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First National Bank of Clarksdale Review

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First National Bank of Clarksdale Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1964, First National Bank of Clarksdale has $368 million in assets and $291 million in deposits, which makes it a small bank. First National Bank of Clarksdale, whose headquarters are in Clarksdale, Mississippi, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave the bank a 3.8 out of 5 stars, suggesting First National Bank of Clarksdale is a decent choice, but with better options out there. First National Bank of Clarksdale offers a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. First National Bank of Clarksdale has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First National Bank of Clarksdale offers an option without a monthly fee. Banks that offer no-fee checking as well as a high savings APY are your best option for gaining the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.10%, First National Bank of Clarksdale ranks poorly in comparison to the national average. First National Bank of Clarksdale's one-year CD earns at a rate of 0.80% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account earns at a rate of 0.10%. Given First National Bank of Clarksdale's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How First National Bank of Clarksdale's Savings Rates Compare

First National Bank of Clarksdale Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

First National Bank of Clarksdale charges its customers low fees compared to the national average. With no monthly fee, First National Bank of Clarksdale's checking account is perfect for people who want an easy banking experience. Also, First National Bank of Clarksdale has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. First National Bank of Clarksdale doesn't reimburse out-of-network ATM fees, which means you will be required to locate a First National Bank of Clarksdale ATM or pay the withdrawal fee.

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

2.5
SmartAsset Average: 3.7

First National Bank of Clarksdale is a brick-and-mortar bank, with five total bank locations in Mississippi. With mobile and web apps, First National Bank of Clarksdale makes account access convenient, even on the go. You can access First National Bank of Clarksdale's mobile app to manage your funds by reviewing account balances, transferring money as well as reaching support representatives. First National Bank of Clarksdale gets an exceptional consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government 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

5.0
SmartAsset Average: 4.8

First National Bank of Clarksdale ranks as a small bank with assets totaling $368 million as well as $291 million in deposits. First National Bank of Clarksdale's Texas Ratio is 0.42%, signifying a negligible possibility of failure. Additionally, First National Bank of Clarksdale 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 National Bank of Clarksdale to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Account 0.1% APY $1000

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

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Find a First National Bank of Clarksdale Near Me

First National Bank of Clarksdale has five branches in the U.S.

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