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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


Established in 1925, First Bank & Trust has $2 billion in assets and deposits totaling $2 billion, classifying the institution as a large bank. First Bank & Trust, whose headquarters are in Brookings, South Dakota, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.3 out of 5 stars, First Bank & Trust should be solidly in contention for your choice of bank. First Bank & Trust has a complete 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; you can find higher rates with other banks. If you're interested in stress-free personal checking, First Bank & Trust's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for returning the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

First Bank & Trust has a savings rate of 0.15%, which is poor compared to the national average. First Bank & Trust's CDs feature a rate of 1.15% and 1.90% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given First Bank & Trust's below average savings rate, you should consider looking elsewhere to open savings accounts.

How First Bank & Trust's Savings Rates Compare

First Bank & Trust Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, First Bank & Trust charges its customers extremely low fees in comparison to the average U.S. bank. First Bank & Trust's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who often visit the ATM, First Bank & Trust is perfect because it has no out-of-network ATM fees. First Bank & Trust does not reimburse out-of-network ATM charges, meaning you will have to locate a First Bank & Trust ATM or pay the ATM charge.

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

SmartAsset Average: 3.7

First Bank & Trust is a brick-and-mortar bank, with 16 total branches in Minnesota and South Dakota. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. First Bank & Trust receives moderate reviews from users for its mobile platform. 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. First Bank & Trust's mobile app lets you manage your finances by monitoring account balances, transferring funds and reaching customer service. First Bank & Trust gets an exceptional consumer satisfaction rating based on relatively few consumer complaints filed with 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 No
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Financial Health

SmartAsset Average: 4.8

First Bank & Trust is currently a large bank and owns $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 3.35%, suggesting a low chance 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

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 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 0.05% APY $2501
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.40% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.90% APY
$100 for all terms
Money Market Account 0.2% APY $100

First Bank & 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 Bank & Trust does not have the best savings rate, which means you should think about taking a look 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 Bank & Trust's CD rates are fair as compared against the national average.

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Find a First Bank & Trust Near Me

First Bank & Trust has 16 branches across the U.S.

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