First Mid Bank And Trust Review

Online banking is not of interest to everyone. Having access to online money management tools is always helpful, but many people prefer to have their questions answered in person.

First Mid Bank and TrustOur large footprint makes it easy and convenient to conduct direct banking transactions throughout Illinois, Missouri and Texas.

In this First Mid Bank and Trust review, I’ll explain the main features of the checking and savings account lineup, explain how fees work, and highlight the pros and cons so you can decide if First Mid is right for your situation.

What are First Mid Bank and Trust?

What do you offer?

This review focuses on individual checking and savings accounts offered through First Mid Bank and Trusts.

checking account

First Mid Bank and Trust offers several different checking accounts. Each account comes with a free Visa debit card and seamlessly uses Apple Pay, Samsung Pay and Google Pay.

Here’s a breakdown of each account:

• Premier checking account: This account comes with unlimited check writing privileges and one free box of checkers each year. Earn 0.01% APY on your balance and up to $80 cash back every year. However, you need to make a minimum starting deposit of $100.
• Classic checking account: Classic checking account offers 0.01% APY on all balances and up to $40 cashback per year.
• interest checking account: As the name suggests, interest checking accounts charge interest. Unfortunately, the current APY is only 0.01%. Not only that, but a minimum deposit of $1,000 is required to open this account.
• blue sky checking account: The Blue Sky checking account is unique to First Mid as there are no overdraft fees. The downside is that checks cannot be drawn from this account.
• Basic checking account: A basic checking account offers minimal functionality, such as check-drawing authority.
• basic student checking account: This is the only student checking account option with no monthly fees, but you must let your bank know when you plan to graduate.

Apart from student checking accounts, First Mid Bank and Trust does not offer free checking accounts and account functionality is limited. Especially considering the monthly maintenance fees and minimal interest options, it is difficult to consider opening a checking account through this bank.

retail savings

A retail savings account is an option if you have at least $100 to open an account. Earn floating market rates regardless of your balance. At the time of writing, this market rate is 0.15% APY for balances below $15,000. For balances between $15,000 and $100,000, the market interest rate jumps to 0.20% APY. For balances above $100,000, the market rate is 0.50% APY.

Please note that if your account balance falls below $100 during a statement cycle, there will be a maintenance fee of $1 per month. Also, if he makes more than 4 withdrawals, he charges a fee of $0.50 for each additional withdrawal.

smart savings

The Smart Savings Account is an option for savers with an active Premier or Classic checking account. With a Smart Savings account, you can set up an automatic savings plan that will automatically transfer $25 or more from your checking account to your savings account weekly, bi-weekly, or monthly.

Are there any fees?

Many First Mid Bank and Trust accounts have fees, such as monthly service plan fees. Some of the expected fees are listed below.

• Premier checking account: If you maintain a minimum daily balance of $5,000 on all First Mid accounts or maintain a minimum daily balance of $50,000, the monthly fee of $7.95 will be waived.
• Classic checking account: The $4.95 monthly fee is waived if you maintain a minimum daily balance of $5,000 or a minimum daily balance of $50,000 on all First Mid accounts.
• Interest checking account: Maintain a minimum daily balance of $1,500 to waive the $7 monthly fee.
• Bluesky checking account: The $5 monthly fee cannot be waived.
• Basic checking account: If you sign up for online banking or are over 62, the $3 monthly fee will be waived.

How does First Mid Bank compare to Trust?

First Mid Bank and Trust has over 70 branches, and if you live nearby, you can easily access in-person banking services. If you are looking for a direct experience that is not limited to the markets you serve,tracking A viable option for a national bank with branches across the United States

Unfortunately, First Mid Bank and Trust has a hard time competing with offers offered by other banks. For example:Free checking account option Available through Varo and First Tech Federation Credit Union.

If you are looking for a bank or credit union that offers a more favorable savings rate, please visit:high yield savings accountthrough Columbia Bankamerican first credit union.

How do I open an account?

To open an account with First Mid Bank and Trust, go to: Account opening page. From there, you can select the type of account you want to open.

Please prepare the following items.

• Social Security number or individual taxpayer number
• U.S. government-issued photo ID
• Fund account information from a U.S. checking or savings account

Once you start your application, make sure to complete it within 5 business days. Otherwise, you will have to start over.

Are you safe and secure?

First Mid Bank and Trust offers FDIC insurance on all deposit accounts. These accounts protect your funds up to $250,000. FDIC insurance provides complete peace of mind that your funds are safe.

How do I contact First Mid Bank and Trust?

If you would like to contact First Mid, start an online chat or call 877-888-5629. Customer support is available Monday through Friday from 7:30 AM to 5:30 PM and Saturday from 8:00 AM to 1:00 PM.

Is it worth it?

First Mid Bank and Trust Features