First Horizon CD rates of December 2023

First Horizon Bank offers regular and add-on certificates of deposit (CDs) with a wide range of term options. But its yields are a meager disappointment, falling well below the national average, regardless of which term you choose. What’s more, the CDs are available only in select states.

Account details and annual percentage yields (APYs) are accurate as of December 8, 2023. First Horizon’s APYs are for accounts opened in West Tennessee and may vary in other markets.

About First Horizon CDs

First Horizon CDs are only available to residents of 13 states: Alabama, Arkansas, Georgia, Florida, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, Virginia, and select communities in New Jersey and New York.

If you’re eligible, you can take advantage of two CD types, including a rare offering that gives you more flexibility with deposits:

• First Horizon Regular CDs: The bank’s Regular CDs require a minimum deposit of $1,000 and offers terms ranging from 30 days to 60 months. But its highest yield is just 0.10% APY. In contrast, the national average CD rates range from 0.23% to 1.85% APY (as of Nov. 20, 2023) depending on the CD term, according to the Federal Deposit Insurance Corporation (FDIC).
• First Horizon Add-On CD: With First Horizon’s six-month Add-On CD, you can make unlimited deposits of $25 or more after opening the account, which has a lower initial deposit requirement of $500. But the yield is just 0.10% APY.

How to get a First Horizon CD

You can open a First Horizon CD through the bank’s website or at a local branch. The application process can take less than 10 minutes. You must provide your:

• Full name.
• Date of birth.
• Social Security number.
• Citizenship status.
• Address.
• Phone number.
• Photo ID, such as a driver’s license.

To complete the process, you must make your opening deposit within 60 days in one of the following ways:

• Transfer funds from an existing First Horizon Bank account or from another bank.
• Use a debit or credit card.
• Make a deposit at a physical branch or ATM, or via the mobile app. 

How First Horizon CD rates compare

First Horizon’s CD rates are extremely low, even compared to other traditional banks. For example, First Horizon offers a 0.10% annual percentage yield (APY) on a 12-month CD term, while the U.S. Bank CD Special offers 4.80% APY on a 13-month term, PNC Promotional CDs offer 0.01% to 2.00% APY* on a 13-month term and Regions Bank Promotional CDs offer 4.25% to 4.50% APY on a 14-month term. 

So, unless you are an existing First Horizon customer and want to keep all your finances under one roof, consider your options for earning more interest elsewhere. 

^{*Rates were found using the ZIP code 33966.}

How much can you earn with a First Horizon CD?

The Federal Reserve has taken an aggressive stance to combat inflation, hiking interest rates 11 times since March 2022. In most cases, deposit rates have followed suit. But First Horizon’s CD rates remain low. 

The amount you can earn on a First Horizon CD depends on the term you choose and how much you deposit. But in general, you won’t earn much compared to other top CD rates. 

Use our CD calculator to determine exactly how much you could earn based on the deposit you wish to make.

Other products First Horizon offers

The other banking products First Horizon offers to eligible customers include:

• First Horizon FirstView Checking: This account’s monthly fee is waived when you enroll in paperless statements, but doesn’t offer many benefits. Here are the best free checking accounts, some of which offer early direct deposit or earn interest.
• First Horizon SmartView Checking: The SmartView account comes with a complimentary consumer Money Market Savings account and rebates for foreign ATM fees and surcharges. It has a monthly service fee of $15 which can be refunded with one direct deposit or bill pay monthly and one of the following: $5,000 average daily balance in this account, $25,000 combined average daily balance in a consumer checking, savings, money market, CD and IRA account or $2,500 monthly spend on a First Horizon credit card. Qualifying for the refunded monthly fee also allows you to earn interest on your account balance. 
• First Horizon TotalView Checking: This account comes with even more features, such as higher daily debit card limits, wire fee rebates and foreign ATM fee and surcharge rebates. It has a monthly service fee of $25 which can be waived with an average daily checking balance of $15,000 across all personal checking accounts, with one direct deposit or bill pay and with one of the following: $5,000 in monthly debit card and/or credit card purchase transactions or $100,000 in total consumer deposit, wealth and mortgage loan balances held in First Horizon Bank's portfolio.
• First Horizon Traditional Savings: This savings account has a $5 quarterly maintenance fee which can be waived with a $250 minimum daily balance. It offers a 0.30% APY — but some of the best high-yield savings accounts offer rates greater than 4.00% APY and don’t have a balance requirement.
• First Horizon Money Market Savings: This standard money market account offers a tiered-yield that ranges from 0.50% to 1.00% APY, depending on the account balance. It has a monthly service fee of $9 which can be waived if the account holder also has a qualifying checking account, or if the total combined balance in First Horizon Bank accounts is at least $5,000. The best money market accounts can offer more than 5.00% APY.
• First Horizon TotalView Money Market Savings: This account offers a tiered-yield ranging from 1.51% to 1.76% APY, depending on the account balance. It charges a monthly service fee of $9 which can be waived if the account is linked to a [banking_product_name pid=137395] account.

Note that each of these accounts require a minimum opening deposit of $50. 

First Horizon review

First Horizon is a regional bank that serves customers in 13 states, primarily in the South. The bank traces its roots back to 1864 as First National Bank in Memphis, Tennessee. After completing a merger with IberiaBank in 2020, First Horizon became one of the largest financial services companies headquartered in the South.

In addition to bank accounts, First Horizon also offers credit cards, personal loans, vehicle loans, home loans, financial planning and small-business products and services.