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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 started in 1909 with headquarters located in Columbia, Tennessee. It owns assets of $1 billion as well as deposits totaling $1 billion, which makes it 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 in-person service, in addition to its online and mobile offerings. On the whole, First Farmers and Merchants Bank is a great bank that you should seriously consider, with a rating of 4.3 stars out of 5 from our experts. First Farmers and Merchants Bank has a full array of product offerings, which include 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 interested in stress-free personal checking, First Farmers and Merchants Bank's standard checking does not carry a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best option for returning the most 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 earns at a rate of 1.60% and the five-year CD has a rate of 2.30%, while its highest-yielding money market account earns at a rate of 0.20%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

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

On average, First Farmers and Merchants Bank charges customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Also, at $32.75, its overdraft fee is noticeably lower than the national average overdraft fee. First Farmers and Merchants Bank doesn't refund out-of-network ATM fees, meaning you will be required to find a First Farmers and Merchants 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 $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 account access straightforward, even on the go. First Farmers and Merchants Bank's online and mobile banking services get poor scores from customers. The First Farmers and Merchants Bank mobile app has an overall rating of 3.4 out of 5 (with 79 ratings on Apple and Android) compared to the national average of 3.8. First Farmers and Merchants Bank's mobile app allows you to manage your funds by reviewing current statements, sending and receiving money as well as accessing customer service. First Farmers and Merchants Bank gets an outstanding consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 a medium-size bank owning $1 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 1.81%, signifying a negligible probability of 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 Account 0.2% APY $10000

First Farmers and Merchants Bank has 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 think about 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. First Farmers and Merchants Bank's CD rates are fair compared to other U.S. banks.

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Find a First Farmers and Merchants Bank Near Me

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

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