- Overall Bank Rating
- Pros and Cons
- Checking
- Savings
- CD
- Money Market Account
- How Does City First Bank Work?
- The Role of Black-led Financial Institutions
- Is City First Trustworthy?
- City First Bank vs. OneUnited Bank
- City First Bank vs. Citizens Trust Bank
- Frequently Asked Questions
Redeem now Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: City First Bank has solid checking accounts and savings accounts if you have $100 for minimum opening deposits. But the money market account is its weak spot. Consider going through our best money market accounts guide for options.
City First Bank bank accountsCity First Bank Personal Savings Account
City First Bank Personal Money Market Account
City First Bank: Overall Bank Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| Checking | 3.75 |
| CD | 3.75 |
| Money market account | 3.25 |
| Trustworthiness | 5 |
| Total: | 4 |
City First Bank: Pros and Cons
| Pros | Cons |
|
|
City First Bank Personal Checking Account
City First Bank Personal Checking Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$7 monthly service fee
Annual Percentage Yield (APY)None
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to waive $7 monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited check writing
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection available by linking to a City First bank account, or by setting up a line of credit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $7 monthly service fee
- con icon Two crossed lines that form an 'X'. $25 overdraft fee
- con icon Two crossed lines that form an 'X'. 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
City First Bank Personal Savings Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$2 monthly service fee
Annual Percentage Yield (APY)0.10%
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to waive $2 monthly service fee
- con icon Two crossed lines that form an 'X'. Low interest rate
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $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 the best high-yield savings accounts at online banks, though.
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 CD
City First Bank CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)0.05% to 0.20%
Minimum Deposit Amount$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard term options
- con icon Two crossed lines that form an 'X'. 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
- Offer promotional rates
- Interest compounded daily
- FDIC insured
City First Bank has low CD rates. 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
City First Bank Personal Money Market Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$8 monthly service fee
Annual Percentage Yield (APY)0.10% to 0.15%
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $100 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes paper checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
- con icon Two crossed lines that form an 'X'. Low APY
- con icon Two crossed lines that form an 'X'. $8 monthly service fee
- con icon Two crossed lines that form an 'X'. No debit card
- con icon Two crossed lines that form an 'X'. 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
- Offer promotional rates
- 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 an $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 designated as a minority-led financial institution (MDI) by the FDIC. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority."
City First Bank has branches in Washington, DC, and the Los Angeles area. 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 a.m. to 4 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.
The Role of Black-led Financial Institutions
There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.
City First 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 also go toward multifamily affordable housing projects, non-profit organizations, and small businesses located in Washington, DC, and Los Angeles low-to-moderate income areas.
City First Trustworthiness and BBB Rating
BBB ratings show whether a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
The Better Business Bureau gives City First an A+ rating.
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).
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.
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.
City First Bank: Frequently Asked Questions
What is City First Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.In April 2021, Broadway Federal Bank in California and City First Bank in DC merged into City First Bank.
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ5Oewbp5xaKprKxdl66vt4yrnK%2Bhlaw%3D