Founded in 1935, Farmers Exchange Bank has assets totaling $355 million and $308 million in deposits, classifying it as a small bank. Farmers Exchange Bank, whose headquarters are in Cherokee, Oklahoma, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Farmers Exchange Bank is a solid contender in your bank search, with a score of 4.2 out of 5 stars from the SmartAsset experts. Farmers Exchange Bank has a selection of product offerings, which include savings accounts, checking accounts, money market accounts and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Farmers Exchange Bank offers an option without a maintenance or monthly fee. Banks that offer free checking, in addition to a high savings APY are the best option for gaining the highest 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 Exchange Bank features a savings rate of 0.25%, which is poor as compared against the national average. Its one-year CD earns at a rate of 2.12% and the five-year CD earns at a rate of 3.04%, while its highest-yielding money market account has an APY of 0.55%. 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 charges customers extremely low fees as compared against the national average. With no monthly fee, Farmers Exchange Bank's checking account is ideal for people who want an easy banking experience. Farmers Exchange Bank does not reimburse out-of-network ATM fees, which means you'll have to locate a Farmers Exchange Bank ATM or pay the ATM charge.
Farmers Exchange Bank is a brick-and-mortar bank, with six total branches in Oklahoma. It also offers access to mobile and web apps for a straightforward mobile-banking experience. You can access Farmers Exchange Bank's app to control your funds by monitoring current statements, sending and receiving money and accessing customer service. Farmers Exchange Bank receives a superb consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Farmers Exchange Bank is currently a small bank and has $355 million in assets as well as $308 million in deposits. Farmers Exchange Bank's Texas Ratio is 5.22%, suggesting a small chance 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
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 Exchange Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$10|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit|| ||$10000 for all terms|
|Money Market Accounts||0.55% APY 0.55% APY||$10000 $15000|
Farmers Exchange Bank offers several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Farmers Exchange Bank 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 Exchange Bank's CD rates are fair in comparison to the national average.Back to Overview
Find a Farmers Exchange Bank Near Me
Farmers Exchange Bank has six physical branches in the U.S.Back to Overview