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Citizens and Farmers Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Citizens and Farmers Bank Savings
0.10% APY

Overview

Our Rating: 3.7/5 How we calculated this rating

Citizens and Farmers Bank was founded in 1927 with its headquarters in West Point, Virginia. It owns assets totaling $2 billion as well as $1 billion in deposits, ranking it as a large bank. Citizens and Farmers Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We ranked Citizens and Farmers Bank at a 3.7 out of 5 stars, indicating that it is an acceptable bank choice, but may leave you wanting more. 

Citizens and Farmers Bank offers a complete suite of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. Why have checking and savings accounts with one bank? Fast transferring between the two accounts means you can still get better interest rates in your savings account but still access your funds from your checking.

Service Quality

Citizens and Farmers Bank is a brick-and-mortar bank, with 27 total branches in Virginia. It also offers access to mobile and web apps for a straightforward mobile-banking experience.  

Citizens and Farmers Bank receives inadequate feedback from users for its mobile platform: with 9 customer reviews across iOS and Android platforms, the Citizens and Farmers Bank mobile app has an overall rating of 2.4 out of 5 (compared to the national average of 3.8). Citizens and Farmers Bank's mobile app lets you manage your accounts by looking at current statements, transferring funds and reaching customer service. Citizens and Farmers Bank gets an excellent consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.30% APY
  • 60 Month: 2.50% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • 25K tier: 0.20% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.03% APY $2,500 Compare Offers

Citizens and Farmers Bank has several deposit products like savings accounts, checking accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Citizens and Farmers Bank's CD rates are fair compared to other U.S. banks.

Rates

Citizens and Farmers Bank features a savings rate of 0.10%, which is poor in comparison to other U.S. banks. Citizens and Farmers Bank's CD rates are 0.80% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its below average savings rate, you should think about other options to earn more on your deposits.

Compare Citizens and Farmers Bank to Other Competitive Offers

Fees

There is insufficient data on Citizens and Farmers Bank's fees to provide a full SmartAsset rating.

Financial Health

Citizens and Farmers Bank is a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Its Texas Ratio is 3.28%, indicating an exceptionally low possibility of failure. Additionally, Citizens and Farmers Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Citizens and Farmers Bank Near Me

Citizens and Farmers Bank has 27 physical locations across the U.S.

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