First Bank & Trust started in 1987 with headquarters in Sioux Falls, South Dakota. First Bank & Trust has assets of $917 million along with $793 million in deposits, ranking it as a medium-size bank. First Bank & Trust has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. 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. Overall, First Bank & Trust is a solid contender in your bank search, with a rating of 4.4 stars out of 5 from the SmartAsset experts. First Bank & Trust has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, First Bank & Trust's ordinary checking account does not have a monthly fee. Finding a bank with free checking, in addition to a high interest rate savings account is the best option for getting the most income on your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
First Bank & Trust features a savings rate of 0.15%, which is fair in comparison to other U.S. banks. First Bank & Trust's CDs feature a rate of 2.20% and 2.61% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.50%. Given First Bank & Trust's poor savings rate, you should think about choosing another bank to earn more on your deposits.
How First Bank & Trust's Savings Rates Compare
On average, First Bank & Trust charges customers extremely low fees as compared against the national average. With no monthly fee, First Bank & Trust is perfect for those who want a basic checking account. First Bank & Trust unfortunately doesn't refund out-of-network ATM fees, meaning you'll have to find a First Bank & Trust ATM or eat the cost of withdrawal.
First Bank & Trust is a brick-and-mortar bank, with eight total bank locations in South Dakota. With mobile and web apps, First Bank & Trust makes mobile banking straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday though Friday, 7:30 a.m. to 6:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Additionally, First Bank & Trust customers can access live chat for their banking questions or needs, something to consider if you work during the customer service hours. First Bank & Trust's online and mobile banking platforms receive fair marks from customers. The First Bank & Trust mobile app is rated at 3.6 out of 5 (with 110 ratings on iOS and Android) compared to the national average of 3.8. You can access First Bank & Trust's app to control your bank accounts by reviewing current statements, transferring money as well as accessing support representatives. First Bank & Trust receives an outstanding consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
First Bank & Trust is currently a medium-size bank with $917 million in assets as well as $793 million in deposits. First Bank & Trust's Texas Ratio is 1.34%, signifying a negligible probability of failure. Additionally, First Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
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.Back to Overview
Compare First Bank & Trust to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$50|
|Checking Account||0.1% APY||$1|
|Certificates of Deposit|| ||$100 for all terms|
|Money Market Accounts||0.5% APY 0.5% APY||$10000 $15000|
First Bank & Trust offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Bank & Trust does not have the best savings rate, which means you should think about 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 Bank & Trust's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a First Bank & Trust Near Me
First Bank & Trust has eight physical locations across the U.S.Back to Overview