<p><img src="https://static4.businessinsider.com/image/608c287134af8d001859a340-1667/City%20First%20Bank%20review%204x3.png" border="0" alt="City First Bank review 4x3" data-mce-source="City First Bank; Insider"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>City First Bank (Member FDIC) is a Black-owned bank in Los Angeles and Washington, DC.</li><li>It pays higher rates than most brick-and-mortar banks, and it's easy to waive monthly fees.</li><li>The checking accounts, savings accounts, and CDs are strong; the money market account is just so-so.</li><li id="recirc"><a href="https://www.businessinsider.com/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener" data-analytics-module="summary_bullets" data-analytics-post-depth="0">See Business Insider's picks for the best high-yield savings accounts </a></li></ul><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><aside class="quick-tip headline-regular"><p><em>This post was last reviewed and updated on April 30, 2021.</em></p></aside><h2>Should I use City First Bank'</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr><td style="width: 50%;"><strong>You might like City First if you ...</strong></td><td style="width: 50%;"><strong>You might not like City First if you ...</strong></td></tr><tr><td style="width: 50%;"><ul><li>Live in Los Angeles or DC AND want to bank in person</li><li>Would like to bank with a Black-owned business</li><li>Want to earn high interest rates</li><li>Are looking for low-fee accounts</li></ul></td><td style="width: 50%;"><ul><li>Don't live in Los Angeles or DC OR you prefer online banking</li><li>Want more CD term length options</li><li>Are searching for a strong money market account</li><li>Value a strong mobile app</li></ul></td></tr></tbody></table><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> City First Bank has strong checking accounts, savings accounts, and CDs, but the money market account is its weak spot.</p></aside><h2>Checking</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="6025621f4aea0c0011f4cfe5" data-type="undefined">City First Bank Basic Checking Account</bi-shortcode><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ed7fc153ad861242a46bc2f" data-title="Here are the best checking accounts available right now" data-url="https://www.businessinsider.com/personal-finance/best-checking-accounts" data-thumbnail="https://i.insider.com/5ed92909aee6a86e94137448" data-shortcode-display-text="Related Article Module: Here are the best checking accounts available right now"></bi-shortcode><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="6025621f4aea0c0011f4cfe5">City First Bank Basic Checking Account</bi-inline-shortcode> is a good checking account, as long as you have $50 to open the account. There's a $2 monthly service fee, but it's easy to waive ityou just need to enroll in online banking and e-statements.</p><p>City First also has an interest-bearing checking account, but you'll need $2,500 to get started.</p><div><style> #div-gpt-ad-1579713650634-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 595px; } </style><script async src="https://securepubads.g.doubleclick.net/tag/js/gpt.js"></script><script> window.googletag = window.googletag || { cmd: [] }; googletag.cmd.push(function () { googletag.defineSlot('/1035677/Business_Insider_', [[1, 1], [300, 139], [595, 139], [300, 250], [595, 250], [300, 360], [595, 360], [300, 475], [595, 475]], 'div-gpt-ad-1579713650634-0') .addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().setTargeting('category', ["Banking"]).setTargeting('subcat', ["Savings Accounts"]).setTargeting('post_id', []) .setTargeting('post_url', []) .setTargeting('keyword', []) .setTargeting('company-product', []) .setTargeting('post_title', []); googletag.enableServices(); }); </script><!-- /1035677/Business_Insider_ --><div id="div-gpt-ad-1579713650634-0"> <script> googletag.cmd.push(function () { googletag.display('div-gpt-ad-1579713650634-0'); }); </script></div></div><h2>Savings</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="6025684fe883e70012c9631f" data-type="undefined">City First Bank Statement Savings Account</bi-shortcode><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5da935af4af9095f0241a272" data-title="The best online high-yield savings accounts of February 2021" data-url="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" data-thumbnail="https://i.insider.com/5de159ccfd9db25f300616b6" data-shortcode-display-text="Related Article Module: The best online high-yield savings accounts of February 2021"></bi-shortcode><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="6025684fe883e70012c9631f">City First Bank Statement Savings Account</bi-inline-shortcode> pays a competitive interest rate. You can still earn more with <a href="https://www.businessinsider.com/personal-finance/high-yield-savings-account-what-to-look-for" target="_blank" rel="noopener">online high-yield savings accounts</a>, but its rate is much better than what most brick-and-mortar banks pay. It's also easy to waive the $3 monthly service fee.