First General Bank review: Asian American-owned bank with a free interest-earning checking account

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Overall bank rating

Pros and cons

First General Bank Savings Account

The First General Bank Savings Account works best if you keep at least $500 in your account daily so you can avoid the $5 monthly service fee. If you don't think you can maintain that much money in your account, our high-yield savings account guide has savings accounts without minimum balance requirements. 

First General Bank SuperVal Checking Account

The First General Bank SuperVal Checking Account is a solid checking account. It doesn't charge monthly service fees, and you'll earn some interest on your money.

Keep in mind First General Bank doesn't have an ATM network. If you frequently visit ATMs to make transactions, you might choose another bank instead.

First General Bank CD

A First General Bank CD might be a decent option if you have at least $2,500 for an initial deposit. However, online banks offer much higher interest rates right now.

First General Bank Money Market Account

The First General Bank Money Market Account offers the same tiered interest rate as the First General Bank SuperVal Checking Account, but you'll need to keep at least $2,500 in your account to avoid a $15 monthly service. 

You may find it easier to maintain a First General Bank SuperVal Checking Account, or if you'd like to open a money market account, our best money market accounts guide has some strong contenders.

How First General Bank works

First General Bank is an Asian American-owned bank with five branches in Southern California. The brick-and-mortar bank doesn't have an ATM network. You may use out-of-network ATMs, and First General Bank won't charge you a fee. If the ATM provider charges a fee, you'll have to pay it.

Customer service is available by phone from 9 a.m. to 4:30 p.m. PT Monday through Thursday, 9 a.m. to 6 p.m. PT on Friday, and 10 a.m. to 2 p.m. PT on Saturday.

First General Bank's mobile app is rated 4.8 out of 5 stars in the Apple store and 3.4 out of 5 stars in the Google Play store. 

The brick-and-mortar bank is FDIC insured. You may deposit up to $250,000 in an individual bank account or $500,000 in a joint account, and it will be safe should the bank shut down.

First General Bank Bank trustworthiness and BBB rating

First General Bank hasn't been involved in any recent public controversies. 

We also include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues. First General Bank doesn't have a rating from the BBB, though. 

BBB ratings aren't necessarily the be-all and end-all. To get a well-rounded perspective of a bank, you may reach out to current customers or read online customer reviews.

The role of community development financial institutions

Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.

In 2021, First General Bank participated in the Paycheck Protection Program and gave out loans to over 900 small business owners. Bank employees also completed over 500 hours in volunteering services.

First General Bank vs. Golden Bank

We've compared First General Bank to Golden Bank, an Asian American-led financial institution in California and Texas.

Both banks have free checking accounts. You may prefer the First General Bank SuperVal Checking Account if you'd like to earn some interest on your money.

Meanwhile, the Golden Bank Opportunity Checking Account might be appealing if you're looking for an account with a low minimum opening deposit. Be mindful of Golden Bank's monthly debit card transaction limit, though. If you make more than 10 debit card transactions per month, you'll pay a $0.50 fee for each extra transaction. 

Golden Bank might also be ideal if you're like to open a CD at a brick-and-mortar bank. It has a variety of CD terms to choose from and pays a higher interest rate than the average CD. 

First General Bank vs. Royal Business Bank

Royal Business Bank is an Asian American-led financial institution with locations in Southern California. See how the two banks stack up. 

If you would like to open a strong checking account, you'll probably lean more toward First General Bank. 

First General Bank has a free interest-earning checking account, so you won't have to worry about maintaining your account balance or meeting certain requirements. However, one of the major downsides to the account is that First General Bank doesn't have an ATM network. 

Royal Business Bank might be worth exploring if you'd prefer to keep your money in a CD. Royal Business Bank pays decent interest rates on short-term CDs compared to other brick-and-mortar banks.

Frequently asked questions

Is First General Bank FDIC insured?

Yes, First General Bank is FDIC insured. Up to $250,000 is secure in an individual bank account, and $500,000 in a joint account.

Where is First General Bank located?

First General Bank serves residents in Southern California. You may find locations in the following cities: 

• Arcadia, CA
• Artesia, CA
• Irvine, CA
• Rowland Heights, CA
• San Gabriel, CA