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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

Farmers Bank & Trust Company was founded in 1906 with headquarters located in Magnolia, Arkansas. Farmers Bank & Trust Company owns assets of $1 billion and $1 billion in deposits, ranking it as a medium-size bank. Farmers Bank & Trust Company has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated Farmers Bank & Trust Company 3.9 stars out of 5, suggesting it is a respectable bank that you should consider. Farmers Bank & Trust Company offers a mixture of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a $4.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for getting the most income on your deposits alongside convenient access to your money.

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

Farmers Bank & Trust Company has a savings rate of 0.20%, which is poor in comparison to the average U.S. bank. Farmers Bank & Trust Company's CD rates are 0.85% and 1.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.15%. Given Farmers Bank & Trust Company's poor savings rate, you should consider 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 has generally high fees in comparison to the national average. At $4.00/month, Farmers Bank & Trust Company's checking account is less than great for those who need a hassle-free checking account. Farmers Bank & Trust Company does not refund out-of-network ATM fees, meaning you will need to locate a Farmers Bank & Trust Company ATM or pay the ATM charge.

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. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not provide access to 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 gets high marks from users for its mobile banking services. With 87 ratings across both iOS and Android platforms, the Farmers Bank & Trust Company mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can utilize Farmers Bank & Trust Company's app to manage your funds by reviewing account balances, sending and receiving money as well as accessing support representatives. Farmers Bank & Trust Company gets a superb consumer satisfaction score due to relatively few complaints filed 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 is a medium-size bank with $1 billion in assets and $1 billion in deposits. Farmers Bank & Trust Company's Texas Ratio is 10.55%, indicating that Farmers Bank & Trust Company is in fine financial condition and far from 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: 1.60% APY
$500 for all terms
Money Market Account 0.1% 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 taking a look 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 compared to the average U.S. bank.

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Find a Farmers Bank & Trust Company Near Me

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

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