We have compiled a list of frequently asked questions regarding High Yield Savings Accounts that may be helpful.

 

CONTACT US:
By Phone:
517-679-6485 
Monday-Friday from 8:30AM-5:00PM EST

Online Account Toll Free:
833-668-1003

By email:
[email protected]

Disclosures, Rates and Terms are available:

How do I fund my new High Yield Savings Account?

Accounts are funded via ACH transfer from a checking or savings account (please note we are not able to ACH transfer from a brokerage, annuity, or certificate of deposit account).

  • Please allow up to ten business days for the funds to be withdrawn from your external account
  • ACH funding will be requested on the date of account opening

What are the funding limits for opening a High Yield Savings Account?

There is a $1,000.00 minimum opening requirement, and a $1,000,000.00 maximum funding limit for all High Yield Savings accounts.

Is there a minimum balance requirement for the High Yield Savings Account?

The minimum balance required for a High Yield Savings Account is $1,000.00. Otherwise a $10 monthly service fee will apply.

What types of deposit accounts can be opened online?

  • Personal Certificates of Deposits
  • Personal High Yield Savings accounts

We are unable to offer specialized accounts online (business, trusts, estates, power of attorneys, custodial accounts, health savings accounts, or individual retirement accounts).

Will I see my High Yield Savings Account in my online banking?

  • If you are an existing customer, your new account will populate onto your online banking on the following business date after the date of account opening.
  • If you are a new customer, you will be issued online banking credentials to be able to view your new account on the business date following the date of account opening.

Please allow up to ten business days for the funds to be withdrawn from your external account and be deposited into your High Yield Savings Account.

Are First National Bank of America deposit accounts FDIC insured?

Yes. First National Bank of America is a member of the FDIC. Your deposits are insured up to $250,000.00 per account holder, per ownership category. FDIC insurance calculation information is posted here: https://edie.fdic.gov/

Is my annual percentage yield for my High Yield Savings Account a fixed or variable rate?

Annual Percentage Yields for High Yield Savings Accounts are variable rates. For our current rates, please visit fnba.com/online-cd-rates/

Are there monthly fees associated with my High Yield Savings Account?

There will be a $10.00 monthly service fee assessed if a minimum balance of $1,000.00 is not maintained.

How do I deposit funds to my High Yield Savings Account?

  • Please mail your deposit to:

First National Bank of America
Attn: Online Accounts
315 N Division St. Suite 100
Traverse City, MI 49684

  • Please wire your deposit to:

First National Bank of America
247 E. Saginaw
East Lansing, MI 48823

Routing Number: 072412435
Account Number: 233750

Reference: Your last name – Online Accounts

  • Initiate a Bank to Bank transfer from your current banking institution via Online Banking
  • Visit one of our three locations in Michigan: East Lansing, Grand Rapids, or Traverse City to make a deposit

How do I withdraw funds from my High Yield Savings Account?

  • Login to your online banking account to set up an external account transfer
  • Submit your request to [email protected] to schedule an ACH transfer to your external account
  • Visit us at one of our three locations in Michigan: East Lansing, Grand Rapids, or Traverse City
  • Call us M-F 8:30am-5:00pm EST at 517-679-6485

Are there withdrawal limitations for the High Yield Savings Accounts?

If you are withdrawing via Online Banking and requesting a bank to bank transfer to an external account, there is a $2500 daily limit

How do I close my High Yield Savings Account?

  • Submit your request to [email protected] to electronically sign an account closure form, and schedule an ACH transfer to your external account
  • Call us M-F 8:30am-5:00pm EST at 517-679-6485

How will I receive my 1099-INT?

Your 1099-INT will be mailed using the United States Postal Service.

Can I use the same email address as another accountholder?

For security and identification purposes, each accountholder must have separate email addresses.

Can I elect to receive electronic statements?

You can elect to receive electronic statements in your Online Banking options. Please login to your online banking to complete this request.