First Mid Bank & Trust is a regional financial institution offering a range of services from checking and savings accounts to loans and wealth management. If you’re considering banking with them, this review breaks down the pros, cons, and key features to help you decide if it’s the right fit.
What Sets First Mid Apart?
First Mid distinguishes itself through a community-focused approach. Unlike larger national banks, they prioritize personalized service and relationship-based banking, particularly for customers near their branch locations. This means you may receive more tailored financial support, but it also means their reach is limited.
Account Options: A Detailed Look
First Mid Bank & Trust provides various account types to suit different needs:
Checking Accounts:
* Premier Checking : Earns debit card rewards up to $80 per year.
* Classic Checking : Offers up to $40 in annual debit rewards.
* Interest Checking : Provides a modest APY on all balances.
All checking accounts include standard features like debit card access, direct deposit, online bill pay, and mobile banking tools.
Savings Accounts:
First Mid offers Retail Savings, Smart Savings, and a competitive High-Yield Savings Account through Raisin. The High-Yield account boasts a significantly higher APY compared to traditional savings options, with no minimum balance requirement.
CD Accounts:
Certificates of Deposit (CDs) are available with minimum deposits of $1,000 and terms from 3 months to 5 years. Promotional rates are sometimes available, but standard rates may be lower than those offered by online banks.
Money Market Accounts:
The Retail Money Market account requires a $1,000 minimum balance to avoid monthly fees. APYs vary based on balance tiers, offering higher rates for larger deposits.
Banking Experience & Digital Access
First Mid provides a mobile app for both Android and iOS with features like balance checks, transaction history, and funds transfers. Customers report the app is intuitive and reliable, with real-time balance updates. The bank also emphasizes responsive customer service.
How Does First Mid Compare?
First Mid Bank & Trust stacks up against competitors in several key areas:
- vs. Busey Bank : First Mid’s high-yield savings account is more accessible than Busey’s Premium Savings, which requires a $25,000 balance for top rates.
- vs. First Bank : First Bank offers higher CD APYs, but First Mid has lower opening deposit requirements.
- vs. Wintrust : Wintrust provides fee-free checking with perks like free ATM access, while First Mid emphasizes financial service discounts and balance-based benefits.
Is First Mid Bank & Trust Safe?
Yes. First Mid Bank & Trust is a regulated financial institution with deposits insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, per ownership category. You can verify their insurance status using the FDIC’s BankFind database.
Pros and Cons: A Quick Breakdown
Pros:
* Community-focused banking.
* Range of deposit and lending products.
* Personalized branch support.
* Wealth management and trust services.
Cons:
* Limited geographic footprint.
* Savings rates may be lower than online banks.
* Digital tools may not be as advanced as those offered by larger national banks.
Final Verdict: Is First Mid Right for You?
First Mid Bank & Trust is a solid choice for customers who prioritize personalized service and local banking relationships. If you live near a First Mid branch and value direct support, it can be a good fit. However, if you seek the highest savings rates or nationwide access, larger banks or online financial institutions may be better suited.
Before making a decision, carefully compare account features, fees, and interest rates to ensure First Mid aligns with your financial goals. Rates are subject to change, so verify current details before opening an account.
