First Bank and Trust Certificates of Deposit

First Bank and Trust Certificates of Deposit Review

First Bank and Trust Certificates of Deposit are offered by First Bank and Trust, a bank founded in 1925 and based in Brookings, SD. First Bank and Trust Certificates of Deposit are available in 2 states across the USA.

Key Takeaways

• Small selection of CD account types. First Bank and Trust Certificates of Deposit only offers liquid and traditional CDs.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Limited selection of CD terms. First Bank and Trust Certificates of Deposit only offers two CD terms. This limits your options when trying to set up a CD ladder.

Pros & Cons of First Bank and Trust Certificates of Deposit

First Bank and Trust Certificates of Deposit FAQ

Are CDs from First Bank and Trust federally insured?

Yes, your First Bank and Trust CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does First Bank and Trust offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.

What CD rates does First Bank and Trust offer on its CDs?

What is the minimum deposit to open a CD account with First Bank and Trust?

First Bank and Trust Certificates of Deposit requires a minimum deposit of $1,000 to open an account.

What is the grace period for First Bank and Trust Certificates of Deposit?

First Bank and Trust Certificates of Deposit does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does First Bank and Trust Certificates of Deposit charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

First Bank and Trust does not charge an early withdrawal fee.