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First Bank & Trust Review

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First Bank & Trust Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

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

First Bank & Trust Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

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.

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 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.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

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.

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Compare First Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $50
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 2.20% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.51% APY
  • 48 Month: 2.50% APY
  • 60 Month: 2.61% APY
$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.

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Find a First Bank & Trust Near Me

First Bank & Trust has eight physical locations across the U.S.

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