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The Farmers National Bank of Canfield 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 National Bank of Canfield Savings
0.04% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1887, The Farmers National Bank of Canfield has assets totaling $2 billion and deposits totaling $2 billion, classifying it as a large bank. The Farmers National Bank of Canfield, whose headquarters are in Canfield, Ohio, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. We gave The Farmers National Bank of Canfield a 4 out of 5 stars, suggesting it is a good bank that deserves your consideration. The Farmers National Bank of Canfield has a diversity of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Farmers National Bank of Canfield's most basic checking account does not carry a monthly maintenance charge. Using an institution with no-fee checking and a high savings APY is the best bet for returning the highest income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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 0.04%, The Farmers National Bank of Canfield ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 0.15% and the five-year CD has a rate of 0.65%, while its highest-yielding money market account has a rate of 0.18%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Farmers National Bank of Canfield's Savings Rates Compare

The Farmers National Bank of Canfield Savings 0.04 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

The Farmers National Bank of Canfield generally has low fees compared to the average U.S. bank. With no monthly fee, The Farmers National Bank of Canfield is perfect for people who want a basic banking experience. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Additionally, The Farmers National Bank of Canfield has an overdraft fee of $36.00, which is marginally greater than the average overdraft fee charged by U.S. banks. The Farmers National Bank of Canfield does not reimburse out-of-network ATM fees, which means you will be required to search for a The Farmers National Bank of Canfield ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

The Farmers National Bank of Canfield is a brick-and-mortar bank, with 39 total branches in Ohio and Pennsylvania. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. The Farmers National Bank of Canfield gets poor feedback from customers for its online presence. The The Farmers National Bank of Canfield mobile app rates a 3.4 out of 5 (with 72 reviews on iOS and Android) compared to the national average of 3.8. The Farmers National Bank of Canfield's mobile app allows you to control your funds by looking at current statements, transferring funds and reaching support representatives. The Farmers National Bank of Canfield gets an excellent consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Farmers National Bank of Canfield ranks as a large bank with $2 billion in assets and deposits totaling $2 billion. The Farmers National Bank of Canfield has an excellent Texas Ratio of 2.90%, denoting that the bank is in excellent financial condition and improbable to fail. Additionally, The Farmers National Bank of Canfield 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 National Bank of Canfield to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.04% APY $100
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.35% APY
  • 48 Month: 0.45% APY
  • 60 Month: 0.65% APY
$500 for all terms
Money Market Accounts 0.08% APY 0.18% APY $10000 $15000

The Farmers National Bank of Canfield has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. The Farmers National Bank of Canfield does not have the best savings rate, which means you should think about looking 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 National Bank of Canfield's CD rates are fair in comparison to the average U.S. bank.

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Find a The Farmers National Bank of Canfield Near Me

The Farmers National Bank of Canfield has 39 physical locations across the U.S.

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