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Farmers State Bank Review

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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 1927 and its headquarters are located in Marion, Iowa. Farmers State Bank handles $767 million in assets and deposits totaling $623 million, making it a medium-size bank. Farmers State Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 stars out of 5, Farmers State Bank is a great choice and should warrant serious consideration. Farmers State Bank has a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Farmers State Bank's standard checking account does not carry a monthly maintenance charge. Finding a bank with free checking and a high savings APY is the best option for gaining the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.10%, Farmers State Bank ranks poorly in comparison to the national average. Farmers State Bank's one-year CD has a rate of 0.55% and the five-year CD earns at a rate of 2.75%, while its highest-yielding money market account earns at an APY of 0.20%. Given Farmers State Bank's noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

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

4.0
SmartAsset Average: 4.4

On average, Farmers State Bank charges its customers average fees as compared against the national average. With no monthly fee, Farmers State Bank is ideal for those who want a simple checking account. For those who will need cash in a pinch, Farmers State Bank is fair because it has an out-of-network ATM fee of $2.00, which is reasonable as compared against the national average. Farmers State Bank doesn't refund out-of-network ATM fees, which means you'll need to locate a Farmers State Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.7
SmartAsset Average: 3.7

Farmers State Bank is a brick-and-mortar bank, with eight total branches in Iowa. It also offers access to mobile and web apps for easy access and banking on the go. Farmers State Bank also offers a live chat feature, a helpful way to reach a representative during the work day. Farmers State Bank's online and mobile banking platforms receive great scores from users. The Farmers State Bank mobile app rates a 4.9 out of 5 (with 43 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Farmers State Bank's app to manage your finances by monitoring monthly statements, sending and receiving funds as well as reaching customer service. Farmers State Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

Farmers State Bank is currently a medium-size bank with $767 million in assets and deposits totaling $623 million. Farmers State Bank has an excellent Texas Ratio of 0.53%, denoting a minute chance 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

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 $1000
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.70% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Farmers State Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Farmers State Bank does not have the best savings rate, which means you should consider 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 the average U.S. bank.

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Find a Farmers State Bank Near Me

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

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