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Farmers Exchange Bank Review

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Farmers Exchange Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Farmers Exchange Bank was founded in 1935 with its headquarters in Cherokee, Oklahoma. It owns $355 million in assets along with $308 million in deposits, classifying it as a small bank. Farmers Exchange Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked the bank at a 4.2 stars out of 5, which means Farmers Exchange Bank is a great choice and should warrant serious consideration. Farmers Exchange Bank has a variety of banking products, which include savings accounts, checking accounts, money market accounts and mortgage products. Farmers Exchange Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Farmers Exchange Bank's most basic checking does not carry a monthly charge. Locating 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 while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.25%, Farmers Exchange Bank ranks poorly in comparison to other U.S. banks. Farmers Exchange Bank's one-year CD earns at a rate of 2.12% and the five-year CD has a rate of 3.04%, while its highest-yielding money market account earns at a rate of 0.40%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Farmers Exchange Bank's Savings Rates Compare

Farmers Exchange Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Farmers Exchange Bank charges its customers extremely low fees in comparison to other U.S. banks. Farmers Exchange Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Farmers Exchange Bank does not reimburse out-of-network ATM charges, meaning you will need to search for a Farmers Exchange Bank ATM or accept 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

SmartAsset Average: 3.7

Farmers Exchange Bank is a brick-and-mortar bank, with six total branches in Oklahoma. With mobile and web apps, Farmers Exchange Bank makes account access easy, even on the go. You can use Farmers Exchange Bank's mobile app to manage your funds by reviewing account balances, sending and receiving money and reaching support representatives. Farmers Exchange Bank gets a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

SmartAsset Average: 4.8

Farmers Exchange Bank is currently a small bank owning $355 million in assets as well as deposits totaling $308 million. Its Texas Ratio is 5.22%, signifying a small likelihood of failure. Additionally, Farmers Exchange Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Exchange Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $10
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 2.12% APY
  • 24 Month: 2.43% APY
  • 36 Month: 2.63% APY
  • 48 Month: 2.84% APY
  • 60 Month: 3.04% APY
$10000 for all terms
Money Market Account 0.4% APY $10000

Farmers Exchange Bank has several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Farmers Exchange Bank does not have the best savings rate, which means you should consider 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 Exchange Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Farmers Exchange Bank Near Me

Farmers Exchange Bank has six physical locations across the U.S.

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