First Midwest Bank Statement Savings

First Midwest Bank Statement Savings Review

First Midwest Bank Statement Savings is offered by First Midwest Bank, a bank founded in 1933 and based in Chicago, . First Midwest Bank Statement Savings is available in 4 states across the USA.

Key Takeaways

• Low APY. The maximum annual percentage yield for this account is only 0.01%.
• Charges a monthly fee. This account charges a monthly service fee of up to $5, but the fee is waived if you keep a minimum balance of $200.
• $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
• Bill pay. Pay your bills to practically anyone in the United States through First Midwest Bank.

First Midwest Bank savings account Pros & Cons

Pros	Cons
Interest-yielding account. Access to physical branches. Free debit card Access to a nationwide network of ATMs.	No signup bonus. Does not offer mobile check deposits. Only available in 4 states. Higher than average wire transfer fees. Monthly service charge.

First Midwest Bank savings account FAQ

Are savings accounts from First Midwest Bank federally insured?

Yes, your First Midwest Bank savings accounts 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.

Does First Midwest Bank offer a signup bonus?

First Midwest Bank savings account has a signup bonus of $0.

What is the minimum initial deposit for First Midwest Bank savings account?

The minimum deposit to open a First Midwest Bank savings account is $100.

First Midwest Bank Statement Savings Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $200
Minimum Opening Deposit	Starting at $100

What APY does First Midwest Bank offer?

First Midwest Bank savings account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does First Midwest Bank savings account charge?

First Midwest Bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $200.

• Outgoing domestic bank transfers come with a $30 fee.
• Incoming domestic bank transfers come with a $15 fee.
• Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $15 fee.

What features and perks does First Midwest Bank savings account offer?

This savings account includes the following features:

• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - First Midwest Bank savings account allows you to manage your money online or with a mobile app.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to First Midwest Bank savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for First Midwest Bank savings account?

The customer support email for First Midwest Bank savings account is CustomerCare@FirstMidwest.com.