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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 $2 billion in deposits, which makes the institution a large bank. First Mid-Illinois Bank & Trust, whose headquarters are in Mattoon, Illinois, lacks premium access to customer service, 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. Coming in at an average 3.8 out of 5 stars, First Mid-Illinois Bank & Trust is a decent choice, but with better options out there. First Mid-Illinois Bank & Trust provides customers with a varied choice 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; 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. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for accruing the most income from your deposits alongside convenient 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

With a savings rate of 0.07%, First Mid-Illinois Bank & Trust ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.26%, while its highest-yielding money market account has an APY of 0.15%. Given First Mid-Illinois Bank & Trust's noncompetitive savings rate, you should consider other options to earn more on your deposits.

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 generally has average fees in comparison to the average U.S. bank. Its checking account has a monthly fee of $3.00, ranking it slightly worse for anyone looking for a simple account. Additionally, at $32.00, it has a noticeably lower overdraft fee compared to the average U.S. overdraft fee. First Mid-Illinois Bank & Trust unfortunately doesn't refund out-of-network ATM charges, meaning you will have to find a First Mid-Illinois Bank & Trust ATM or accept the withdrawal 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 bank locations in Illinois and Missouri. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to 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 receives unsatisfactory reviews from customers for its mobile platform. Out of 260 customer reviews across Apple and Android platforms, the First Mid-Illinois Bank & Trust mobile app has an overall rating of 2.9 out of 5 (compared to the national average of 3.8). You can utilize First Mid-Illinois Bank & Trust's app to control your funds by looking at monthly statements, transferring funds and reaching support representatives. First Mid-Illinois Bank & Trust gets a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 owning assets totaling $3 billion as well as $2 billion in deposits. Its Texas Ratio is 5.31%, denoting that First Mid-Illinois Bank & Trust is in good financial health and far from 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 0.15% APY $25000

First Mid-Illinois 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 Mid-Illinois 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 Mid-Illinois Bank & Trust's CD rates are fair in comparison to the national average.

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Find a First Mid-Illinois Bank & Trust Near Me

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

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