JACKSONVILLE, Ark.–(BUSINESS WIRE)–FAB&T, a leading financial institution committed to innovation and customer satisfaction, today announced nationwide availability of its Prime Checking account. This groundbreaking account combines the ease of a traditional checking account with unparalleled benefits, setting a new standard in interest-bearing checking.
Notably, FAB&T’s checking account features a balance cap of $100,000 compared to the industry average of only $30,000, more than tripling other limits. This will allow customers to earn more interest on their accounts without the restrictions set on comparable products like Certificate of Deposits (CDs).
Key features of FAB&T’s Prime Checking Account product include:
Competitive Interest Rates: Prime Checking offers a remarkable 4.75% Annual Percentage Yield (APY)* on balances up to $100,000. This is a significant leap from the industry norm, providing our customers with the potential for substantial monthly earnings.
Global Access with Free ATMs: Enjoy the freedom of free worldwide ATMs^, allowing customers to access their funds conveniently and securely wherever they are.
Monthly Qualifications: To earn the 4.75% APY*, customers only need to meet straightforward requirements each statement cycle, including:
- Make at least 12 debit card purchases that post and clear
- Have at least one direct deposit, ACH automatic payment, or online bill pay post and clear
- Receive electronic statements
No Penalties for Non-Qualification: Even if customers don’t meet the qualification requirements in a statement cycle, there is no penalty. They will still earn a base 0.10% APY* and can quickly return to enjoying the full benefits the next qualifying statement cycle.
Prime Checking also features free online banking with free unlimited bill pay and free mobile banking, providing customers with seamless and convenient access to their accounts.
“At FAB&T, we understand that our customers are looking for more than just a traditional checking account. Prime Checking is designed to be a game-changer, offering a high-interest rate with an expanded balance limit. We believe this account will empower our customers to make the most of their money,” said Mark Wilson, President and Chief Operating Officer at FAB&T.
According to recent consumer sentiment studies, personal finances remains a top concern among Americans. In fact, nearly three-fourths of consumers are uncomfortable splurging on premium items or taking money out of savings. Meanwhile, Forrester predicts that more consumers will opt to switch savings and checking accounts this year for greater perks. FAB&T is acutely aware of its customers’ needs and is rethinking how to provide value to customers, helping it to not only grow deposits but also drive loyalty and maintain its commitment to outstanding service.
Since 1949, FAB&T has remained committed to helping individuals and families by offering a range of financial solutions to fit their financial needs. It is dedicated to advocating for the communities it serves, and the causes and events in those communities that are important to the residents. FAB&T goes the extra mile for its customers and is committed to doing what’s right for its friends and neighbors. It goes beyond banking, to serve the friends and neighbors it sees in the community: at the little league fields, at church or the grocery store.
FAB&T is not only about customer service, but also about community service. FAB&T is a 2-time Military Bank of the Year, a Bank of Distinction for Military Saves (numerous times), a Banky® Award winner, a 2018 Forbes recipient of the “One of the Best Banks in America” and “Best-in-State” designations, and 3-time recipient of the “Best Places to Work in Arkansas” distinction.
For more information about Prime Checking and its exceptional benefits, visit Checking | First Arkansas Bank & Trust (fabandt.bank).
About FAB&T
FAB&T is a customer-focused financial institution committed to providing innovative banking solutions and exceptional service. With a history of excellence, FAB&T continues to be a trusted partner in the financial well-being of its customers.
*Annual Percentage Yield effective 10/2023. Rate may change after account opening. No minimum balance required. $100 deposit to open account. Fees may reduce the earnings on the account. Must meet certain requirements. See www.fabandt.bank for details. Member FDIC.
^There is a maximum cap of $15 per statement cycle for ATM refunds.
Contacts
Mary York
706-280-9267
[email protected]
