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Farmers Trust and Savings 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 Trust and Savings Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Farmers Trust and Savings Bank first started operating in 1916 with its headquarters in Spencer, Iowa. Farmers Trust and Savings Bank owns $400 million in assets as well as deposits totaling $343 million, classifying it as a small bank. Farmers Trust and Savings Bank 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 access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3.9 stars out of 5, Farmers Trust and Savings Bank should be near the middle of the pack in your search for a bank. Farmers Trust and Savings Bank provides customers with a full suite of product offerings, including 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. Finding a bank with free checking and a high interest rate savings account is your best bet for getting the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

4.4
SmartAsset Average: 3.5

With a savings rate of 0.30%, Farmers Trust and Savings Bank ranks poorly as compared against the national average. Farmers Trust and Savings Bank's one-year CD has a rate of 2.53% and the five-year CD has a rate of 3.04%, while its highest-yielding money market account has a rate of 1.00%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How Farmers Trust and Savings Bank's Savings Rates Compare

Farmers Trust and Savings Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Farmers Trust and Savings Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

2.5
SmartAsset Average: 3.7

Farmers Trust and Savings Bank is a brick-and-mortar bank, with one total bank locations in Iowa. With mobile and web apps, Farmers Trust and Savings Bank makes account access convenient, even on the go. Farmers Trust and Savings Bank's mobile app allows you to control your finances by looking at account balances, sending and receiving funds as well as reaching support representatives. Farmers Trust and Savings Bank gets a superb consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.8
SmartAsset Average: 4.8

Farmers Trust and Savings Bank ranks as a small bank with $400 million in assets and deposits totaling $343 million. Its Texas Ratio is 5.64%, suggesting that Farmers Trust and Savings Bank is in fine financial well-being and far from failure. Additionally, Farmers Trust and Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.64%
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 Trust and Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 2.53% APY
  • 24 Month: 2.89% APY
  • 36 Month: 3.04% APY
  • 48 Month: 3.04% APY
  • 60 Month: 3.04% APY
$1000 for all terms
Money Market Accounts 1.0% APY 1.0% APY $10000 $15000

Farmers Trust and Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Farmers Trust and Savings 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 Trust and Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Farmers Trust and Savings Bank Near Me

Farmers Trust and Savings Bank has one physical branches in the U.S.

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