First Mid Bank & Trust Review: Accessible Accounts and Competitive Savings Options
Written by
Allison Hache
Edited by
Melanie Grafil
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The High-Yield Savings Account pays a competitive APY with no balance requirements or fees.
Best for customers who value accessible financial solutions, local branch support and straightforward options for maximizing savings.
First Mid Bank & Trust provides a wide range of financial products, including fee-free and interest-earning checking accounts, a competitive high-yield savings account through Raisin and flexible CD options. The bank operates physical branches in Illinois, Missouri, Texas and Wisconsin.
First Mid Bank & Trust Checking Accounts
First Mid Bank & Trust offers multiple checking accounts to fit varying needs, including fee-free options, interest-bearing accounts, and specialized accounts for young customers and seniors. All accounts come with essential banking tools and perks like overdraft protection and access to digital banking services.
- The debit card rewards program pays up to $80 per year for Premier accounts and up to $40 per year for Classic accounts.
- First Mid reimburses ATM fees up to $12 per month for select accounts.
- Premier Checking, Classic Checking and Interest Checking have an APY of for all balances.
- Additional services, including shopping and travel discounts, accidental death and dismemberment insurance and identity theft protection, are available with select accounts.
Best For
Banking in Illinois
Mobile App
Loan Options
Low Monthly Fees
Low Minimum Deposit
Diverse Checking Account Options
First Mid Bank & Trust offers a competitive high-yield savings account with no fees or limits, though its traditional savings options have low APYs and restrictions.
Fees
$3 to $7.95, with some waivable options
APY
Min Opening
$25 to $1,000
Pros
- Variety of accounts to suit different lifestyles and needs, including the Silver Simply Free checking account for seniors and a digital checking account, Blue Sky
- Options to waive the monthly maintenance fee by maintaining a minimum daily balance in the checking account or total deposits with the bank
- Debit card rewards program that pays cash back on everyday purchases made with the debit card
- No annual fee
Cons
- High minimum balance requirement to avoid fees for Premier Classic, and Interest checking accounts: $1,500 to 5,000
- Cannot waive the Blue Sky maintenance fee
- Low APY for interest-earning checking accounts compared to options at other banks
Quick Take
First Mid Bank & Trust provides a variety of checking accounts for diverse needs, but high minimum balances and low APY rates may be drawbacks.
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First Mid Bank & Trust Savings Accounts
First Mid offers customers two traditional savings accounts: Retail Savings and Smart Savings as well as a High-Yield Savings Account through Raisin. The high-yield account has a competitive APY of that outpaces the rates of the bank’s traditional savings options.
- Open a High-Yield Savings account online with a minimum deposit of $1.
- Open a Retail Savings account with a minimum opening deposit of $100.
- The Retail Savings account has a $1 monthly maintenance fee when the balance falls under $100.
- You pay no maintenance fee for the High-Yield Savings account and do not have to maintain a minimum balance.
- The High-Yield Savings account has no transaction limits like First Mid’s traditional savings accounts.
Best For
Banking in Illinois
Mobile App
Loan Options
Low Monthly Fees
Low Minimum Deposit
High-Yield Savings Advantage
First Mid Bank & Trust offers a competitive high-yield savings account with no fees or limits, though its traditional savings options have low APYs and restrictions.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- Competitive interest rate for the high-yield account is higher than the national average
- No monthly maintenance fees or transaction limits with the high-yield account
- Linked Smart Savings account has no maintenance fee
Cons
- Other online banks pay a higher APY for high-yield savings accounts
- Must apply and service the high-yield savings account through a third-party platform
- Non-competitive APY for traditional savings accounts
Quick Take
First Mid Bank & Trust’s High-Yield Savings account, offered through Raisin, stands out with a competitive APY, no maintenance fees and no transaction limits. While traditional savings accounts are accessible, their low APY and restrictions make them less appealing. The high-yield account is an excellent option for maximizing returns, though some competitors may offer slightly higher rates.
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First Mid Bank & Trust CD Accounts
First Mid Bank & Trust has a selection of CDs with a minimum of $1,000, which makes them accessible for a variety of savers. You can choose from eight terms to accommodate your savings goals, with standard rates from to APY. The bank offers Special CDs with promotional rates from time to time, with rates as high as APY.
- Open a CD with a low $1,000 minimum deposit.
- Choose from eight flexible terms from 3 months to 5 years.
- Special promotional rates of to are available for a limited time.
- Standard rates from may fall short compared to online banks.
- You have the option to deposit up to $50,000 during the CD term.
Best For
Banking in Illinois
Mobile App
Loan Options
Low Monthly Fees
Low Minimum Deposit
Flexible Terms and Promo Rates
First Mid Bank & Trust CDs offer accessible options with a low minimum deposit and competitive promotional rates, but standard rates may fall short compared to online banks.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- Can open a standard CD online
- Competitive rates for promotional CDs
- Can deposit additional funds after opening a CD account
Cons
- Rates for standard CDs are not competitive.
- Minimum deposit for standard CDs is higher than some competitors.
Quick Take
CDs at First Mid Bank & Trust are accessible, with a low minimum deposit and flexible terms. While the promotional CDs have competitive interest rates, you can find better rates elsewhere for standard CDs. Being able to deposit additional funds during the CD term is a valuable perk that may be worth accepting the lower rates.
