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Farmers State Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Farmers State Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Farmers State Bank was founded in 1903 with headquarters located in Waterloo, Iowa. It has assets of $954 million as well as $781 million in deposits, ranking it as a medium-size bank. Farmers State Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.3 stars out of 5, Farmers State Bank is a great choice and should warrant serious consideration. Farmers State Bank offers a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Farmers State Bank's most basic checking does not carry a monthly maintenance fee. Finding an institution with no-fee checking as well as a high savings APY is your best bet for accruing the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Farmers State Bank has a savings rate of 0.10%, which is fair in comparison to the national average. Its one-year CD has a rate of 0.41% and the five-year CD earns at a rate of 0.95%, while its highest-yielding money market account has a rate of 0.35%. Given Farmers State Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Farmers State Bank's Savings Rates Compare

Farmers State Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Farmers State Bank charges its customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Farmers State Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will have to search for a Farmers State 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

4.3
SmartAsset Average: 3.7

Farmers State Bank is a brick-and-mortar bank, with 10 total branches in Iowa. It also offers access to mobile and web apps for an easy mobile-banking experience. Farmers State Bank receives positive scores from users for its mobile app. With 18 customer reviews across Apple and Android platforms, the Farmers State Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can utilize Farmers State Bank's mobile app to control your finances by checking monthly statements, sending and receiving money as well as accessing support representatives. Farmers State Bank receives a superb consumer satisfaction rating based on comparatively 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 No
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Financial Health

4.7
SmartAsset Average: 4.8

Farmers State Bank is a medium-size bank and owns $954 million in assets and deposits totaling $781 million. Its Texas Ratio is 6.39%, denoting a tiny possibility of failure. Additionally, Farmers State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.39%
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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $300
Checking Account 0.05% APY $2000
Certificates of Deposit
  • 12 Month: 0.41% APY
  • 24 Month: 0.51% APY
  • 36 Month: 0.61% APY
  • 60 Month: 0.95% APY
$2500 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

Farmers State Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Farmers State Bank does not have the best savings rate, which means you should think about other options 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 State Bank's CD rates are fair compared to other U.S. banks.

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Find a Farmers State Bank Near Me

Farmers State Bank has 10 branches across the U.S.

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