Farmers State Bank first started operating in 1934 with headquarters in Lagrange, Indiana. It handles assets of $732 million along with deposits totaling $620 million, 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 traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Farmers State Bank is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from our experts. Farmers State Bank provides customers with a variety of banking products, which include savings accounts, checking 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 looking for a checking account for everyday use, Farmers State Bank offers an option without a maintenance or monthly fee. Finding an institution with free checking, in addition to a high savings APY is the best bet for returning the most income from your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.02%, Farmers State Bank ranks poorly compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.26%, respectively, while its highest-yielding money market account has a rate of 0.03%. Given Farmers State Bank's below average savings rate, you should think about other options to earn more on your deposits.
How Farmers State Bank's Savings Rates Compare
On average, Farmers State Bank charges customers extremely low fees as compared against the national average. Farmers State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Farmers State Bank doesn't refund out-of-network ATM charges, meaning you will have to search for a Farmers State Bank ATM or accept the fee.
Farmers State Bank is a brick-and-mortar bank, with 11 total bank locations in Indiana and Michigan. It also offers access to mobile and web apps for straightforward access and banking on the go. Farmers State Bank's online and mobile banking platforms get fair scores from customers. Out of 65 customer reviews on iOS and Android platforms, the Farmers State Bank mobile app rates a 3.9 out of 5 (compared to the national average of 3.8). Farmers State Bank's mobile app allows you to control your finances by looking at account balances, transferring funds as well as accessing customer service. Farmers State Bank receives a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Farmers State Bank is a medium-size bank with assets totaling $732 million and $620 million in deposits. Farmers State Bank's Texas Ratio is 1.91%, signifying a low 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
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 State Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.02% APY||$200|
|Checking Account||0.01% APY||$1|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.03% APY||$10000|
Farmers State Bank has several deposit products including savings accounts, checking 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 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 State Bank's CD rates are fair compared to other U.S. banks.Back to Overview
Find a Farmers State Bank Near Me
Farmers State Bank has 11 locations in the U.S.Back to Overview