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First Mid-Illinois Bank & Trust Review

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First Mid-Illinois Bank & Trust Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1865, First Mid-Illinois Bank & Trust has assets totaling $3 billion as well as deposits totaling $2 billion, which makes it a large bank. First Mid-Illinois Bank & Trust, whose headquarters are in Mattoon, Illinois, 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 offerings. At a SmartAsset rating of 3.8 out of 5 stars, First Mid-Illinois Bank & Trust should be near the middle of the pack in your search for a bank. First Mid-Illinois Bank & Trust has the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $3.00, which is acceptable as compared against the national average. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is your best bet for accruing the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

First Mid-Illinois Bank & Trust features a savings rate of 0.07%, which is fair in comparison to the national average. Its one-year CD earns at a rate of 0.30% and the five-year CD has a rate of 1.26%, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How First Mid-Illinois Bank & Trust's Savings Rates Compare

First Mid-Illinois Bank & Trust Savings 0.07 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

First Mid-Illinois Bank & Trust charges customers average fees in comparison to the national average. First Mid-Illinois Bank & Trust's checking account has a monthly fee of $3.00, ranking it slightly worse for anyone looking for a hassle-free account. Also, at $32.00, it has a markedly lower overdraft fee compared to the average overdraft fee charged by U.S. banks. First Mid-Illinois Bank & Trust doesn't refund out-of-network ATM fees, which means you will need to search for a First Mid-Illinois Bank & Trust ATM or accept the fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

3.4
SmartAsset Average: 3.7

First Mid-Illinois Bank & Trust is a brick-and-mortar bank, with 51 total branches in Illinois and Missouri. With mobile and web apps, First Mid-Illinois Bank & Trust makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 6:00 p.m. CT; Saturday, and 8:00 a.m. to 2:00 p.m. CT. First Mid-Illinois Bank & Trust gets unsatisfactory feedback from customers for its online presence. The First Mid-Illinois Bank & Trust mobile app has been given a 2.9 out of 5 (with 260 customer reviews on iOS and Android) compared to the national average of 3.8. First Mid-Illinois Bank & Trust's mobile app allows you to manage your accounts by reviewing account balances, sending and receiving money and accessing customer service. First Mid-Illinois Bank & Trust gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 2.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

First Mid-Illinois Bank & Trust is currently a large bank and owns assets totaling $3 billion and $2 billion in deposits. Its Texas Ratio is 5.31%, indicating a tiny likelihood of failure. Additionally, First Mid-Illinois 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

5.31%
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 Mid-Illinois Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $100
Checking Account 0.03% APY $2500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.01% APY
  • 60 Month: 1.26% APY
$1000 for all terms
Money Market Account 0.1% APY $25000

First Mid-Illinois Bank & Trust offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Mid-Illinois 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 Mid-Illinois Bank & Trust's CD rates are fair in comparison to other U.S. banks.

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Find a First Mid-Illinois Bank & Trust Near Me

First Mid-Illinois Bank & Trust has 51 physical branches across the U.S.

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