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Farmers Bank & Trust Review

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Farmers Bank & Trust Savings
0.60% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Farmers Bank & Trust started in 1907 and has its headquarters in Great Bend, Kansas. Farmers Bank & Trust manages $793 million in assets and $528 million in deposits, making it a medium-size bank. Farmers Bank & Trust lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset experts rated the bank 4.5 out of 5 stars, which means Farmers Bank & Trust is a top-tier bank that warrants a serious look. Farmers Bank & Trust has a full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Farmers Bank & Trust has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Farmers Bank & Trust's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.2
SmartAsset Average: 3.5

Farmers Bank & Trust has a savings rate of 0.60%, which is poor in comparison to other U.S. banks. Its one-year CD has a rate of 2.00% and the five-year CD earns at a rate of 2.40%, while its highest-yielding money market account has a rate of 0.95%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Farmers Bank & Trust's Savings Rates Compare

Farmers Bank & Trust Savings 0.60 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Farmers Bank & Trust has generally extremely low fees in comparison to other U.S. banks. With no monthly fee, Farmers Bank & Trust's checking account is ideal for people who want a hassle-free banking experience. Farmers Bank & Trust unfortunately doesn't refund out-of-network ATM charges, which means you'll need to search for a Farmers Bank & Trust ATM or eat the ATM charge.

Monthly Fee $0 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

4.1
SmartAsset Average: 3.7

Farmers Bank & Trust is a brick-and-mortar bank, with nine total bank locations in Kansas. With mobile and web apps, Farmers Bank & Trust makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Farmers Bank & Trust's online and mobile banking services receive moderately high ratings from customers. With 45 ratings on Apple and Android platforms, the Farmers Bank & Trust mobile app rates a 4.3 out of 5 (compared to the national average of 3.8). You can utilize Farmers Bank & Trust's mobile app to control your bank accounts by looking at current statements, transferring funds as well as reaching support representatives. Farmers Bank & Trust receives a superb consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Farmers Bank & Trust ranks as a medium-size bank with assets totaling $793 million and $528 million in deposits. Its Texas Ratio is 4.25%, indicating a negligible probability of failure. Additionally, Farmers Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.25%
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 Farmers Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.6% APY $2501
Checking Account 0.22% APY $1001
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.35% APY
  • 60 Month: 2.40% APY
$1000 for all terms
Money Market Accounts 0.9% APY 0.95% APY $10000 $15000

Farmers Bank & Trust has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Farmers Bank & Trust does not have the best savings rate, which means you should consider other options 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. Farmers Bank & Trust's CD rates are fair as compared against the national average.

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Find a Farmers Bank & Trust Near Me

Farmers Bank & Trust has nine physical locations in the U.S.

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