, Platinum Premier Visa, and Visa Signature. All cards except the Secured Visa offer a 0% introductory APR for the first 12 months, along with additional cardholder perks.
Pricing and Fees
As with other banks and financial institutions, First Horizons does have a fee schedule of different fees and charges assessed to customers for not meeting certain account conditions.
Here are some of the more noteworthy consumer fees that the bank charges.
A fee of $37 is charged for any check, debit card purchase, or other transaction that results in an overdraft of your account balance. If you overdraw your account by $5 or less, there will be no overdraft fee or NSF charge assessed. Additionally, First Horizon will charge no more than four (4) overdraft fees per day.
Returned Check Fee
A separate fee of $37 is charged for any check or payment that is returned to the merchant or billing party due to insufficient funds.
Continuous Overdraft Fee
A fee is levied if your account remains in the negative for an extended period of time. A $25 Continuous Overdraft Fee is charged on the 15th and 35th day that the account remains continuously withdrawn.
Paper Statement Fee
First Horizon Bank charges a fee for “conventional statements” mailed to you with imaging.
- Front-view only: $0 for TotalView Checking or $2 for SmartView or Access Checking
- Front and back-view: $1 for Total View Checking or $3 for SmartView and FirstView Checking
Automated Teller Machine Fees
There are no fees to use an in-network ATM at any First Horizon or Allpoint ATM. For other ATMs, there is a $2 to $3 fee, on top of which the ATM network owner may assess their own charges.
A $5 monthly fee will be imposed for any checking account balance under $5,000 that has no activity (deposits or withdrawals) for one year (12 consecutive months).
There is a $15 charge for incoming domestic wire charges or $25 for outgoing domestic wires. For international wire transfers, the fee is $15 per incoming or $55 per outgoing.
The TotalView Checking account allows up to $25 in wire fee charge reimbursements per statement cycle.
Customers can receive a bank-issued cashier’s check for an $8 fee.
Stop Payment Fee
A fee of $37 is imposed for each stop-payment request made for any checking or spending account. The fee is assessed regardless of whether or not the bank is able to stop the payment; the $37 charge is for the bank’s attempt.
Legal Account Processing Fee
There is a $100 charge for each legal account processing activity or order that First Horizons must put in place. This includes child support orders, alimony orders, and bank account garnishments.
It’s easy to open a First Horizon deposit account in person at a store location or online through the bank’s website.
The application process usually takes 5 to 15 minutes. You’ll need to have your driver’s license number (or other form of government-issued ID) and Social Security number (SSN). You may be asked to provide a photocopy of either document.
Then you’ll need to fund the opening deposit. In person, you can present cash or a paper check. Online, you can use a debit card or the account information (routing and account numbers) for an existing, external bank account.
First Horizon Bank does not have any current consumer promotions or new member bonuses.
It hasn’t had any promotions since 2021, and even then they were largely focused on small business and commercial banking.
Banking with First Horizon is extremely secure in how the bank manages your money and your personal data.
Account deposits are covered by FDIC insurance up to the maximum amount permitted by law. In most instances, this is up to $250,000 per consumer per account type.
To ensure data privacy, First Horizon has excellent cybersecurity measures in place. The bank uses encryption, secure socket layer (SSL) protocols, 2-factor authentication (2FA), ongoing fraud detection, and other measures to keep your data safe.
Customers can visit a First Horizon Bank financial center during regular business hours, or reach out to the bank’s customer service through a number of other methods.
- Phone: Call 1-800-382-5465 to speak with a bank rep. Phone lines are open Mondays to Fridays from 7 a.m. to 10 p.m. EST or Saturdays from 8 a.m. to 5 p.m. EST.
- Web form: Fill out a form on the Customer Service Requests page. (You must scroll to the bottom of the page to find the form.)
- General banking FAQs: The helpful resource page covers the most commonly asked questions, including deposit cut-off times and bank fees. Many calls or other inquiries can be resolved with information in these banking FAQs.
- Email: Send an email to email@example.com. Replies are generally made within one (1) business day.
- Mail: The physical address for the bank’s headquarters is 165 Madison Ave., Memphis, TN 38103
Pros and Cons
When evaluating First Horizon, or any other bank, it’s important to consider their pros and cons.
- Good variety of checking account options, including fee-free and interest-bearing options.
- Affordable minimum opening deposits; the required initial deposit starts at just $50.
- In-branch and digital banking options; numerous locations throughout the Mid-South and Southeastern regions, and 24/7 account access through online and mobile banking.
