Loading
Tap on the profile icon to edit
your financial details.

Farmers State Bank Review

Your Details Done
by Updated
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
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Farmers State Bank was founded in 1934 with headquarters located in Lagrange, Indiana. Farmers State Bank handles $732 million in assets as well as deposits totaling $620 million, classifying it as a medium-size bank. Farmers State Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.2 out of 5 stars, Farmers State Bank should be solidly in contention for your choice of bank. Farmers State Bank offers numerous product offerings, including savings accounts, checking 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 offers an option without a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is your best bet for returning the most income on your deposits while having easy access to your funds.

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

2.9
SmartAsset Average: 3.5

Farmers State Bank features a savings rate of 0.02%, which is fair compared to other U.S. banks. Its CDs feature a rate of 0.40% and 1.26% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.03%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Farmers State Bank's Savings Rates Compare

Farmers State Bank Savings 0.02 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

On average, Farmers State Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Farmers State Bank's checking account is perfect for those who want an easy banking experience. Farmers State Bank does not refund out-of-network ATM charges, which means you'll be required to find a Farmers State Bank ATM or eat the withdrawal fee.

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
Back to Overview

Service Quality

3.9
SmartAsset Average: 3.7

Farmers State Bank is a brick-and-mortar bank, with 11 total branches in Indiana and Michigan. With mobile and web apps, Farmers State Bank makes account access easy, even on the go. Farmers State Bank's online and mobile banking services receive fair scores from users. The Farmers State Bank mobile app scored a 3.9 out of 5 (with 65 reviews on Apple and Android) compared to the national average of 3.8. You can use Farmers State Bank's app to manage your bank accounts by monitoring monthly statements, transferring funds as well as accessing customer service. Farmers State Bank gets a superb consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Farmers State Bank is a medium-size bank with assets totaling $732 million and deposits totaling $620 million. Farmers State Bank's Texas Ratio is 1.91%, denoting a minute probability 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

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $200
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.26% APY
$500 for all terms
Money Market Accounts 0.03% APY 0.03% APY $10000 $15000

Farmers State Bank has several deposit products like savings accounts, checking 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 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 State Bank's CD rates are fair in comparison 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
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure