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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 was founded in 1910 with headquarters in Vacherie, Louisiana. First American Bank and Trust manages assets of $928 million and deposits totaling $801 million, ranking it as a medium-size bank. First American Bank and Trust lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated First American Bank and Trust 4.2 stars out of 5, which means it is a solid contender in your bank search. First American Bank and Trust has a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First American Bank and Trust has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for accruing the most income on your deposits alongside convenient 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

With a savings rate of 0.07%, First American Bank and Trust ranks poorly as compared against the national average. First American Bank and Trust's CD rates are 1.00% and 1.40% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.10%. Given First American Bank and Trust's poor savings rate, you should consider other options to earn more on your deposits.

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 charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, First American Bank and Trust's checking account is ideal for people who want a hassle-free banking experience. First American Bank and Trust doesn't reimburse out-of-network ATM fees, which means you will be required to search for a First American Bank and Trust ATM or pay 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 account access convenient, even on the go. It does not offer all-day customer service with representatives. You can get help during its 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 gets relatively high marks from customers for its mobile banking services. With 110 customer reviews on iOS and Android platforms, the First American Bank and Trust mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). First American Bank and Trust's mobile app allows you to control your funds by looking at monthly statements, sending and receiving funds and accessing support representatives. First American Bank and Trust receives a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 ranks as a medium-size bank with $928 million in assets and deposits totaling $801 million. First American Bank and Trust has an excellent Texas Ratio of 3.21%, denoting a minute probability 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: 1.00% APY
  • 24 Month: 1.10% APY
  • 36 Month: 2.50% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.40% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

First American Bank and Trust has several deposit products like 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 think about looking elsewhere 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 other U.S. banks.

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Find a First American Bank and Trust Near Me

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

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