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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

Established in 1925, First Bank & Trust has $2 billion in assets along with deposits totaling $2 billion, making it a large bank. First Bank & Trust, whose headquarters are in Brookings, South Dakota, 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. Overall, First Bank & Trust is a great choice and should warrant serious consideration, with a rating of 4.3 out of 5 stars from our team. First Bank & Trust offers a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Bank & Trust has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Bank & Trust's ordinary 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 your best option for getting the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.15%, First Bank & Trust ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 1.30% and the five-year CD earns at a rate of 1.90%, while its highest-yielding money market account earns at an APY of 0.50%. Given its poor savings rate, you should think about taking a look at other banks for 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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Fees

5.0
SmartAsset Average: 4.4

First Bank & Trust has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, First Bank & Trust is ideal for those who want a basic checking account. For those who visit the ATM often, First Bank & Trust is ideal because it charges no out-of-network ATM fees. First Bank & Trust unfortunately doesn't refund out-of-network ATM fees, meaning you'll have to locate a First Bank & Trust ATM or pay the cost of withdrawal.

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

3.7
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 a straightforward mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service 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's online and mobile banking services get fair marks from customers. The First Bank & Trust mobile app has been given a 3.6 out of 5 (out of 110 ratings on iOS and Android) compared to the national average of 3.8. First Bank & Trust's mobile app lets you manage your bank accounts by monitoring current statements, sending and receiving money and accessing customer service. First Bank & Trust receives an excellent consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.9
SmartAsset Average: 4.8

First Bank & Trust is a large bank with $2 billion in assets and $2 billion in deposits. First Bank & Trust's Texas Ratio is 3.35%, signifying that the bank is in excellent financial condition and improbable to fail. 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

3.35%
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 $1
Certificates of Deposit
  • 12 Month: 1.30% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.75% APY
  • 60 Month: 1.90% APY
$10000 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

First Bank & 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 Bank & Trust does not have the best savings rate, which means you should consider 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 compared to other U.S. banks.

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Find a First Bank & Trust Near Me

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

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