First Mid Bank and Trust Certificates of Deposit

First Mid Bank and Trust Certificates of Deposit Review

First Mid Bank and Trust Certificates of Deposit are offered by First Mid Bank & Trust, a bank founded in 1934 and based in Mattoon, IL. First Mid Bank and Trust Certificates of Deposit are available in 2 states across the USA.

Key Takeaways

• Only one CD type available. First Mid Bank and Trust Certificates of Deposit only offers traditional CD accounts.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. First Mid Bank and Trust Certificates of Deposit allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of First Mid Bank and Trust Certificates of Deposit

First Mid Bank and Trust Certificates of Deposit FAQ

Are CD from First Mid Bank & Trust federally insured?

Yes, your First Mid Bank & Trust CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #3705). 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 Mid Bank & 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 CDs for another term.

What rates does First Mid Bank & Trust offer on its CDs?

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

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

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

First Mid 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 Mid Bank & Trust 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 term ends.

First Mid Bank & Trust does not charge an early withdrawal fee.

First Mid Bank & Trust does charge any of the fees we track.