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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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||0.05% APY||$2501|
|Certificates of Deposit|| ||$100 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.Back to Overview
Find a First Bank & Trust Near Me
First Bank & Trust has 16 physical branches across the U.S.Back to Overview