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The Farmers Bank of Willards Review

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

Overview

Established in 1925, The Farmers Bank of Willards has assets totaling $349 million along with $281 million in deposits, ranking the institution as a small bank. The Farmers Bank of Willards, whose headquarters are in Willards, Maryland, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated the bank 3.8 out of 5 stars, suggesting The Farmers Bank of Willards is a decent choice, but with better options out there. The Farmers Bank of Willards offers a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Farmers Bank of Willards has a fair savings rate compared to the average savings account. Finding an institution with no-fee checking and a high interest rate savings account is the best option for accruing the highest income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

The Farmers Bank of Willards features a savings rate of 0.20%, which is poor in comparison to other U.S. banks. The Farmers Bank of Willards's one-year CD has a rate of 0.75% and the five-year CD has a rate of 2.02%, while its highest-yielding money market account has an APY of 0.20%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How The Farmers Bank of Willards's Savings Rates Compare

The Farmers Bank of Willards Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on The Farmers Bank of Willards'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

3.8
SmartAsset Average: 3.7

The Farmers Bank of Willards is a brick-and-mortar bank, with nine total branches in Delaware. It also offers access to mobile and web apps for straightforward access and banking on the go. The Farmers Bank of Willards gets average marks from users for its mobile app. The The Farmers Bank of Willards mobile app is rated at 3.7 out of 5 (with 33 reviews on iOS and Android) compared to the national average of 3.8. The Farmers Bank of Willards's mobile app allows you to control your funds by reviewing monthly statements, transferring funds and accessing support representatives. The Farmers Bank of Willards gets an outstanding consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

The Farmers Bank of Willards is a small bank owning $349 million in assets and deposits totaling $281 million. The Farmers Bank of Willards has a strong Texas Ratio of 14.72%, indicating a tiny chance of failure. Additionally, The Farmers Bank of Willards is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

14.72%
High Risk 75% 50% 20% 10% Low Risk

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 of Willards to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.36% APY
  • 60 Month: 2.02% APY
$1000 for all terms
Money Market Account 0.1% APY $1000

The Farmers Bank of Willards has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Farmers Bank of Willards 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 of Willards's CD rates are fair in comparison to the average U.S. bank.

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Find a The Farmers Bank of Willards Near Me

The Farmers Bank of Willards has nine physical locations in the U.S.

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