First National Mint and Trust Reviews: Are They a Good Option?

• First National Mint and Trust (FNM) is a bank and brokerage firm that focuses on serving customers who want small account balances, or who don't have the time or inclination to manage their own investments.
• The company offers individual retirement accounts (IRAs), money market accounts, and certificates of deposit (CDs), as well as brokerage services, such as access to stocks and bonds.
• M has 325,000 accounts with about $20 billion in assets under management.
• The company offers a higher interest rate on its 3-month CDs than its 1-year, 2-year, 3-year, 4-year, and 5-year CDs.

First National Mint and Trust (FNM) is a bank and brokerage firm that focuses on serving customers who want small account balances, or who don't have the time or inclination to manage their own investments. The company offers individual retirement accounts (IRAs), money market accounts, and certificates of deposit (CDs), as well as brokerage services, such as access to stocks and bonds.

First National Mint and Trust Pros

The broker offers higher-than-average interest rates on savings and CDs

The broker offers above-average rates for IRAs

The broker offers a variety of investment options, including self-directed retirement accounts

The broker offers competitive stock and ETF commissions

The broker has generally positive customer reviews

The broker received a score of 4 out of 5 stars in Barron's 2020 survey of brokers

The broker received an overall rating of 3.3 out of 5 stars in BrokerCheck

First National Mint and Trust Cons

The broker has a low overall rating from the Better Business Bureau (BBB), with a BBB score of F.

The broker has a relatively low number of customer complaints

First National Mint and Trust Cons

The fees for opening and maintaining an account are steep.
The account minimum is $25,000.

First National Mint and Trust Pros
There is no fee to open and maintain the account.

The interest rates are competitive with the leading banks.

The higher interest rates are compounded and paid monthly, quarterly, or annually.

Available Customer Service

Some firms offer limited customer service. If your questions aren't answered promptly, you may miss out on time-sensitive opportunities.
Account Types Available
Having more than one account type can make it easier to diversify your investments. While some brokers only offer traditional IRAs and 401(k)s, others provide SEP IRAs, Roth IRAs, Coverdell Education Savings Accounts, and custodial accounts for minors.
Account Fees
You may incur fees with each transaction, and, depending on the account type, you may be charged additional fees. Some firms charge higher fees on foreign accounts and accounts with cash balances.

Available Product Offerings

First National Mint and Trust provides investors with options to invest in gold bullion coins and bars, silver bullion coins and bars, platinum, and palladium. The company also provides investors with self-directed IRAs.
Pricing
First National Mint and Trust offers its investors a few convenient ways to purchase its products. The company offers monthly plans, as well as plans that renew automatically on a monthly basis. As of July 2020, the company charges a storage fee per ounce, which is subject to change.
Fee Schedule

Available Pricing

It's free to request a review, but the review itself will cost $595.
Minimum Investment
The minimum amount required to invest with First National Mint and Trust is $10,000. The account minimum is $1,000 for IRA accounts.

Routing Number
First National Mint and Trust's routing number is 121000194.

Available Investment Products

First National Mint and Trust offers two options for investors:
Certificates of Deposit (CDs)

IRAs

Roth IRAs

Traditional IRAs

Exempt-Organization IRAs

Education IRAs

Coverdell Education Savings Accounts

529 College Savings Plans

529 Prepaid Tuition Plans

529 K-12 Education Plans

529 Uniform Gifts/Transfers to Minors Accounts

The IRA account types include Traditional, Roth, and Education IRAs. The Traditional IRA allows contributions to a Traditional IRA and a Traditional IRA Rollover. The Roth allows contributions to a Roth IRA and a Roth Rollover. Education IRAs allow contributions to a Traditional or Roth IRA or a 529 account.
Fees
First National Mint and Trust does not charge any fees, except for the early withdrawal penalty, which is 90 days of interest.

Available Trading Products

First National Mint and Trust has a variety of precious metal coins available to purchase. Gold, silver, and platinum coin options exist in the form of bullion, rounds, and bars. Each product type has a different minimum purchase size and premium.

Bullion: Bullion coins are larger and thicker than rounds and bars. They feature the same design and metal content as their smaller counterparts. The minimum purchase requirement per bullion coin is 1 ounce. The premium per ounce of bullion coin is higher than rounds and bars.

Rounds: Rounds are smaller and thinner than bullion coins. They feature the same design and metal content as their larger counterparts. The minimum purchase requirement per round is 1 ounce. The premium per ounce of round is lower than bullion coins.

Bars: Bars are smaller and thinner than rounds. They feature the same design and metal content as their smaller counterparts. The minimum purchase requirement per bar is 1 ounce. The premium per ounce of bar is lower than rounds.

Storage: If coins need to be stored, First National Mint and Trust offers various storage options. Each option requires a minimum purchase.

Gold: A 1-ounce gold coin or gold bar is purchased. It either remains at the Mint or shipped.

Silver: A 1-ounce silver coin or silver bar is purchased. It either remains at the Mint or shipped.

Platinum: A 1-ounce platinum coin or platinum bar is purchased. It either remains at the Mint or shipped.

Available Features

First National Mint and Trust offers a host of features that allow you to manage your accounts quickly and efficiently. Notably, their online account management portal allows you to view your account balance, transfer funds and view account activity.
Web and Mobile Banking
First National Mint and Trust offer both web and mobile banking. Though their mobile app doesn't offer as many features as the desktop version, it is easy to use and the mobile website offers most of the features of their desktop site.
Bill Pay
First National Mint and Trust allows you to pay all of your bills online.
Trust Services
First National Mint and Trust offers trust services, including trust administration and investment management services.

Fees and Costs
First National Mint and Trust charges $10 per month for online banking, bill pay, and online statements, as well as $2 for paper statements.

Available Mobile Options

First National Mint and Trust is a mobile-first platform, allowing investors to access their accounts from any mobile device.
Website Options
First National Mint and Trust has a simple, intuitive website design.

Advanced Tools & Features
First National Mint and Trust offers a number of free features, as well as premium services.

Gold IRA: Should You Open One To Save For Retirement?

Available Company Information

First National Mint and Trust provides the following company information:
Company Name: First National Mint and Trust Company

Business Type: National Banking

Business Address: One Financial Center, 140 Broadway, New York, NY 10005

Business Phone Number: 212-308-8100

Company Website: www.firstnational.com

Company History
First National Mint and Trust provides the following company history:
First National was founded in 1925 and is headquartered in New York, NY. First National has approximately $2.3 billion in assets and operates 16 branch offices throughout New York, New Jersey, Pennsylvania, and Connecticut. The company prides itself on being the oldest locally owned and operated bank in New Jersey.