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The Farmers Bank of Willards Review

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The Farmers Bank of Willards Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Farmers Bank of Willards first started operating in 1925 with headquarters in Willards, Maryland. The Farmers Bank of Willards manages assets of $349 million along with deposits totaling $281 million, ranking it as a small bank. The Farmers Bank of Willards lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated The Farmers Bank of Willards 3.8 stars out of 5, which means it is a decent choice, but with better options out there. The Farmers Bank of Willards provides customers with a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. Locating a bank with no-fee checking and a high savings APY is the best option for gaining the highest income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.4
SmartAsset Average: 3.5

The Farmers Bank of Willards features a savings rate of 0.20%, which is poor compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.75% and 2.02%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given The Farmers Bank of Willards's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Farmers Bank of Willards's Savings Rates Compare

The Farmers Bank of Willards Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on The Farmers Bank of Willards's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

The Farmers Bank of Willards is a brick-and-mortar bank, with nine total bank locations in Delaware. It also offers access to mobile and web apps for straightforward access and banking on the go. The Farmers Bank of Willards receives fair feedback from customers for its mobile banking services. The The Farmers Bank of Willards mobile app has been given a 3.7 out of 5 (out of 33 reviews on iOS and Android) compared to the national average of 3.8. You can utilize The Farmers Bank of Willards's mobile app to control your funds by monitoring current statements, transferring money and reaching support representatives. The Farmers Bank of Willards receives a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

The Farmers Bank of Willards is a small bank and handles assets totaling $349 million as well as deposits totaling $281 million. The Farmers Bank of Willards's Texas Ratio is 14.72%, suggesting a tiny opportunity of failure. Additionally, The Farmers Bank of Willards is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

14.72%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare The Farmers Bank of Willards to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.36% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Account 0.1% APY $1000

The Farmers Bank of Willards has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Farmers Bank of Willards does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. The Farmers Bank of Willards's CD rates are fair in comparison to the national average.

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Find a The Farmers Bank of Willards Near Me

The Farmers Bank of Willards has nine branches across the U.S.

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