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First Farmers and Merchants Bank Review

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First Farmers and Merchants Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Farmers and Merchants Bank was founded in 1909 and its headquarters are located in Columbia, Tennessee. First Farmers and Merchants Bank owns $1 billion in assets and deposits totaling $1 billion, ranking it as a medium-size bank. First Farmers and Merchants Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, First Farmers and Merchants Bank is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from our experts. First Farmers and Merchants Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Farmers and Merchants Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Farmers and Merchants Bank's standard checking account does not have a monthly fee. Using an institution with no-fee checking and a high savings APY is your best option for gaining the highest income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.05%, First Farmers and Merchants Bank ranks poorly in comparison to other U.S. banks. First Farmers and Merchants Bank's one-year CD has a rate of 1.60% and the five-year CD earns at a rate of 2.30%, while its highest-yielding money market account has a rate of 0.20%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How First Farmers and Merchants Bank's Savings Rates Compare

First Farmers and Merchants Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

First Farmers and Merchants Bank typically has extremely low fees in comparison to the average U.S. bank. With no monthly fee, First Farmers and Merchants Bank's checking account is perfect for those who want an easy checking account. Also, at $32.75, First Farmers and Merchants Bank has a significantly lower overdraft fee compared to that of other U.S. banks. First Farmers and Merchants Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will be required to locate a First Farmers and Merchants Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $32.75 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

First Farmers and Merchants Bank is a brick-and-mortar bank, with 23 total bank locations in Tennessee. With mobile and web apps, First Farmers and Merchants Bank makes mobile banking straightforward, even on the go. First Farmers and Merchants Bank receives unsatisfactory feedback from customers for its mobile platform. With 79 customer reviews across Apple and Android platforms, the First Farmers and Merchants Bank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). First Farmers and Merchants Bank's mobile app allows you to manage your bank accounts by looking at monthly statements, sending and receiving funds and accessing customer service. First Farmers and Merchants Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

First Farmers and Merchants Bank is currently a medium-size bank owning $1 billion in assets and $1 billion in deposits. It has an excellent Texas Ratio of 1.81%, indicating that the bank is in terrific financial health and far from failure. Additionally, First Farmers and Merchants 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.

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Compare First Farmers and Merchants Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 1.60% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.85% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.30% APY
$10000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

First Farmers and Merchants Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Farmers and Merchants Bank does not have the best savings rate, which means you should consider looking 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. First Farmers and Merchants Bank's CD rates are fair compared to the average U.S. bank.

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Find a First Farmers and Merchants Bank Near Me

First Farmers and Merchants Bank has 23 branches in the U.S.

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