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.
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.
First Farmers Bank & Trust has an overall health grade of "B+" at DepositAccounts.com, 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 DepositAccounts.com, 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.