Home Finance How to upgrade First bank account easily (Online & Offline)

How to upgrade First bank account easily (Online & Offline)

Do you want to upgrade your first bank account but don’t know how to do so? 

Upgrading your bank account helps unlock greater financial benefits. In this guide, we’ll see the various First Bank account upgrade options in-depth and provide a step-by-step process for both online and in-branch upgrades.

First Bank offers several personal checking and savings products targeting different customer personas:

Basic Checking Account

The basic checking account is ideal for casual bank customers who mainly require check-writing, debit card usage, and online bill pay capabilities. It has a low monthly service fee of $5, which can be waived by maintaining a $100 minimum daily balance. Interest earned on deposits is nominal at 0.01% APY. Customers receive useful tools like online banking, mobile deposits, and email balance alerts with this account.

Interest Checking Account

Targeted towards customers seeking slightly higher returns, the interest checking account pays 0.05% APY on balances up to $10,000 and 0.03% on amounts above. To avoid a $8 monthly maintenance charge, you need to maintain an average daily balance of $1500 or set up direct deposits of $500 or more each month. 

Additional perks include 0.25% cash back on debit card purchases up to $200 per month and cell phone protection when using your First debit card to pay your phone bill. 

High-Yield Savings Account 

Designed for building long-term savings, this account provides high interest rates without check-writing or debit card overdraft capabilities to protect the principal. Currently earning 0.55% APY, it allows 6 withdrawals or transfers per month before a $10 fee applies. The minimum opening deposit is $250. This is a good fit for emergency funds or saving towards large goals like a home down payment.

Taking time to understand these options can help determine which upgraded products suit your unique financial requirements. 

How to upgrade Your Account Online in Detail

Going through the online upgrade process provides a fully digital experience without visiting a branch:

1. Login to Online Banking

Sign into your First Bank account through the website or mobile app. Select “Accounts” in the main navigation to view your current accounts.

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2. Choose an Upgrade Option 

Review features and benefits of the different account types displayed. For example, you may decide the interest checking account offers better returns than basic checking for your needs. 

3. Complete the Application Form

Click “Open Account” on your selected product page. Provide details such as estimated deposits/withdrawals, income sources, and contact information. Agree to receive electronic documents.

4. Transfer Funds to New Account

The system immediately opens your upgraded account. Transfer your desired opening deposit amount from an existing First Bank account. Alternatively, use an external bank’s routing/account numbers to deposit funds. 

5. Receive Activation Confirmation  

The online application is reviewed in real-time. You’ll see a confirmation page once approved. Login again to find your upgraded account listed and ready for use.

This fully-digital upgrade process offers convenience from any location without having to speak to a representative. Funds will typically be accessible within minutes for immediate use of your new features and perks.

How to Upgrade your First bank account  at a Branch in Detail  

For those wanting personalized guidance, follow these steps to upgrade in-person:

Verify Account Details

The very first thing you should do is to very all your details. 

Provide your government-issued photo ID, SSN, date of birth and current First Bank account information to be authenticated by the representative. 

Discuss Banking Needs 

Explain how you intend to use the upgraded account. Are you planning large purchases soon? How much can you deposit monthly? The rep will suggest suitable options based on your responses.

Complete Paper Applications

Sign physical forms for your selected new account. Fill out sections for personal details, expected transactions, income sources, and KYC documentation if needed.

Fund the Account & Receive Cards

Deposit funds via cash, check, transfer from your existing account or external accounts. Once processed, you’ll receive new checks and debit cards same day depending on visit time.  

Representatives can answer remaining questions about using online/mobile banking right away along with contact information for any future assistance. 

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While requiring an in-person meeting, speaking with a professional can help personalize the upgrade decision based on your changing priorities over time. Feedback is also available on-the-spot to resolve queries.

Additional Upgrade Tips

Follow these best practices for your upgraded First Bank account:

  • Sign up for eStatements to save paper and fees while reducing environmental impact 
  • Set up direct deposit of paychecks or government benefits for waived monthly fees 
  • Enable account alerts by text/email for balance updates and possible fraud warnings
  • Link existing accounts for automatic external transfers between institutions
  • Take advantage of any perks like cash back bonuses or travel rewards redemption 
  • Consider CD rates if you have funds sitting idle for 6-12 month locking periods

Frequently Asked Questions 

How do I change my direct deposit to my new account?

Contact your employer’s payroll department with the routing and account numbers of your upgraded First Bank account. Sometimes an electronic direct deposit form can change it instantly once submitted. Allow 1-2 pay cycles for the switch to take effect fully.

What is the minimum age to open an account without a custodian?

Most need to be at least 18 years old. However, minors aged 13-17 can open their own savings account with a parent or guardian as joint owner for supervision. 

Conclusion

With two highly accessible options, upgrading your First Bank account is a simple process. Carefully choosing the right account type based on your financial objectives can amplify benefits. 

Follow the step-by-step online or in-person guidance and feel free to contact First Bank with additional queries anytime. Your new upgraded features and perks will help boost your overall banking experience! Let me know if any other questions come to mind.

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