The Bank of Fayette County Review

Overview

The Bank of Fayette County was founded in 1905 with headquarters in Piperton, Tennessee. It owns $552 million in assets along with $453 million in deposits, ranking it as a medium-size bank. The Bank of Fayette County 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 access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated The Bank of Fayette County 3.7 out of 5 stars, indicating that it is a decent bank that leaves room for improvement. The Bank of Fayette County provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The Bank of Fayette County has a fair savings rate compared to the average savings account. Using an institution with free checking, in addition to a high savings APY is your best option for getting the highest income on your deposits while maintaining easy access to your funds.

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

The Bank of Fayette County features a savings rate of 0.25%, which is fair in comparison to other U.S. banks. The Bank of Fayette County's CD rates are 1.00% and 2.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.25%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How The Bank of Fayette County's Savings Rates Compare

There is insufficient data on The Bank of Fayette County's fees to provide a full SmartAsset rating.

The Bank of Fayette County is a brick-and-mortar bank, with 11 total bank locations in Tennessee. With a mobile app, The Bank of Fayette County provides straightforward mobile banking, even from home or work. The Bank of Fayette County receives a superb consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

The Bank of Fayette County is currently a medium-size bank and owns $552 million in assets as well as deposits totaling $453 million. It has an excellent Texas Ratio of 4.75%, suggesting that the bank is in outstanding financial condition and unlikely to fail. Additionally, The Bank of Fayette County 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.

Products Offered

The Bank of Fayette County has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Fayette County 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. The Bank of Fayette County's CD rates are fair as compared against the national average.

Find a The Bank of Fayette County Near Me

The Bank of Fayette County has 11 physical locations across the U.S.