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First Mid Bank & Trust Money Market Accounts
First Mid Bank & Trust offers one money market account: the Retail Money Market. This account comes with tiered interest rates, rewarding higher balances with higher rates. You’ll need at least $1,000 to open the account and avoid paying the monthly maintenance fee.
- APY ranges from to .
- The account is charged a monthly maintenance fee of $5 when the daily balance falls below $1,000.
- The online application for a money market account is available on the bank’s website.
- The number of transactions is limited to six per statement cycle, or you pay a $5 excess withdrawal fee.
Best For
Banking in Illinois
Mobile App
Loan Options
Low Monthly Fees
Low Minimum Deposit
Accessible Money Market Account
First Mid Bank & Trust’s Retail Money Market account offers tiered interest rates, unlimited ATM access, and a low opening deposit, though it has monthly fees for balances below $1,000 and transaction limits.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- Unlimited ATM access
- Low opening deposit makes the account accessible for many customers
- Pays a higher APY than a First Mid savings account
Cons
- Maintenance fee for balances below $1,000
- Limited number of transactions each monthÂ
Quick Take
First Mid Bank & Trust’s Retail Money Market account is accessible with a low opening deposit and tiered interest rates. Unlimited ATM access adds flexibility, but withdrawal limits make that convenience less practical if you need to take out money frequently. For those who maintain higher balances, it’s a practice choice with modest benefits.
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Banking Experience
As a First Mid Bank & Trust customer, you have access to the bank’s mobile app on Google Play and the App Store. The app has many useful features, including balance check, transaction history and funds transfer. Users mention the app’s intuitive design and reliable performance, especially the convenience of seeing balance updates in real-time. Customers also note the responsiveness and helpfulness of the customer service team.
How Does First Mid Bank & Trust Compare?
Understanding how the products at different banks meet your financial needs can help you find the right community bank. Below is a breakdown of how First Mid compares to some alternatives.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3 to $7.95, with some waivable options
Range from $3-$10, but can be waived.
$0 to $15
APY
APY
APY
to
Min Opening
Min Opening
Min Opening
$25 to $1,000
$100
$25 to $100
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$4 for customers over 21 years old
$4, waivable
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$0
$50
$100
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
Up to
to
Up to
Min Opening
Min Opening
Min Opening
$0
$500
$500
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$10-$25 Monthly Service Fee
$0 to $25, waivable
APY
APY
APY
Up to
to
Min Opening
Min Opening
Min Opening
$0
$1,000
$0
First Mid Bank & Trust vs. Busey Bank
You can open a Bridge Savings account at Busey Bank with a $25 deposit, but you’ll need at least $25,000 to open and maintain a Premium Savings account with the bank’s best interest rates. First Mid’s High-Yield Savings account through Raisin pays the same APY that Busey Bank reserves for accounts with balances between $25,000 and $99,999. Unlike Busey Bank’s Premium Savings, First Mid’s high-yield account has no minimum balance requirement to maintain the rate, making it more accessible to savers who want greater flexibility.
First Mid Bank & Trust vs. First Bank
First Bank offers significantly higher APYs for CDs, such as a 5-month CD with an APY of compared to First Mid’s APY for a 91 to 181-day term. However, First Mid Bank & Trust has a lower opening deposit, which makes the accounts more accessible for investors with less money. Although First Bank may appeal to customers looking for higher returns, a First Mid CD may be attractive to someone who wants a lower initial deposit requirement and banking simplicity.
First Mid Bank & Trust vs. Wintrust
First Mid Bank & Trust’s Classic Checking requires a $100 opening deposit and has a monthly fee you can avoid by meeting balance requirements, while the Premier Checking adds tiered interest and perks like free checks and ATM fee waivers. Wintrust’s Total Access Checking has no monthly fees or balance requirements and comes with free ATM access, while Access Plus Checking pays interest on balances. For fee-free flexibility and bonuses, Wintrust stands out, but First Mid may be better suited for those who want financial services discounts and can maintain higher balances.
Final Take
First Mid Bank & Trust is a good choice for individuals in the bank’s service area who want personalized services and digital banking tools. Its competitive high-yield savings account and opportunities to waive fees make it appealing to those looking to maximize returns while managing annual costs effectively.
First Mid Bank & Trust FAQ
- Does First Mid Bank & Trust have Zelle?
- Yes, you can use Zelle to send payments from your First Mid checking account to other people. To access the service, go through online bill pay.
- What is the mobile deposit limit for First Mid Bank & Trust?
- The maximum you can deposit through the mobile app is $2,000 each day. You should have access to the funds in one to two business days.
- Does First Mid Bank & Trust Bank have monthly fees?
- Yes, First Mid Bank & Trust charges a monthly fee for the Classic Checking, Premier Checking, Interest Checking and Blue Sky Checking accounts. It also charges a fee for the Retail Savings and Money Market accounts. You can waive fees on all accounts, except for the Blue Sky Checking account by meeting balance requirements.
- How much is the overdraft fee for First Mid Bank & Trust?
- First Mid Bank & Trust charges $32 for items it returns or pays when your account is overdrawn. This does not apply to Blue Sky accounts.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 13, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
