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F&M Bank Review

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F&M Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

F&M Bank first started operating in 1906 and has its headquarters in Clarksville, Tennessee. It manages $1 billion in assets along with deposits totaling $825 million, ranking it as a medium-size bank. F&M Bank lacks premium access to support representatives, 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. Coming in at an average 3.9 stars out of 5, F&M Bank is a respectable bank that deserves your consideration. F&M Bank offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. F&M 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, the bank's standard checking account does not carry a monthly maintenance fee. Institutions that offer free checking and 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

3.9/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.25%, F&M Bank ranks poorly in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.31% and the five-year CD earns at a rate of 2.02%, while its highest-yielding money market account earns at a rate of 0.20%. Given F&M Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How F&M Bank's Savings Rates Compare

F&M Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

F&M Bank has typically above-average fees compared to the average U.S. bank. With no monthly fee, F&M Bank is perfect for those who want a basic checking account. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $1.50, which is reasonable in comparison to the national average. Also, at $37.00, F&M Bank has a slightly higher overdraft fee compared to the average U.S. overdraft fee. F&M Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will be required to find an F&M Bank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $37.00 National Average: $35.00
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Service Quality

3.3
SmartAsset Average: 3.7

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 provide access to all-day customer service with representatives. You can get help during its customer service 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 receives inferior reviews from customers for its mobile app. With 18 ratings on both iOS and Android platforms, the F&M Bank mobile app has an overall rating of 2.7 out of 5 (compared to the national average of 3.8). F&M Bank's mobile app lets you manage your finances by looking at current statements, sending and receiving funds as well as reaching customer service. F&M Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 2.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

F&M Bank ranks as a medium-size bank owning $1 billion in assets and deposits totaling $825 million. F&M Bank's Texas Ratio is 2.56%, suggesting a low chance 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.

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Compare F&M Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $500
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.31% APY
  • 24 Month: 1.51% APY
  • 36 Month: 1.61% APY
  • 48 Month: 1.76% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

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 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. F&M Bank's CD rates are fair compared to other U.S. banks.

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Find a F&M Bank Near Me

F&M Bank has 20 locations across the U.S.

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