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McFarland State Bank Review

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McFarland State Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1905, McFarland State Bank has $484 million in assets as well as $358 million in deposits, making the institution a medium-size bank. McFarland State Bank, whose headquarters are in Mc Farland, Wisconsin, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, McFarland State Bank is an acceptable bank choice, but may leave you wanting more, with a score of 3.5 out of 5 stars from the SmartAsset team. McFarland State Bank provides customers with numerous product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. McFarland State Bank has a fair savings rate; other popular banks have higher rates. Finding an institution with free checking, in addition to a high interest rate savings account is your best bet for returning the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.05%, McFarland State Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.40% and the five-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at a rate of 0.07%. Given McFarland State Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How McFarland State Bank's Savings Rates Compare

McFarland State Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on McFarland State Bank's fees to provide a full SmartAsset rating.

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

2.5
SmartAsset Average: 3.7

McFarland State Bank is a brick-and-mortar bank, with seven total branches in Wisconsin. With mobile and web apps, McFarland State Bank makes account access straightforward, even on the go. You can access McFarland State Bank's mobile app to control your bank accounts by monitoring monthly statements, transferring money and accessing support representatives. McFarland State Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

McFarland State Bank ranks as a medium-size bank with assets totaling $484 million and deposits totaling $358 million. Its Texas Ratio is 1.82%, suggesting that the bank is in outstanding financial health and unlikely to fail. Additionally, McFarland State 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 McFarland State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Account 0.07% APY $2500

McFarland State Bank offers several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. McFarland State Bank does not have the best savings rate, which means you should consider 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. McFarland State Bank's CD rates are fair compared to the national average.

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Find a McFarland State Bank Near Me

McFarland State Bank has seven physical branches in the U.S.

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