The Farmers Bank first started operating in 1912 and is headquartered in Portland, Tennessee. The Farmers Bank has $649 million in assets along with $543 million in deposits, classifying it as a medium-size bank. The Farmers 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 in-person service, in addition to its online and mobile apps. Overall, The Farmers Bank is among the best banks, and should be given strong consideration, with a score of 4.5 stars out of 5 from the SmartAsset experts. The Farmers Bank offers a choice of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. The Farmers Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Farmers Bank's standard checking does not have a monthly charge. Using a bank with free checking, in addition to a high interest rate savings account is your best bet for accruing the highest income from your deposits while having easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
The Farmers Bank features a savings rate of 0.20%, which is poor in comparison to the national average. The Farmers Bank's one-year CD has a rate of 1.50% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at an APY of 0.20%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.
How The Farmers Bank's Savings Rates Compare
On average, The Farmers Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, The Farmers Bank is perfect for those who want a basic checking account. The Farmers Bank doesn't refund out-of-network ATM charges, which means you'll be required to locate a The Farmers Bank ATM or eat the fee.
The Farmers Bank is a brick-and-mortar bank, with 10 total branches in Tennessee. It also offers access to mobile and web apps for easy access and banking on the go. The Farmers Bank's online and mobile banking platforms receive fairly decent scores from users. The The Farmers Bank mobile app has an overall rating of 4.3 out of 5 (with 74 reviews on Apple and Android) compared to the national average of 3.8. The Farmers Bank's mobile app lets you control your funds by reviewing current statements, transferring funds and accessing support representatives. The Farmers Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
The Farmers Bank is currently a medium-size bank owning $649 million in assets and deposits totaling $543 million. Its Texas Ratio is 2.51%, denoting a minute likelihood of failure. Additionally, The Farmers 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 The Farmers Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.2% APY||$100|
|Checking Account||0.15% APY||$1000|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.2% APY 0.2% APY||$10000 $15000|
The Farmers Bank has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. The Farmers 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. The Farmers Bank's CD rates are fair compared to other U.S. banks.Back to Overview
Find a The Farmers Bank Near Me
The Farmers Bank has 10 locations in the U.S.Back to Overview