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Farmers Bank & Trust Company Review

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Farmers Bank & Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1906, Farmers Bank & Trust Company has $1 billion in assets along with deposits totaling $1 billion, which makes the institution a medium-size bank. Farmers Bank & Trust Company, whose headquarters are in Magnolia, Arkansas, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Farmers Bank & Trust Company is a respectable bank that deserves your consideration, with a score of 3.9 out of 5 stars from the SmartAsset experts. Farmers Bank & Trust Company provides customers with a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Farmers Bank & Trust Company has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $4.00, although banks sometimes have requirements that allow you to waive the fee. Using a bank with free checking, in addition to a high savings APY is your best bet for returning the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
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

With a savings rate of 0.20%, Farmers Bank & Trust Company ranks poorly as compared against the national average. Farmers Bank & Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.85% and 1.75%, respectively, while its highest-yielding money market account has an APY of 0.20%. Given Farmers Bank & Trust Company's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Farmers Bank & Trust Company's Savings Rates Compare

Farmers Bank & Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Farmers Bank & Trust Company charges customers high fees in comparison to the national average. Its checking account has a monthly fee of $4.00, ranking it fair for anyone looking for a simple account. Farmers Bank & Trust Company does not reimburse out-of-network ATM fees, meaning you'll be required to locate a Farmers Bank & Trust Company ATM or accept the cost of withdrawal.

Monthly Fee $4.00 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

4.5
SmartAsset Average: 3.7

Farmers Bank & Trust Company is a brick-and-mortar bank, with 24 total bank locations in Arkansas and Texas. With mobile and web apps, Farmers Bank & Trust Company makes mobile banking easy, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. MT; Saturday, and 8:00 a.m. to 3:00 p.m. MT. Farmers Bank & Trust Company also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. Farmers Bank & Trust Company's online and mobile banking services get high praise from users. With 87 customer reviews across iOS and Android platforms, the Farmers Bank & Trust Company mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). Farmers Bank & Trust Company's mobile app allows you to manage your accounts by checking account balances, sending and receiving funds as well as reaching customer service. Farmers Bank & Trust Company receives an outstanding consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.5
SmartAsset Average: 4.8

Farmers Bank & Trust Company ranks as a medium-size bank with $1 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 10.55%, suggesting a small possibility of failure. Additionally, Farmers Bank & Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.55%
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 Company 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: 0.85% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.35% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Account 0.15% APY $10000

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

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Find a Farmers Bank & Trust Company Near Me

Farmers Bank & Trust Company has 24 physical branches in the U.S.

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