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First Farmers Bank and Trust Company Review

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First Farmers Bank and Trust Company Savings
0.12% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1932, First Farmers Bank and Trust Company has $2 billion in assets and deposits totaling $1 billion, making the institution a large bank. First Farmers Bank and Trust Company, whose headquarters are in Converse, Indiana, lacks premium access to customer service, 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. Overall, First Farmers Bank and Trust Company is a solid pick to be your bank, with a rating of 4.3 out of 5 stars from our experts. First Farmers Bank and Trust Company has a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Farmers Bank and Trust Company has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance fee. Finding an institution with free checking and a high interest rate savings account is your best bet for getting the most income from your deposits while maintaining 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

3.7
SmartAsset Average: 3.5

With a savings rate of 0.12%, First Farmers Bank and Trust Company ranks poorly compared to the average U.S. bank. First Farmers Bank and Trust Company's CDs feature a rate of 1.36% and 2.74% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.28%. Given its below average savings rate, you should consider other options to earn more on your deposits.

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

First Farmers Bank and Trust Company Savings 0.12 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Farmers Bank and Trust Company charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, First Farmers Bank and Trust Company is ideal for those who want a basic checking account. For those who will need cash in a pinch, it is perfect because it charges no out-of-network ATM fees. First Farmers Bank and Trust Company does not reimburse out-of-network ATM charges, meaning you'll need to find a First Farmers Bank and Trust Company ATM or accept 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

4.0
SmartAsset Average: 3.7

First Farmers Bank and Trust Company is a brick-and-mortar bank, with 35 total bank locations in Illinois and Indiana. It also offers access to mobile and web apps for a simple mobile-banking experience. First Farmers Bank and Trust Company receives reasonably high marks from customers for its mobile platform. With 230 ratings on Apple and Android platforms, the First Farmers Bank and Trust Company mobile app has an overall rating of 4.1 out of 5 (compared to the national average of 3.8). You can utilize First Farmers Bank and Trust Company's mobile app to control your finances by looking at monthly statements, transferring funds and accessing support representatives. First Farmers Bank and Trust Company receives an exceptional consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed 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 ranks as a large bank with assets totaling $2 billion as well as $1 billion in deposits. First Farmers Bank and Trust Company's Texas Ratio is 12.22%, suggesting a small likelihood 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 0.12% 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 offers several deposit products including 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 in comparison to other U.S. banks.

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Find a First Farmers Bank and Trust Company Near Me

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

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