First Farmers Bank & Trust Ups Harvest Rewards Checking To 3.00% APY


Deal Summary: Harvest Rewards Checking, 3.00% APY on qualifying balances up to $30k.

Availability: Online market area includes Indiana, Illinois, Kentucky, Michigan, and Ohio.

Indiana-based First Farmers Bank & Trust (First Farmers) recently raised the rate on its Harvest Rewards Checking account to 3.00% APY on qualifying balances up to $30k. Qualifying balances over $30k earn 0.53% APY, with all non-qualifying balances earning 0.05% APY.

3.50*%-$15kFirst Farmers Bank & Trust CompanyHarvest Rewards Checking
OTHER TIERS: 0.25% $15k+
Rates as of May 28, 2024.

The Harvest Rewards Checking account was introduced in August 2017, with an initial 2.25% APY on qualifying balances up to $30k. The rate was raised to 2.50% APY in April and another 50 bps were added at the beginning of January.

The monthly qualifying requirements are relatively simple and there is no direct deposit requirement.

  • Have at least 15 point-of-sale transactions
  • Be enrolled in and receive e-Statements
  • Be enrolled in online banking

The Harvest Rewards Checking account can be opened with a minimum $50 deposit, with a limit of one account per “tax reporting name.” While there is no minimum balance requirement or monthly fee, there is a $3 monthly fee if e-Statements are stopped. Nationwide ATM fees will be reimbursed up to $10 per month. Free mobile check deposit is available, with a daily maximum mobile deposit of $5k. One free box of checks are available to customers aged 55 or older at account opening.


Headquartered in Converse, Indiana, First Farmers Bank & Trust offers the Harvest Rewards Checking account to all residents of Indiana, Illinois, Kentucky, Michigan, and Ohio through an online application.

In addition to being opened online, the Harvest Rewards Checking account can be opened at any of 29 Indiana branches, located mainly in the northern part of the state. Following several acquisitions in 2015, First Farmers now has seven full-service Illinois branches, located in Chrisman, Danville, Hoopeston (3), Oakland, and Oakwood.

Bank Overview

First Farmers Bank & Trust has an overall health grade of "B+" at, with a Texas Ratio of 11.78% (above average) based on September 30, 2018 data. In the past year, First Farmers has increased its total non-brokered deposits by $50.21 million, an excellent annual growth rate of 4%. Please refer to our financial overview of First Farmers Bank & Trust (FDIC Certificate # 12839) for more details.

First Farmers Bank & Trust is currently Indiana’s 14th largest bank, with assets in excess of $1.7 billion and nearly 75,000 customer accounts. While I’ve read many accounts of banks that have long and colorful histories, the following is something that will probably never happen again.

In the late 1850s, an Irish man by the name of Mark Tully arrived in Converse, Indiana.
By 1885, he established Mark Tully's Exchange Bank. The Exchange quickly became known as one of the most solid and dependable in the area. With investment from other area businessmen, the operation became known as the Farmer State Bank in 1907.

Farmer State Bank merged with First National Bank (its local competition) in 1946, forming First Farmers National Bank. That merger began a pattern of growth, change, and acquisition over the next 70 years, including the acquisition of four Illinois banks in 2015.

How the Harvest Rewards Checking Compares

When compared to the Reward Checking Accounts tracked by, which are available within the online market area and have maximum qualifying balances of at least $30k, First Farmers Bank & Trust’s Harvest Rewards Checking APY currently ranks first.

The above rates are accurate as of 1/30/2019.

Is a Rewards Checking Account in your future? Please refer to DA’s High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.

Related Pages: Fort Wayne checking accounts, Indianapolis checking accounts, Terre Haute checking accounts, Lafayette checking accounts, South Bend checking accounts, Champaign checking accounts, reward checking accounts

Previous Comments
  |     |   Comment #1
Ya know - a month ago someone within this market area might have said "why bother", but today, they may just bite... Pretty straightforward requirements, it seems.
  |     |   Comment #2
15 is a bit much. I much prefer 10. I just opened a 2nd at Heritage Bank, 3.33% on $25k with just 10 POS transactions.
  |     |   Comment #3
Which Heritage Bank are you referring to, with 3.33% on $25K?
  |     |   Comment #4
The only one that offers it.
  |     |   Comment #5
RJM, thanks for the link. This checking account would allow me to discontinue an account w/a credit union with poor customer service and low financial ratings. Have you had good CSR experiences?
  |     |   Comment #6
Have not had much experience with them. We don't exchange x-mas cards or anything.
  |     |   Comment #7
I should clarify. I don't use it for anything more than a savings account. I do the 10 transactions and I ach pull the interest out from elsewhere.

Like with many RCAs I probably had a problem getting rejected for small gas transactions but I called them or their security firm, I forget which, and tell them that for me these small transactions are not fraud, they are my way of meeting the requirements.

I don't write checks, do billpays or do transfers from Heritage so I can't really comment on them. Like many small banks & cu's their website is barebones.

Unlike other accounts, this one does not have a way to check & verify if you meet the transactions every month, you have to just count & make sure you do the ACH.

What I do is every month, like now, when they post my interest, I do an ACH pull from Ally or All America of most of the interest. I leave enough to do my 10 small gas transactions.

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