First American Bank and Trust CD Rates offers major attractions in the form of automatic CD rates reinvestment features other than all other financial institutes available. To seek the most commendable authorization access, if your account reaches its maturity date and you do not withdraw it, then it will be redeposited into another CD account automatically.

FABT has offered special CD accounts in the past, but they are not currently offering special CD accounts. However, they may start offering them again in the future.

First American Bank and Trust CD Rates Offers

The basics of the CD offers are as follows;

6 Month CD

  • Interest Rate: 5.27% Annual Percentage Yield (APY).
  • Minimum Deposit to Open: $10,000.
  • Penalty for Early Withdrawal: 3 months of interest.

Considerations

  • Offers a high APY for a short-term commitment.
  • Ideal for individuals with $10,000 available for a 6-month investment.
  • Penalty for early withdrawal is relatively moderate.

Pros & Cons

ProsCons
High 5.27% APY for a short-termRequires a minimum deposit of $10,000
Moderate 3-month interest penaltyShort-term commitment

1 Month, 2 Month, 3 Month CDs

  • Interest Rates:
    • 1 Month CD: 2.27% APY
    • 2 Month CD: 2.53% APY
    • 3 Month CD: 3.09% APY
  • Minimum Deposit to Open: $1,000.

Considerations

  • Short-term options for those needing quick liquidity.
  • Suitable for individuals with a lower risk tolerance.
  • Interest rates increase with longer terms.

Pros & Cons

ProsCons
Quick liquidity for short-term needsLower APY compared to longer-term CDs
Lower risk due to shorter commitmentLimited time to benefit from interest growth

12 Month, 15 Month, 18 Month CDs

  • Interest Rates:
    • 12 Month CD: 4.05% APY
    • 15 Month CD: 4.07% APY
    • 18 Month CD: 3.06% APY
  • Minimum Deposit to Open: $1,000.

Considerations

  • Offers competitive rates for a mid-term investment.
  • Suitable for individuals with a slightly longer investment horizon.
  • The 18 Month CD has a lower rate, so consider based on your specific needs.

Pros & Cons

ProsCons
Competitive rates for mid-term investmentLower 18 Month CD rate compared to others
Suitable for those with a medium horizonRequires a minimum deposit of $1,000

Are First American Bank and Trust CD Rates Competitive?

First American Bank and Trust’s rates appear to be competitive, especially the 6-month CD with a 5.27% APY. This rate is notably higher than many standard savings accounts or shorter-term CDs offered by other institutions.

Try to create a comparison approach for these rates with those of other banks in the significant area. Additionally, one should also look up the;

  • Interest rates
  • Minimum deposit requirements
  • Any penalties for early withdrawal

Additionally, take into account the overall financial stability and reputation of the bank while making a precise decision. However, the competitiveness of CD rates can change over time, so it’s wise to regularly review and compare rates to ensure you’re making the most informed financial decisions.

Overview First American Bank and Trust 

First American Bank was founded in Chicago, and over the years expanded to Wisconsin and Florida. Chartered in Illinois and privately held, we now have 61 locations and assets of $5+ billion.

FABT offers good service and competitive CD rates over a wide range of time frames. Like many branches, they offer automatic depositing when CD time frames are up and there are different flexible time options to choose from. 

Aside from CD accounts, FABT offers standard bank services like checking accounts, savings accounts, loans, and more. The checking account is free with a $100 minimum deposit.

All accounts from FABT are FDIC insured to the maximum amount allowed by the law and do not have any monthly or yearly service fees. Some benefits of opening a CD account at FABT include competitive rates, free online services, and access to traditional bank features. 

Many customers also claim that FABT’s customer support is top-notch and they take great care of their customers. FABT also has a good online interface which makes dealing with all of your accounts much easier. 

To sum up, FABT is a great choice for CD accounts if you live in Louisiana and want a CD account that has fairly standard rates and excellent customer service. It is a good choice for people just starting or those who are looking to make a change from their existing branch. 

Locations First American Bank and Trust 

61 locations

  • (Main Office) Vacherie
  • Vacherie (19942 Hwy 643)
  • Baton Rouge
  • Boutte
  • Des Allemands
  • Donaldsonville
  • Dutchtown 
  • Gonzales
  • Gramercy
  • Hammond
  • Harvey
  • Houma
  • Kenner
  • LaPlace
  • Luling
  • Lutcher
  • Mandeville
  • Metairie (1800 Veterans Blvd)
  • Metairie (3620 Veterans Blvd)
  • Napoleonville
  • Norco
  • Pierre Part
  • St Rose
  • Thibodaux (406 N. Canal Blvd)
  • Thibodaux (1116 Audubon Ave)

Frequently Asked Questions

How does the Interest Rate for CDs Work?

The interest rate for CDs is typically higher than regular savings accounts and is set at the beginning of the term. This rate remains fixed for the duration of the CD, providing a predictable return on investment.

What is the Minimum Deposit Required for Opening a CD?

The minimum deposit varies among banks and depends on the specific CD term. In the provided data, minimum deposits range from $1,000 to $10,000, depending on the term length.

Are There Penalties for Withdrawing Funds Early from a CD?

Yes, there are usually penalties for early withdrawal from a CD. The penalty is often a loss of a certain number of months’ worth of interest earnings. The 6-month CD has a penalty of 3 months’ interest.

Is the Interest on CDs Taxable?

Yes, the interest earned on CDs is typically subject to taxation. For this, it is better to understand the tax implications and report the interest earned when filing your income taxes.