</p><p>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's no monthly maintenance fee.</p><h2>CD</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60257a04e883e70012c96340" data-type="undefined">City First Bank Certificate of Deposit</bi-shortcode><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5dd312be3afd37342b479224" data-title="The best CD rates of February 2021" data-url="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now" data-thumbnail="https://i.insider.com/5fbd65ef32f2170011f71001" data-shortcode-display-text="Related Article Module: The best CD rates of February 2021"></bi-shortcode><p>You'll earn a high rate on a 91-day, 6-month, or 12-month CD with City First. But you'll need to look elsewhere for other term lengths. The bank doesn't post early withdrawal penalties online, and a customer support agent told Insider you'll need to visit the branch to withdraw funds early and find out what you'll pay in penalties.</p><h2>Money market</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60257b604aea0c0011f4d027" data-type="undefined">City First Bank ONLINE Platinum Money Market Account</bi-shortcode><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5e8b370bd5873a3c8d3cda2b" data-title="Here are the best money market accounts for February 2021" data-url="https://www.businessinsider.com/personal-finance/best-money-market-accounts" data-thumbnail="https://i.insider.com/5e94697529d6d957134d9c25" data-shortcode-display-text="Related Article Module: Here are the best money market accounts for February 2021"></bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="60257b604aea0c0011f4d027">City First Bank ONLINE Platinum Money Market Account</bi-inline-shortcode> isn't as competitive as the bank's other accounts. The interest rate is relatively low, you'll need a $5,000 minimum opening deposit, and there's a $12 monthly service fee. On the plus side, the account comes with a debit card and paper checks, making it easy to tap into your savings. This is especially useful if you have a <a href="https://www.businessinsider.com/personal-finance/how-much-money-to-save-in-emergency-fund-rules" target="_blank" rel="noopener">financial emergency</a> and need to access money quickly.</p><h2>How does City First Bank work'</h2><p>In April 2021, Broadway Federal Bank in California and City First Bank in DC merged into City First Bank. City First Bank is a <a href="https://www.businessinsider.com/personal-finance/black-owned-banks-credit-unions" target="_blank" rel="noopener">Black-owned bank</a> with branches in Washington, DC and the Los Angeles area.</p><p>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 can't deposit money there.</p><p>The bank's mobile app only has a few online reviews. If banking with a strong mobile app is important to you, you may want to look elsewhere.</p><p>You can call a live customer support agent Monday through Friday, 9:00 a.m. to 4:00 p.m. PT. Or call Saturdays from 9:00 a.m. to 1:00 p.m. PT.</p><p>Your bank accounts are <a href="https://www.businessinsider.com/personal-finance/what-is-fdic-insurance" target="_blank" rel="noopener">FDIC insured</a> for up to $250,000, or $500,000 for joint accounts.</p><h2>Is City First trustworthy'</h2><p>The Better Business Bureau gives both <a href="https://www.bbb.org/us/dc/washington/profile/bank/city-first-bank-of-dc-0241-200054320" target="_blank" rel="noopener">City First</a> and <a href="https://www.bbb.org/us/ca/los-angeles/profile/bank/broadway-federal-bank-fsb-1216-13568" target="_blank" rel="noopener">Broadway Federal</a> an A+ in trustworthiness. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.</p><p>City First doesn't have any recent public scandals. You may decide you're more comfortable using a Black-owned bank with a clear history than some other banks in Los Angeles. Both <a href="https://www.inquirer.com/real-estate/housing/philadelphia-settles-lawsuit-wells-fargo-allegations-discriminatory-mortgage-lending-minorities-20191216.html" target="_blank" rel="noopener">Wells Fargo</a> and <a href="https://www.dol.gov/newsroom/releases/ofccp/ofccp20190927" target="_blank" rel="noopener">Bank of America</a> are prevalent in these cities, but each faces accusations of racial discrimination.