How to Open an Account with First Horizon National Corporation Bank (USA) – A Step by Step Guide for Residential & Non-Residential Customers.
Opening a bank account is a crucial step in managing your finances, whether you are a resident or a non-resident in the USA. First Horizon National Corporation Bank, one of the leading financial institutions in the United States, offers a wide range of banking services tailored to meet the needs of both residential and non-residential customers. This guide we’ll walk you through the step-by-step process of opening an account, the required documents, online systems, account types, fees, interest rates, and more.
Account Opening Process Step by Step
1. Choose the Right Account Type
First Horizon Bank offers various account types to suit your needs:
- Checking Accounts: For everyday transactions.
- Savings Accounts: To grow your savings with interest.
- Fixed Deposit Accounts: For long-term savings with higher interest rates.
- Senior Citizen Accounts: Special accounts with additional benefits for seniors.
- Non-Resident Accounts: For individuals living outside the USA.
2. Visit the Nearest Branch or Apply Online
- Online Application: Visit the official First Horizon Bank website and navigate to the “Open an Account” section. Fill out the application form with your personal and financial details.
- In-Person Application: Visit the nearest First Horizon Bank branch with the required documents.
3. Submit Required Documents
For Residential Customers:
- Government-issued photo ID (e.g., passport, driver’s license).
- Social Security Number (SSN).
- Proof of address (utility bill, rental agreement, etc.).
- Initial deposit (varies by account type).
For Non-Residential Customers:
- Passport or other government-issued ID.
- Visa or other proof of legal status in the USA.
- Proof of address in your home country.
- Tax Identification Number (TIN) or equivalent.
- Initial deposit.
4. Complete KYC and Biometric Updates
- First Horizon Bank will verify your identity through KYC (Know Your Customer) processes.
- Biometric updates (e.g., fingerprint or facial recognition) may be required for added security.
5. Activate Your Account
- Once your application is approved, you’ll receive your account details.
- Activate your account online or at the branch.
Online Banking System
First Horizon Bank offers a robust online banking platform:
- Account Management: Check balances, transfer funds, and pay bills.
- Mobile App: Available for iOS and Android devices.
- Online Payment Methods: Link your account to payment platforms like PayPal, Zelle, and more.
Account Opening Charges and Minimum Balance
- Account Opening Charges: Typically, there are no fees for opening a basic checking or savings account. However, premium accounts may have associated fees.
- Minimum Balance: Varies by account type. For example:
- Basic Checking: $50 minimum balance.
- Savings Account: $100 minimum balance.
Interest Rates
Daily and Yearly Interest Rate Charts
- Savings Accounts: Earn daily compounded interest. Rates vary based on the account balance and type.
- Fixed Deposit Accounts: Higher interest rates for longer tenures. Check the bank’s website for the latest rates.
Senior Citizen Schemes
- Special interest rates for seniors.
- Additional benefits like free checks and waived fees.
Fixed Deposit Rates
First Horizon Bank offers competitive fixed deposit rates. Here’s a sample chart (rates may vary):
| Tenure | Interest Rate |
|---|---|
| 6 months | 2.5% |
| 1 year | 3.0% |
| 2 years | 3.5% |
| 5 years | 4.0% |
Senior Citizen Schemes
- Higher interest rates on savings and fixed deposits.
- Free financial planning services.
- Waived fees on certain transactions.
MIS Scheme and Insurance
- MIS (Monthly Income Scheme): Earn a fixed monthly income with a lump-sum investment.
- Insurance: First Horizon Bank offers life, health, and property insurance options.
Mobile Apps and Online Payment Methods
- Mobile App: Manage your account, deposit checks, and transfer funds on the go.
- Online Payment Methods: Use Zelle, PayPal, or the bank’s bill pay feature for seamless transactions.
Customer Facilities
- 24/7 customer support.
- Free financial advisory services.
- Access to ATMs nationwide.
New Updates in 2025
- Enhanced mobile app features, including AI-driven financial insights.
- Introduction of cryptocurrency investment options.
- Expanded international banking services for non-residents.
FAQ
1. Can non-residents open an account with First Horizon Bank?
Yes, non-residents can open an account with the required documents.
2. What is the minimum balance for a savings account?
The minimum balance is typically $100.
3. Are there fees for online banking?
No, online banking is free for all account holders.
4. How do I update my KYC details?
Visit a branch or update your details online through the bank’s website or mobile app.
5. What are the interest rates for fixed deposits?
Rates vary by tenure. Check the bank’s website for the latest rates.
