First Mid Bank And Trust Review: Pros And Cons

First Mid Bank & Trust offers an amazing high yield savings account and other great banking services.

Online banking isn’t everyone’s cup of tea. While having access to online money management tools is always helpful, many people prefer to have their questions answered in person.

First Mid Bank and Trust’s substantial footprint makes it easy and convenient to bank in person throughout Illinois, Missouri, and Texas.

In this First Mid Bank And Trust Review, I'll explain the key features of its checking and savings account lineup, let you know how the fees work, and cover any the pros and cons so you can decide if First Mid is the right fit for your situation.

What Is First Mid Bank And Trust?

First Mid Bank and Trust is a full-service financial institution that offers everything from deposit accounts to mortgages and insurance products to wealth management services. The Mattoon, Illinois-based company also offers commercial banking opportunities.

First Mid began serving customers in 1865. Since then, the bank has expanded to offer branch locations throughout Illinois, Missouri, and Texas. As of writing, the bank boasts 72 branches across its service area. 

What Does It Offer?

For the purposes of this review, we will focus on the personal checking and savings accounts offered through First Mid Bank and Trust. 

Checking Accounts

First Mid Bank and Trust offers several different checking accounts. Each of the accounts comes with a free Visa debit card, which allows you to seamlessly use 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 1 free box of checkers each year. You can earn 0.01% APY on your balances and up to $80 in cash back each year. But you’ll need to make a minimum opening deposit of $100.
• Classic checking account: The Classic checking account offers 0.01% APY on all balances and up to $40 in cash back per year. 
• Interest checking account: Like the name suggests, the Interest checking account does bear interest. Unfortunately, the current APY is a paltry 0.01%. Not only that, but you need a minimum deposit of $1,000 to open this account. 
• Blue Sky checking account: The Blue Sky checking account doesn’t come with any overdraft fees, which makes it unique for First Mid. The downside is that you cannot write checks out of this account. 
• Basic checking account: The Basic checking account offers bare-minimum features, including check-writing privileges. 
• Basic Student checking account: This is the only student checking account option offered that doesn’t come with a monthly fee, but you must let the bank know when you plan to graduate. 

Aside from their student checking account, First Mid Bank and Trust doesn't offer free checking accounts, and their account features are limited. In particular, the monthly maintenance fees and minimal interest-bearing options make it difficult to consider opening a checking account through this bank. 

Retail Savings

If you have at least $100 to open an account, the Retail Savings account is an option. Regardless of your balance, you’ll earn a variable market rate. As of writing, this market rate is 0.15% APY for balances of less than $15,000. For balances between $15,000 and $100,000, the market rate jumps to 0.20% APY. For balances over $100,000, the market rate is 0.50% APY. 

Note that you'll encounter a monthly maintenance fee of $1 if your account balance falls below $100 during a statement cycle. And if you make more than four withdrawals, you will face a $0.50 fee for each additional withdrawal.

High Yield Savings Account

First Mid Bank & Trust also offers a competitive high-yield savings account in partnership with Raisin. This account is available online, nationwide, and has an amazing 4.60% APY right now.

The account only has a $1 minimum to open, and there are no monthly maintenance fees or minimum balance requirements.

Check out the First Mid Bank & Trust High Yield Savings here >>

Are There Any Fees?

Many of the First Mid Bank and Trust accounts come with a monthly service plan fee, among other fees. Here’s a look at some of the fees you can expect:

• Premier checking account: $7.95 monthly fee can be waived if you maintain a minimum daily balance of $5,000 or maintain a $50,000 minimum daily balance across all First Mid accounts. 
• Classic checking account: $4.95 monthly fee can be waived if you maintain a minimum daily balance of $5,000 or maintain a $50,000 minimum daily balance across all First Mid accounts.
• Interest checking account: $7 monthly fee can be waived if you maintain $1,500 daily minimum balance.
• Blue Sky checking account: $5 monthly fee cannot be waived.
• Basic checking account: $3 monthly fee can be waived if you sign up for Online Banking or are at least 62 years old.

How Does First Mid Bank And Trust Compare?

First Mid Bank and Trust offers more than 70 branches, giving you easy access to in-person banking services if you live near one of their branch locations. If you are looking for an in-person experience that’s not limited to the markets they serve, Chase is a viable alternative as a national bank with branches across the U.S.

Unfortunately, First Mid Bank and Trust has a difficult time competing with the offers available through other banks. For example, you can find free checking account options available through Varo and First Tech Federal Credit Union.

If you are looking for a bank or credit union with more lucrative savings rates, you can find high-yield savings accounts through Columbia Bank and American First Credit Union.

How Do I Open An Account?

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

Be prepared to provide the following:

• Your Social Security Number or Individual Tax Identification Number
• A US government-issued photo ID
• Funding account information from a US checking or savings account

Once you start the application, try to complete it within 5 business days. Otherwise, you’ll have to start from scratch. 

Is It Safe And Secure?

First Mid Bank and Trust offers FDIC insurance on all of its deposit accounts. With that, your funds are protected for up to $250,000 in these accounts. FDIC insurance provides ample peace of mind that your funds are safe. 

How Do I Contact First Mid Bank And Trust ?

If you want to get in touch with First Mid, you can start an online chat or give them a call at 877-888-5629. Customer support is available from 7:30 AM to 5:30 PM on Monday through Friday and 8 AM to 1 PM on Saturdays.

Is It Worth It?

First Mid Bank And Trust Features