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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, ranking 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 options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, The First Bank and Trust Company is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from our team. The First Bank and Trust Company offers a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The First Bank and Trust Company's standard checking account does not have a monthly fee. Banks that offer free checking and a high savings APY are the best option for accruing the most 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

With a savings rate of 0.30%, The First Bank and Trust Company ranks poorly compared to other U.S. banks. The First Bank and Trust Company's one-year CD earns at a rate of 1.00% and the five-year CD earns at a rate of 2.25%, while its highest-yielding money market account earns at an APY of 0.55%. Given The First Bank and Trust Company's poor savings rate, you should think about looking at the competition to open 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

The First Bank and Trust Company generally has extremely low fees compared to other U.S. banks. The First Bank and Trust Company's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, The First Bank and Trust Company is perfect because it has no out-of-network ATM fees. The First Bank and Trust Company does not reimburse out-of-network ATM charges, which means you'll be required to search for 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 mobile banking straightforward, even on the go. The First Bank and Trust Company receives fair marks from customers for its mobile platform. With 93 customer reviews across iOS 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 control your accounts by looking at account balances, sending and receiving money as well as reaching customer service. The First Bank and Trust Company gets an outstanding 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 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 is currently a large bank owning assets totaling $2 billion and deposits totaling $1 billion. The First Bank and Trust Company has a strong Texas Ratio of 6.03%, suggesting a tiny possibility 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 that provide you with many options to manage your money. The First Bank and Trust Company does not have the best savings rate, which means you should consider other options 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 national average.

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Find a The First Bank and Trust Company Near Me

The First Bank and Trust Company has 26 branches in the U.S.

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