F&M Bank first started operating in 1906 with its headquarters in Clarksville, Tennessee. It handles assets of $1 billion along with deposits totaling $825 million, classifying it as a medium-size bank. F&M Bank 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 offerings. On the whole, F&M Bank is a good bank that deserves your consideration, with a score of 3.9 out of 5 stars from the SmartAsset experts. F&M Bank offers a variety of product offerings, which include 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. If you're looking for a checking account for everyday use, F&M Bank's most basic checking account does not carry a monthly maintenance fee. Banks that offer no-fee checking and a high interest rate savings account are your best option for returning the highest income on your deposits alongside convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.15%, F&M Bank ranks poorly as compared against the national average. F&M Bank's one-year CD earns at a rate of 1.00% and the five-year CD earns at a rate of 1.61%, while its highest-yielding money market account earns at an APY of 0.20%. Given F&M Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.
How F&M Bank's Savings Rates Compare
F&M Bank has typically above-average fees in comparison to the national average. With no monthly fee, F&M Bank is ideal for those who want a simple checking account. For those who often frequent the ATM, it is fair because it has an out-of-network ATM fee of $1.50, which is reasonable in comparison to the average U.S. bank. Additionally, F&M Bank has an overdraft fee of $37.00, which is significantly steeper than the national average. F&M Bank unfortunately does not refund out-of-network ATM charges, which means you'll need to find an F&M Bank ATM or pay the ATM charge.
F&M Bank is a brick-and-mortar bank, with 20 total branches in Tennessee. With mobile and web apps, F&M Bank makes account access straightforward, even 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 Thursday, 8:30 a.m. to 4:00 p.m. CT; Friday, and 8:30 a.m. to 5:30 a.m. CT. F&M Bank gets unsatisfactory marks from customers for its online presence. The F&M Bank mobile app is rated at 2.7 out of 5 (out of 18 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize F&M Bank's app to manage your funds by looking at monthly statements, sending and receiving funds and reaching customer service. F&M Bank gets an excellent consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
F&M Bank is currently a medium-size bank owning assets totaling $1 billion and deposits totaling $825 million. It has an excellent Texas Ratio of 2.56%, suggesting a minute probability of failure. Additionally, F&M 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.Back to Overview
Compare F&M Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$500|
|Checking Account||0.1% APY||$2500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.1% APY||$1|
F&M 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. F&M 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. F&M Bank's CD rates are fair compared to the national average.Back to Overview
Find a F&M Bank Near Me
F&M Bank has 20 physical branches in the U.S.Back to Overview