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First American Bank and Trust Review

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First American Bank and Trust Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First American Bank and Trust first started operating in 1910 and is headquartered in Vacherie, Louisiana. It owns assets of $928 million as well as deposits totaling $801 million, classifying it as a medium-size bank. First American Bank and Trust lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, First American Bank and Trust is a great bank that you should seriously consider, with a score of 4.2 stars out of 5 from our team. First American Bank and Trust provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First American Bank and Trust has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, First American Bank and Trust offers an option without a monthly fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best bet for accruing the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.0
SmartAsset Average: 3.5

First American Bank and Trust has a savings rate of 0.07%, which is poor compared to the average U.S. bank. First American Bank and Trust's one-year and five-year term lengths CDs earn at a rate of 0.45% and 0.85%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How First American Bank and Trust's Savings Rates Compare

First American Bank and Trust Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First American Bank and Trust typically has extremely low fees compared to other U.S. banks. First American Bank and Trust's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. First American Bank and Trust does not reimburse out-of-network ATM charges, which means you'll need to locate a First American Bank and Trust ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

First American Bank and Trust is a brick-and-mortar bank, with 24 total bank locations in Louisiana. With mobile and web apps, First American Bank and Trust makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:00 a.m. to 5:00 p.m. PT; Friday, and 8:00 a.m. to 5:30 p.m. PT. First American Bank and Trust receives relatively high marks from customers for its mobile app. With 110 ratings on Apple and Android platforms, the First American Bank and Trust mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). First American Bank and Trust's mobile app allows you to manage your accounts by checking current statements, sending and receiving money as well as reaching customer service. First American Bank and Trust receives an outstanding consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

First American Bank and Trust is a medium-size bank and handles assets totaling $928 million as well as deposits totaling $801 million. First American Bank and Trust's Texas Ratio is 3.21%, suggesting a minute chance of failure. Additionally, First American Bank and Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.21%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare First American Bank and Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $200
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.55% APY
  • 36 Month: 2.50% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.85% APY
$1000 for all terms
Money Market Account 0.1% APY $2000

First American Bank and Trust has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First American Bank and Trust does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First American Bank and Trust's CD rates are fair compared to the national average.

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Find a First American Bank and Trust Near Me

First American Bank and Trust has 24 branches across the U.S.

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