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The First Bank and Trust Company Review

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The First Bank and Trust Company Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1979, The First Bank and Trust Company has assets totaling $2 billion and $1 billion in deposits, classifying it as a large bank. The First Bank and Trust Company, whose headquarters are in Lebanon, Virginia, 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 4.3 stars out of 5, The First Bank and Trust Company should be solidly in contention for your choice of bank. The First Bank and Trust Company offers a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly maintenance fee. Banks that offer no-fee checking and a high savings APY are the best bet for gaining the highest income on 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

3.8
SmartAsset Average: 3.5

The First Bank and Trust Company features a savings rate of 0.30%, which is poor in comparison to other U.S. banks. Its one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 2.25%, while its highest-yielding money market account has an APY of 0.55%. Given The First Bank and Trust Company's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

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

The First Bank and Trust Company Savings 0.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, The First Bank and Trust Company charges customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. The First Bank and Trust Company doesn't refund out-of-network ATM fees, meaning you'll be required to find a The First Bank and Trust Company ATM or eat 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

3.7
SmartAsset Average: 3.7

The First Bank and Trust Company is a brick-and-mortar bank, with 26 total bank locations in Tennessee and Virginia. With mobile and web apps, The First Bank and Trust Company makes account access easy, even on the go. The First Bank and Trust Company's online and mobile banking platforms get moderate scores from users. Out of 93 customer reviews on Apple and Android platforms, the The First Bank and Trust Company mobile app rates a 3.5 out of 5 (compared to the national average of 3.8). The First Bank and Trust Company's mobile app allows you to manage your funds by checking account balances, transferring money as well as reaching support representatives. The First Bank and Trust Company receives an excellent consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

The First Bank and Trust Company ranks as a large bank and has $2 billion in assets and $1 billion in deposits. It has a strong Texas Ratio of 6.03%, signifying a small likelihood of failure. Additionally, The First 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

6.03%
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 The First Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $25
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.45% APY
  • 36 Month: 1.65% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$500 for all terms
Money Market Account 0.5% APY $10000

The First Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The First Bank and Trust Company 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. The First Bank and Trust Company's CD rates are fair in comparison to the average U.S. bank.

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Find a The First Bank and Trust Company Near Me

The First Bank and Trust Company has 26 physical locations across the U.S.

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