FAB&T Adds Rate-Leading 10-Month CD Special


Deal Summary: 10-month Bump Up CD Special, 5.78% APY, $25k minimum deposit of new money.

Availability: Arkansas

The concept of a “bump up” CD is appealing – who wouldn’t want to be able to increase a CD’s rate during the term? The reality is unless you regularly monitor the CD, you might miss a rate increase, if a rate increase should actually occur. The FAB&T (formerly known as First Arkansas Bank and Trust) 10-month Bump Up CD Special is just a standard CD that receives a bump up in the rate with a deposit of at least $25k of new money. The 25-bps “bump” is not dependent on some future rate increase, but will be “effective on same date CD is opened” with at least $25k of new money included in the opening deposit. As stated on the landing page, new money is defined as funds “not originally in an existing FAB&T account.”

If the opening deposit does not include at least $25k of new money, a 5.52% APY will be in effective and there is no current or future “bump up” option.

Availability and Account Opening

Headquartered in Jacksonville, Arkansas, FAB&T has a brick-and-mortar presence in four central Arkansas counties – Cleburne, Faulkner, Lonoke, Pulaski, and Van Buren. According to CSR, U.S. citizens and resident aliens (18 years or older with a valid Social Security number) who live in Arkansas and can come in to a branch location are eligible to open a 10-Month Bump Up CD Special.

While FAB&T has an online application for checking and savings account, the 10-Month Bump Up CD Special can only be opened in-branch at any of 21 full-service Arkansas branches located in Austin, Cabot (3), Clinton, Conway, Damascus, Gravel Ridge, Greenbrier (2), Greers Ferry, Heber Springs (2), Jacksonville (5), Quitman, and Sherwood (2).

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, or check.
  • Ownership – Individual, joint, or trust.
  • Early Withdrawal Penalty – Lesser of all earned interest or 90 days.
  • Interest – Compounded quarterly and credited at maturity.
  • Maturing Funds – Cashier’s check to the address on file or internal transfer.
  • Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers are required for all beneficiaries.
  • Grace Period –7 calendar days before automatic renewal as a 6-month CD at the prevailing rate.
  • Credit Check – ChexSystems.

Bank Overview

FAB&T has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 12.34% (above average) based on March 31, 2023 data. In the past year, FAB&T has increased its total non-brokered deposits by $15.52 million, an above average annual growth rate of 1.9%. Please refer to our financial overview of FAB&T (FDIC Certificate # 16849) for more details.

Established in 1949 as the Jacksonville State Bank, FAB&T is a family-owned and operated community bank. Three generations of the Wilson family (Kenneth Pat, founder and originally Chairman of the Board; his youngest son, Larry T., current Chairman of the Board, President, and CEO; and Larry’s son, Mark, current Executive Vice President and COO) have been involved in the economic development of the local community. Currently the 19th largest bank headquartered in Arkansas, FAB&T has assets in excess of $1 billion and more than 38,000 customer accounts.

How the 10-Month Bump Up CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $25k or less, only one credit union has a higher rate than currently offered on the FAB&T 10-Month Bump Up CD Special. The following table compares the 10-Month Bump Up CD Special to the two highest-rate CDs from credit unions and the two highest-rate CDs from other banks.

The above information and rates are accurate as of 9/22/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Little Rock CD rates, 1-year CD rates

FAB&T Offers Prime Checking Nationwide
Deal Summary: Prime Checking, 2.05% APY on qualifying balances up to $30k. Prime Savings, 0.50% APY on qualifying balances up to $35k.

Availability: Nationwide

FAB&T (formerly known as First Arkansas Bank and Trust) currently offers its reward checking account (RCA), Prime Checking, on a nationwide basis. Added to the product line in early 2019, the initial 2.05% APY on qualifying balances up to $30k is still in effect. Qualifying balances over $30k earn 0.10% APY, with non-qualifying balances earning 0.01% APY.

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High-Yield Reward Checking Account at First Arkansas Bank and Trust

Update 12/02/10: The top rate is scheduled to fall to 3.03% APY for balances up to $25K effective 1/4/2011. See the bottom of the post for more information.

First Arkansas Bank & Trust (FABaT) has a reward checking account called Kasasa Cash that pays 3.50% APY on balances up to $50K and refunds ATM fees worldwide if the following monthly requirements are met: 1) 10 point of sale debit card transactions, 2) one monthly direct deposit or ACH auto debit or make one online bill payment, 3) receive e-statements, and 4)...

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FAB&T Announces Major Cuts in Its Reward Checking Account - Future of Reward Checking?
The bank with one of the best reward checking accounts just announced rate cuts and other major changes. First Arkansas Bank & Trust notified account holders of the following important changes:
  • Top rate reduces from 4.44% APY to 3.50% APY effective 11/3/2009
  • The balance that qualifies for the top rate reduces from $50,000 to $35,000 effective 12/2/2009
  • Customers will be permitted to have only one reward checking account (Kasasa Cash)
Refer to the bank's change notice for the full details.

FAB&T had been offering 4.44% APY on balances up to $50K since February 2008. It...

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Rate Cuts Hit the Nation's Best Reward Checking Account
I'm afraid reward checking accounts are not immune to this recent rate cutting. I just learned that First Arkansas Bank & Trust will be cutting their 6.06% APY next week on its FirstNet Checking. The new yield will be 4.44% APY (4.35% interest rate) and will take effect next Thursday (2/7/08). Also, they're adding a cap of $50,000 for new applicants. Balances over that will only earn 1.76% APY. Those who have already opened this account will get grandfathered in until June 1st. At that time the new cap will...
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