Farmington Bank Review

Farmington Bank Savings

0.10% APY

Established in 1851, Farmington Bank has $3 billion in assets along with $2 billion in deposits, ranking it as a large bank. Farmington Bank, whose headquarters are in Farmington, Connecticut, does not have the customer service bells and whistles of other banks. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. At a SmartAsset rating of 4.1 stars out of 5, Farmington Bank should be solidly in contention for your choice of bank. 

Farmington Bank offers a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, Farmington Bank offers one without a monthly fee. Using the same bank for checking and savings can be perfect for getting the highest return on your income while retaining access to your money without having to wait for money to transfer between accounts.

Service Quality

Farmington Bank is a brick-and-mortar bank, with 29 total branches in Connecticut and Massachusetts. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Wednesday, 8:00 a.m. to 6:00 p.m. ET; Thursday and Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, 8:30 a.m. to 3:00 p.m. ET. 

Farmington Bank's online and mobile banking platforms get moderately positive ratings from users: the Farmington Bank mobile app scored a 3.2 out of 5 (with 140 ratings on iOS and Android) compared to the national average of 3.8. Farmington Bank's mobile app allows you to control your finances by looking at current statements, sending and receiving funds as well as reaching support representatives. Farmington Bank gets an exceptional consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

It offers several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Farmington Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Farmington Bank's CD rates are competitive compared to other U.S. banks.

Rates

With a savings rate of 0.10%, Farmington Bank ranks below the mean compared to other U.S. banks. Farmington Bank's CDs feature a rate of 0.25% and 1.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.15%. It has a fair savings rate compared to the average savings account. Consider choosing another bank to earn more on your deposits.

Fees

Farmington Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, Farmington Bank's checking account is ideal for people who need a hassle-free banking experience. For those who use cash often, it is perfect because it offers no ATM fees. Additionally, Farmington Bank has an overdraft fee of $35, which is on par with the average overdraft fee charged by U.S. banks. 

Financial Health

Farmington Bank is currently a large bank with assets totaling $3 billion and deposits totaling $2 billion. Farmington Bank's Texas Ratio is 5.93%, signifying that the bank is in fine financial shape and unlikely to fail. Additionally, Farmington Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Farmington Bank Near Me

Farmington Bank has 29 physical branches across the U.S.