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First Bank & Trust Easygrow Drops Rate From 2.0% To 1.51% Eff 7/25/12

Tuesday, July 24, 2012 - 5:33 PMFirst Bank & Trust (SD) - Details
*Annual Percentage Yield (APY) for an easyGROW Checking account is accurate as of 7/25/2012 and is subject to change. This is not a teaser rate. Minimum deposit to open is $100. For qualifying accounts, 1.51% APY will be paid on the portion of your balance up to and including $24,999.99, and 0.25% APY will be paid on the portion of your balance $25,000.00 and above. If you do not meet the requirements during the qualification cycle, 0.05% APY?will be paid on your total balance for that statement cycle and you will not receive ATM fee refunds.




and with 10 yr treasuries at lowest rate ever, more of this will be coming.  How long before First Bank (like the Bank of Fayetteville recently)  lets the out of state customers know their business is no longer needed?  and if treasuries go negative, how long before banks start charging us for a place to put our cash, guarded and secure, with insurance included (courtesy of the fdic)?  or we can stuff it in our matresses for all they care...

Is it still worth it to keep accounts open as placeholders for the seemingly inevitable day when rates begin to rise, and rise some more?
2
andybujiandybuji11 posts since
Jan 26, 2010
Rep Points: 49
1. Thursday, December 27, 2012 - 9:08 AM
Effective 12/26/2012, they lowered their rate from 1.51% to 1.01%. It's almost no better than high interest onling savings accounts, altough they are still one of the few who reimburse the full ATM fee if you withdrawal money from an out-of-network ATM.
2
SDepositsSDeposits2 posts since
Dec 27, 2012
Rep Points: 3
2. Thursday, December 27, 2012 - 4:13 PM
Official notice of 1.01% rate decrease:

Based on the current rate environment, we are implementing the following rate changes on easyGROW Checking:  Effective 12/27/2012, 1.01% APY will be paid on the portion of your balance up to and including $24,999.99, and 0.25% APY will be paid on the portion of your balance $25,000.00 and above.  If you do not meet the requirements, 0.05% APY will be paid on your total balance for that statement cycle.  All other terms remain the same, as does our commitment to providing a premium deposit account that helps you BANKeasy.

First Bank & Trust is happy to have you as an easyGROW Checking customer. If you have any questions, please call us at 1-800-843-1552 or email easyGROWinfo@bankeasy.com. 

Sincerely,

First Bank & Trust
1
SDepositsSDeposits2 posts since
Dec 27, 2012
Rep Points: 3
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