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The Farmers & Merchants State Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Farmers & Merchants State Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1897, The Farmers & Merchants State Bank has $1 billion in assets and $920 million in deposits, ranking it as a medium-size bank. The Farmers & Merchants State Bank, whose headquarters are in Archbold, Ohio, 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 apps. With a score of 4.1 out of 5 stars, The Farmers & Merchants State Bank should be solidly in contention for your choice of bank. The Farmers & Merchants State Bank offers a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Farmers & Merchants State Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The Farmers & Merchants State Bank's most basic checking does not have a monthly charge. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best option for getting the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.03%, The Farmers & Merchants State Bank ranks poorly compared to the national average. Its one-year CD earns at a rate of 0.36% and the five-year CD has a rate of 2.03%, while its highest-yielding money market account earns at a rate of 0.08%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How The Farmers & Merchants State Bank's Savings Rates Compare

The Farmers & Merchants State Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Farmers & Merchants State Bank charges customers extremely low fees compared to the average U.S. bank. The Farmers & Merchants State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. The Farmers & Merchants State Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll have to search for a The Farmers & Merchants State Bank ATM or pay the withdrawal fee.

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

3.4
SmartAsset Average: 3.7

The Farmers & Merchants State Bank is a brick-and-mortar bank, with 25 total bank locations in Indiana and Ohio. With mobile and web apps, The Farmers & Merchants State Bank makes account access convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. The Farmers & Merchants State Bank gets inferior feedback from customers for its mobile platform. Out of 68 customer reviews across both Apple and Android platforms, the The Farmers & Merchants State Bank mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). The Farmers & Merchants State Bank's mobile app lets you control your bank accounts by checking account balances, transferring funds and accessing support representatives. The Farmers & Merchants State Bank gets an exceptional consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.0/5
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

The Farmers & Merchants State Bank is a medium-size bank and has assets totaling $1 billion as well as deposits totaling $920 million. Its Texas Ratio is 1.44%, denoting a negligible likelihood of failure. Additionally, The Farmers & Merchants 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 The Farmers & Merchants State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $300
Checking Account 0.75% APY $10000
Certificates of Deposit
  • 12 Month: 0.36% APY
  • 24 Month: 0.57% APY
  • 36 Month: 0.81% APY
  • 48 Month: 1.21% APY
  • 60 Month: 2.03% APY
$2500 for all terms
Money Market Accounts 0.05% APY 0.08% APY $10000 $15000

The Farmers & Merchants State Bank 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 & Merchants 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. The Farmers & Merchants State Bank's CD rates are fair in comparison to the national average.

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Find a The Farmers & Merchants State Bank Near Me

The Farmers & Merchants State Bank has 25 physical locations in the U.S.

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