City First Bank
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The bottom line: City First Bank has solid checking accounts and savings accounts if you have $100 for a minimum opening deposits. But the money market account is its weak spot.
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 3.75 |
| CD | 3.75 |
| Money market account | 3.25 |
| Trustworthiness | 5 |
| Total: | 4 |
Pros and cons
| Pros | Cons |
|
|
City First Bank Personal Checking Account
- Easy to waive $7 monthly service fee
- Unlimited check writing
- Overdraft protection available by linking to a City First bank account, or by setting up a line of credit
- No out-of-network ATM fees
- $100 minimum opening deposit
- $7 monthly service fee
- $25 overdraft fee
- Doesn't reimburse any fees charged by out-of-network ATM providers
- Branches in DC and the Los Angeles area
- Free withdrawals at Citibank Branch, STAR, and Allpoint ATMs
- Free overdraft protection if you link your checking account to another City First Bank account
- Waive $7 monthly service fee if you meet at least one of the following requirements: make one direct deposit per month; make at least 10 debit card transactions per month; enroll in online statements; Keep at least $100 in your account daily
- FDIC insured
The City First Bank Personal Checking Account is a decent checking account, as long as you have $100 to open the account. There's a $7 monthly service fee, but it's easy to waive it. You just need to meet one of the following criteria: Make one direct deposit per month; make at least 10 debit card transactions per month; enroll in online statements; or keep at least $100 in your account daily.
City First also has an interest-bearing checking account, but you'll need to keep a minimum of at least $500 in the account to waive the account's monthly service fee.
City First Bank Personal Savings Account
- Easy to waive $2 monthly service fee
- Low interest rate
- $100 minimum opening deposit
- $2 monthly service fee
- Branches in DC and the Los Angeles area
- To waive $2 monthly service fee, maintain average daily balance of $100 or more
- Interest compounded daily
- FDIC insured
The City First Bank Personal Savings Account pays a low interest rate. You can earn more with online high-yield savings accounts.
The bright side to the account is that it's easy to waive the $2 monthly service fee — just maintain $100 in your account daily.
City First Bank Certificate of Deposit
- $500 minimum opening deposit
- Standard term options
- No early withdrawal penalty information
- Branches in DC and the Los Angeles area
- Terms range from 3 months to 5 years
- Must inquire about early withdrawal penalties at a branch
- Interest compounded daily
- FDIC insured
You'll earn a decent rate on a 91-day, 6-month, or 12-month CD with City First. But you'll need to look elsewhere for good rates on 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.
City First Bank Personal Money Market Account
- $100 minimum opening deposit
- Includes paper checks
- No out-of-network ATM fees
- Low APY
- $8 monthly service fee
- No debit card
- Doesn't reimburse any fees charged by out-of-network ATM providers
- Branches in DC and the Los Angeles area
- Free withdrawals at Citibank Branch, STAR, and Allpoint ATMs
- Earn 0.10% APY if you have an account balance under $250,000
- Earn 0.15% APY if you have an account balance over $250,000
- Includes paper checks
- Waive $8 monthly service fee by maintaining $1,000 average daily balance
- Interest compounded daily
- FDIC insured
The City First Bank Personal Money Market Account isn't as competitive as the bank's other accounts. The interest rate is relatively low, and there's a $8 monthly service fee if you don't keep at least $1,000 in your account.
On the plus side, the account comes with paper checks, making it easy to tap into your savings. This is especially useful if you have a financial emergency and need to access money quickly.
How does City First Bank work?
City First Bank is a Black-owned bank with branches in Washington, DC and the Los Angeles area.
The bank is a part of the following organizations for its social and environmental impact:
- Global Alliance for Banking on Values
- B Corporation
- Federal Deposit Insurance Corporation's Minority Depository Program
- US Department of Treasury's Community Development Financial Institutions Fund
Over 70% of City First Bank loans go toward multifamily affordable housing projects, non-profit organizations, and small businesses located in Washington, DC and Los Angeles low-to-moderate income areas.
Each branch has an ATM where you can make free withdrawals and deposits. You can also withdraw money for free at Citibank branch, STAR, and Allpoint ATMs.
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.
You can call a live customer support agent Monday through Friday, 9:00 a.m. to 4:00 p.m. PT. Or call Saturday from 9:00 a.m. to 1:00 p.m. PT.
Your bank accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.
City First trustworthiness and BBB rating
The Better Business Bureau gives City First an A+ rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
City First doesn't have any recent public scandals. You may decide you're more comfortable using this Black-owned bank with a clear history than some other banks in Los Angeles or DC. Both Wells Fargo and Bank of America are prevalent in these cities, but each faces accusations of racial discrimination.
City First Bank vs. OneUnited Bank
We've compared City First Bank to another Black-owned banks you can access in the Los Angeles area: OneUnited (Member FDIC).
| City First Bank | OneUnited Bank |
Savings APY 0.05% APY | Savings APY 0.10% APY |
Standout feature Easy to waive monthly service fees on accounts | Standout feature Early direct deposit |
| Learn More | Open an account |
You'll probably prefer City First if you're looking for a variety of CD options. City First offers CD terms from 3 months to 5 years. Meanwhile, OneUnited Bank only has a few term options — a 120-day CD, a 1-year CD, an 18-month CD, and a 2-year CD.
But OneUnited lets you receive paychecks up to two days early, which could useful if you often find yourself worrying about making payments on time.
City First Bank vs. Citizens Trust Bank
Citizens Trust Bank (Member FDIC) doesn't have branches in Los Angeles or DC, but you can bank online.
| City First Bank |
|
Savings APY 0.05% APY | Savings APY 0.05% APY |
Standout feature Easy to waive monthly service fees on accounts | Standout feature Variety of checking accounts |
| Learn More | Open an account |
Citizens Trust 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.
Citizens Trust has multiple checking accounts to choose from, so you may find one that best suits your needs. But City First might be more appealing for dealing with monthly service fees. Its checking account offers more ways to waive the fee.
Frequently asked questions
What is City First Bank?
City First Bank is a Black-owned bank. It has one branch in Washington, DC, and three branches in the Los Angeles area.
Is City First Bank FDIC insured?
Yes, City First Bank is federally insured. You may keep up to $250,000 in an individual account or $500,000 in a joint account.
Is Broadway Federal Bank now City First Bank?
In April 2021, Broadway Federal Bank in California and City First Bank in DC merged into City First Bank.
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