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The Farmers Bank Review

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The Farmers Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1912, The Farmers Bank has assets totaling $649 million along with $543 million in deposits, ranking it as a medium-size bank. The Farmers Bank, whose headquarters are in Portland, Tennessee, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We gave the bank a 4.5 stars out of 5, indicating that The Farmers Bank is among the top banks, and should be given serious consideration. The Farmers Bank provides customers with a selection of product offerings, which include savings accounts, checking accounts, money market accounts, 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, The Farmers Bank's standard checking account does not have a monthly fee. Institutions that offer free checking as well as a high savings APY are your best option for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

The Farmers Bank features a savings rate of 0.20%, which is poor compared to other U.S. banks. Its CD rates are 1.50% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.20%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How The Farmers Bank's Savings Rates Compare

The Farmers Bank Savings 0.20 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

The Farmers Bank typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, The Farmers Bank's checking account is ideal for those who want a hassle-free banking experience. The Farmers Bank doesn't reimburse out-of-network ATM fees, meaning you'll be required to locate a The Farmers Bank ATM or eat the ATM charge.

Monthly Fee $0 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

SmartAsset Average: 3.7

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 an easy mobile-banking experience. The Farmers Bank receives reasonably good ratings from users for its mobile banking services. The The Farmers Bank mobile app rates a 4.3 out of 5 (out of 74 customer reviews on Apple and Android) compared to the national average of 3.8. You can access The Farmers Bank's app to manage your bank accounts by looking at account balances, sending and receiving money as well as accessing support representatives. The Farmers Bank receives a superb consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

The Farmers Bank is currently a medium-size bank owning $649 million in assets as well as $543 million in deposits. The Farmers Bank's Texas Ratio is 2.51%, indicating that the bank is in superb financial well-being and far from 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.

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Compare The Farmers Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Account 0.2% APY $1000

The Farmers Bank offers several deposit products including savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. The Farmers Bank does not have the best savings rate, which means you should consider taking a look 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. The Farmers Bank's CD rates are fair in comparison to the national average.

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Find a The Farmers Bank Near Me

The Farmers Bank has 10 physical locations in the U.S.

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