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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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.Back to Overview
Compare Farmers Bank & Trust Company to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.2% APY||$100|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit|| ||$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.Back to Overview
Find a Farmers Bank & Trust Company Near Me
Farmers Bank & Trust Company has 24 branches in the U.S.Back to Overview