Community 1st Bank Las Vegas review: Hispanic American-owned bank with competitive CD rates

Community 1st Bank logo on Personal Finance pattern background 2x1
Community 1st Bank Las Vegas has 3 branch locations and 4 free ATMs in New Mexico. Community 1st Bank Las Vegas; Rachel Mendelson/Insider

Table of Contents: Masthead Sticky

Overall bank rating

Feature Insider rating (out of 5)
Checking 3.5
Savings 3.25
Money market account 3
CD 3.25
Trustworthiness 4
Total 3.5

Pros and cons

Pros Cons
  • Hispanic American-owned bank
  • Low minimum deposit for checking account and CDs
  • Competitive interest rates on CDs compared to other brick-and-mortar banks
  • Possible to waive monthly service fees
  • Interest compounded daily

  • Only available in New Mexico
  • Low interest rates on savings and money market accounts
  • Monthly service fees
  • No overdraft protection

Savings

Community 1st Bank Las Vegas Savings AccountThe Community 1st Bank Las Vegas Savings Account is a decent option if you can maintain $US100 ($AU138) in your account daily, so you can avoid the quarterly service fee and earn interest.

The account also has a debit card option which provides an easier way to access your money. However, if you want to avoid being charged on a debit transaction, you’ll need to keep track of the four free transaction limit permitted per quarter.

If you’re searching for a higher APY, one of the accounts in our best savings accounts guide may be a better fit.

Checking

Community 1st Bank Las Vegas Freedom 1st Checking AccountYou may like the Community 1st Bank Las Vegas Freedom 1st Checking Account if you prioritize a low minimum opening deposit.

However, there are a couple of additional fees that can stack up if you don’t manage your account closely. There’s a $US1 ($AU1) monthly service charge that can’t be waived, a $US7 ($AU10).50 ($AU10) overdraft fee when you overdraw from your account, and a $US1 ($AU1).50 charge each time you use an out-of-network ATM. Also, keep in mind that Community 1st Bank only has four free ATMs in New Mexico.

CD

Community 1st Bank Las Vegas Certificate of DepositCommunity 1st Bank’s Community 1st Bank Las Vegas Certificate of Deposit are solid choices for anyone looking for standard term lengths with a low minimum opening deposit.

The APY is competitive compared to other brick-and-mortar banks, especially for term lengths with an opening deposit of $US100 ($AU138),000 or more.

Money market account

Community 1st Bank Las Vegas Money Market AccountCommunity 1st Bank offers a unique Community 1st Bank Las Vegas Money Market Account with a varied monthly service charge – each month you’ll have to pay anywhere from $US3 ($AU4) to $US7 ($AU10) depending on your daily account balance. To avoid the monthly service charge entirely, keep more than $US2,500 ($AU3,441) in your account daily.

How Community 1st Bank Las Vegas Works

Community 1st Bank Las Vegas is a Hispanic American-owned bank with three branches in Mora and Las Vegas, New Mexico. The bank also has four ATMs in those cities.

Customer service is available at the branch location or through telephone Monday to Friday from 8:00 a.m. to 5:00 p.m.

The bank’s mobile banking reviews are a mixed bag, so your mobile experience may vary depending on which phone you have. The bank’s mobile app has 2 out of 5 stars in the Apple Store and 5 out of 5 stars in the Google Play Store.

Community 1st Bank Las Vegas is FDIC insured, so individual accounts are protected up to $US250,000 ($AU344,115), and joint accounts are protected up to $US500,000 ($AU688,230).

How trustworthy is Community 1st Bank Las Vegas Bank?

We use ratings from the Better Business Bureau to help determine the trustworthiness of a bank because the BBB looks at how businesses resolve customer issues. Community 1st Bank Las Vegas hasn’t been rated yet by the BBB.

A good rating isn’t necessarily the end-all-be-all in determining whether a bank may be right for you. You could also talk to friends or family if they’ve banked there or read online customer reviews.

The bank has not gone through any public controversies in the last few years.

How Community 1st Bank Las Vegas compares

We compared Community 1st Bank Las Vegas with two other Hispanic American-owned financial institutions in New Mexico: Centinel Bank of Taos and Guadalupe Credit Union.

These institutions are considered minority depository institutions by the FDIC and NCUA, so they are geared toward serving local communities and often won’t have a large branch or ATM network.

Community First Bank logo

Centinel Bank of Taos logo

Guadalupe Credit Union
New Mexico branch locations

1 (Taos)

New Mexico branch locations

3 (Las Vegas, Mora)

New Mexico branch locations

6 (Santa Fe, Espanola, Mora, Taos)

Strongest accounts

CDs

Strongest accounts

CDs

Strongest accounts

Checking

Community 1st Bank Las Vegas Savings Account Centinel Bank of Taos Simple Savings Account Guadalupe Credit Union Savings Account

Community 1st Bank Las Vegas vs. Centinel Bank of Taos

If you’re looking for a savings or money market account, Community 1st Bank Las Vegas may offer better options. Centinel Bank of Taos charges a higher monthly service fee and offers a lower interest rate on both accounts. There’s also no debit card option on the Centinel Bank of Taos Money Market Deposit Account.

Both Community 1st Bank Las Vegas and Centinel Bank of Taos offer solid CD options. Community 1st Bank Las Vegas has higher rates for shorter terms, but Centinel Bank of Taos has better rates for longer terms. Your decision between the two may come down to which term length you think would be best.

Community 1st Bank Las Vegas vs. Guadalupe Credit Union

Frequent travelers will likely find Guadalupe Credit Union’s branch presence and ATM network more appealing than Community 1st Bank Las Vegas. Guadalupe Credit Union has six branches and is a part of the Co-Op Share Network and CU Anytime Network, which provides access to over 30,000 surcharge-free ATMs.

However, if you’re more concerned with local banking, deciding between the two will depend on your account preferences. Guadalupe Credit Union’s standout account is its checking account – there’s no minimum opening deposit and low monthly service. Meanwhile, Community 1st Bank Las Vegas offers solid CD rates.

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