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First Farmers Bank and Trust Company Review

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First Farmers Bank and Trust Company Savings
0.11% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1932, First Farmers Bank and Trust Company has assets totaling $2 billion and deposits totaling $1 billion, which makes the institution a large bank. First Farmers Bank and Trust Company, whose headquarters are in Converse, Indiana, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.3 out of 5 stars, First Farmers Bank and Trust Company is a solid contender in your bank search. First Farmers Bank and Trust Company provides customers with a variety of product offerings, 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 looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly charge. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best bet for accruing the most income from your deposits while maintaining easy access to your funds.

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

3.7
SmartAsset Average: 3.5

First Farmers Bank and Trust Company has a savings rate of 0.11%, which is poor compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 1.36% and 2.74%, respectively, while its highest-yielding money market account earns at a rate of 0.28%. Given First Farmers Bank and Trust Company's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How First Farmers Bank and Trust Company's Savings Rates Compare

First Farmers Bank and Trust Company Savings 0.11 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Farmers Bank and Trust Company generally has extremely low fees compared to other U.S. banks. With no monthly fee, First Farmers Bank and Trust Company is perfect for people who want a basic checking account. For those who routinely visit the ATM, First Farmers Bank and Trust Company is perfect because it charges no out-of-network ATM fees. First Farmers Bank and Trust Company unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to find a First Farmers Bank and Trust Company ATM or eat the fee.

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

4.0
SmartAsset Average: 3.7

First Farmers Bank and Trust Company is a brick-and-mortar bank, with 35 total branches in Illinois and Indiana. It also offers access to mobile and web apps for simple access and banking on the go. First Farmers Bank and Trust Company gets reasonably high praise from users for its mobile platform. The First Farmers Bank and Trust Company mobile app is rated at 4.1 out of 5 (out of 230 customer reviews on iOS and Android) compared to the national average of 3.8. First Farmers Bank and Trust Company's mobile app lets you manage your bank accounts by looking at account balances, transferring money as well as reaching customer service. First Farmers Bank and Trust Company receives an outstanding consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

First Farmers Bank and Trust Company is currently a large bank owning $2 billion in assets as well as deposits totaling $1 billion. First Farmers Bank and Trust Company's Texas Ratio is 12.22%, indicating a tiny chance of failure. Additionally, First Farmers Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

12.22%
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 Farmers Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.11% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.36% APY
  • 24 Month: 1.81% APY
  • 36 Month: 1.97% APY
  • 48 Month: 2.07% APY
  • 60 Month: 2.74% APY
$10000 for all terms
Money Market Account 0.28% APY $10000

First Farmers Bank and Trust Company has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Farmers Bank and Trust Company 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 Farmers Bank and Trust Company's CD rates are fair compared to the national average.

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Find a First Farmers Bank and Trust Company Near Me

First Farmers Bank and Trust Company has 35 locations across the U.S.

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