- Excellent transparency with rates. Many other banks do not disclose rates online, or they bury them in small print on separate pages. First Horizon Bank clearly publishes product rates alongside all other product details.
- Solid credit card options, including 0% introductory APRs and the ability to use the credit card as backup overdraft protection
- Higher APYs on savings products available elsewhere. CD and traditional savings account rates are markedly low, well below the nationwide average APYs.
- Many monthly account fees. Although they are waivable, the required conditions for some accounts may be hard to meet.
- The site is not intuitive to navigate. The editorial team finds the site layout to be functional, but the user experience is not always intuitive. Some sections are laid out in confusing ways.
- Very high NSF fees, up to $27 higher than NSF fees charged at the nation’s four largest banks.
Beyond First Horizon Bank, here are some alternative financial institutions you may wish to consider. The three options below are among the best banks in Tennessee.
Bank of America (BOA)
Bank of America offers the convenience of a strong presence in Tennessee and branches and ATMs throughout the country. It has over 60 branches throughout the state and a vast network of ATMs.
While BOA is not a home-grown institution, the bank has operated in the Volunteer State for over 100 years. It offers low $10 NSF fees, a far wider range of products, phone customer service 7 days a week (8 a.m. to 11 p.m. EST on weekdays and 8 a.m. to 8 p.m. on weekends), and an award-winning digital banking app.
Bank of Tennessee
Founded in 1974, the Bank of Tennessee is a mid-sized financial institution based out of Kingsport. It has 21 branch locations throughout Tennessee and North Carolina.
Compared to First Horizon Bank, it offers a similar range of accounts and services. APY and interest rates are not published on the Bank of Tennessee’s website, but this occlusion is not uncommon. User forums suggest their CD APY rates are around 2.0%, markedly higher than the 0.10% APY offered by First Horizon.
If you don’t need a physical branch location, then Axos Bank should be a strong contender on your list. It has consistently made our list of top online banks in the country, due to its extensive product offerings, convenience, and outstanding customer service.
Axos offers outstanding APY rates for its checking account (up to 3.30% APY), cash-back checking options, and over 91,000 fee-free ATMs nationwide.
Axos has state-of-the-art security measures in place, including voiceprint, fingerprint, and facial recognition to safeguard your money and your account data.
Frequently Asked Questions
Here are some of the most common FAQs that readers have.
Is First Horizon Bank Trustworthy?
Yes. According to the Federal Reserve, First Horizon Bank is the 33rd largest bank in the nation. It has a “stable” (AA-) rating with Fitch.
The bank has been in continual operations since 1864 and has been FDIC member-insured since 1934. Presently, First Horizon Bank has over $84 billion in total assets. It has the highest deposit account market share among all Tennessee residents and a significant presence across 11 other states.
Is First Horizon Bank the Same as Capital Bank?
In a sense, yes. First Horizon National Corporation, First Horizon Bank’s parent company, acquired Capital Bank in December 2017 in a $2.2 billion purchase.
According to First Horizon Bank, the transition was seamless for Capital Bank customers with the most visible change being different signage and branding.
What is the First Horizon Bank Scandal?
In 2021, First Horizon Bank suffered a data breach that it quickly recovered from. It compromised the security of roughly 200 accounts before the breach was identified and rectified
There have also been a handful of run-ins in recent years with the SEC. These incidents have been related to proposed banking mergers and acquisitions.
Is First Horizon Best for Your Needs?
If you live in Tennessee and are looking for an affordable, full-service bank that offers digital banking and convenient local branches, First Horizon could be a good fit. There are low minimum deposit requirements and no-fee and low-fee deposit accounts. Consumers can get any fees waived for meeting minimum balance or direct deposit requirements.
If you’re regularly plagued with NSF fees or are extremely digitally savvy, First Horizon might not be the best choice given its high overdraft fees and a somewhat clunky app.
But if you’re looking for a local, no-fuss bank with decent MMA rates, strong credit card offerings, and straightforward products and services, First Horizon may fit the bill.
The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews.
We evaluate digital financial platforms, online banks, regional banks, and national banks across several metrics.
Our assessment of each bank factors in these considerations:
- Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
- Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
- Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
- Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
- Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
- User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
- Branch and ATM access: To gauge convenience, we also look at each bank’s branch and ATM availability and consider their ATM reimbursement policies.
- Customer service: In our review process, we also explore banks’ customer service channels, hours of availability, and third-party reviews.