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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
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1907, Farmers State Bank has assets totaling $375 million and deposits totaling $322 million, ranking the institution as a small bank. Farmers State Bank, whose headquarters are in Victor, Montana, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional 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 proves it is a solid contender in your bank search. Farmers State Bank has the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Farmers State Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Farmers State Bank offers an option without a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best option for accruing the most 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

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Farmers State Bank ranks poorly in comparison to the national average. Farmers State Bank's CD rates are 0.50% and 1.36% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.07%. Given Farmers State Bank's below average 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 0.05 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 average U.S. bank. Farmers State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Farmers State Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to find a Farmers State Bank ATM or accept 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
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Service Quality

4.3
SmartAsset Average: 3.7

Farmers State Bank is a brick-and-mortar bank, with nine total branches in Montana. It also offers access to mobile and web apps for a simple mobile-banking experience. Farmers State Bank gets great scores from users for its mobile banking services. The Farmers State Bank mobile app rates a 4.7 out of 5 (with 350 ratings on iOS and Android) compared to the national average of 3.8. Farmers State Bank's mobile app allows you to manage your accounts by looking at current statements, transferring money as well as accessing customer service. Farmers State Bank receives an excellent consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Farmers State Bank is a small bank owning $375 million in assets and deposits totaling $322 million. It has a strong Texas Ratio of 8.29%, suggesting that the bank is in fine financial health and far from 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

8.29%
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 0.05% APY $1
Checking Account 0.02% APY $1500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 60 Month: 1.36% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.07% APY $10000 $15000

Farmers State Bank offers several deposit products like 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 in comparison to the average U.S. bank.

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Find a Farmers State Bank Near Me

Farmers State Bank has nine physical branches in the U.S.

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