</p><h2>How City First compares to similar banks</h2><p>We've compared City First Bank to two other <a href="https://www.businessinsider.com/personal-finance/black-owned-banks-credit-unions" target="_blank" rel="noopener">Black-owned banks</a> you can access in the Los Angeles area. OneUnited (Member FDIC) has branches in LA. Citizens Trust Bank (Member FDIC) doesn't have nearby branches, but you can bank online.</p><table style="border-collapse: collapse; width: 100%; height: 106px;" border="1"><tbody><tr style="height: 43px;"><td style="width: 25%; height: 43px; text-align: right;"></td><td style="width: 25%; height: 43px; text-align: center;"><img src="https://static4.businessinsider.com/image/608c290e34af8d001859a359-1200/City%20First%20Bank.png" border="0" alt="City First Bank Logo" data-mce-source="City First Bank"></td><td style="width: 25%; height: 43px; text-align: center;"><img src="https://static4.businessinsider.com/image/608c2a8434af8d001859a37e-1200/One%20United%20Bank.png" border="0" alt="One United Bank Logo" data-mce-source="One United Bank"></td><td style="width: 25%; height: 43px; text-align: center;"><img src="https://static4.businessinsider.com/image/608c2a5c35c46f0018c0b8de-1200/Citzens%20Trust%20Bank.png" border="0" alt="Citizens Trust Bank Logo" data-mce-source="Citizens Trust Bank"></td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;"><p><strong>Savings APY</strong></p></td><td style="width: 25%; height: 21px; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="6025684fe883e70012c9631f">City First Bank Statement Savings Account</bi-inline-shortcode></td><td style="width: 25%; height: 21px; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="60196c1a4aea0c0011f4c98c">Product Card 60196c1a4aea0c0011f4c98c</bi-inline-shortcode></td><td style="width: 25%; height: 21px; text-align: center;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="annual_percentage_yield_apy_display" data-customtext="" data-shouldlink="false" data-pid="6022a802e883e70012c96111">Product Card 6022a802e883e70012c96111</bi-inline-shortcode></td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;"><p><strong>Standout feature</strong></p></td><td style="width: 25%; height: 21px; text-align: center;"><p>High interest rates</p></td><td style="width: 25%; height: 21px; text-align: center;"><p>Early direct deposit</p></td><td style="width: 25%; height: 21px; text-align: center;"><p>Variety of checking accounts</p></td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;"><p><strong>Next steps</strong></p></td><td style="width: 25%; height: 21px; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="6025684fe883e70012c9631f">Product Card 6025684fe883e70012c9631f</bi-inline-shortcode></strong></td><td style="width: 25%; height: 21px; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="60196c1a4aea0c0011f4c98c">Product Card 60196c1a4aea0c0011f4c98c</bi-inline-shortcode></strong></td><td style="width: 25%; height: 21px; text-align: center;"><strong><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="6022a802e883e70012c96111">Product Card 6022a802e883e70012c96111</bi-inline-shortcode></strong></td></tr></tbody></table><h3>City First Bank vs. OneUnited Bank</h3><p>You'll probably prefer City First if interest rates are important to you. City First pays higher rates than <a href="https://www.businessinsider.com/personal-finance/oneunited-bank-review" target="_blank" rel="noopener">OneUnited</a>. It also compounds interest daily, whereas OneUnited only compounds interest monthly or annually, depending on the account. The more often interest compounds, the more you'll earn.</p><p>But OneUnited lets you <a href="https://www.businessinsider.com/personal-finance/bank-accounts-early-direct-deposit" target="_blank" rel="noopener">receive paychecks up to two days early</a>, which could useful if you often find yourself worrying about making payments on time.</p><h3>City First Bank vs. Citizens Trust Bank</h3><p><a href="https://www.businessinsider.com/personal-finance/citizens-trust-bank-review" target="_blank" rel="noopener">Citizens Trust</a> has branches in other parts of the US, but not in Los Angeles or DC. You may like Citizens Trust if you prefer online banking, but you'll want to go with City First if you like banking in person.</p><p>City First pays higher rates. But Citizens Trust has multiple checking accounts to choose from, so you may find one that best suits your needs.</p><p><em>Laura Grace Tarpley is the editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.</em></p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/city-first-bank-review#comments">Join the conversation about this story »</a></p>
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