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The Farmers National Bank of Canfield Review

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

Overview

Started in 1887, The Farmers National Bank of Canfield has assets totaling $2 billion and $2 billion in deposits, ranking the institution as a large bank. The Farmers National Bank of Canfield, whose headquarters are in Canfield, Ohio, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated The Farmers National Bank of Canfield 4 out of 5 stars, suggesting it is a good bank that warrants your consideration. The Farmers National Bank of Canfield has an array product offerings, including 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 looking for a checking account for everyday use, The Farmers National Bank of Canfield offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best bet for returning the most income from your deposits while maintaining 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 compared to other U.S. banks. The Farmers National Bank of Canfield's one-year CD earns at a rate of 0.15% and the five-year CD earns at a rate of 0.65%, while its highest-yielding money market account earns at an APY of 0.18%. Given The Farmers National Bank of Canfield's poor savings rate, you should think about looking at the competition to open savings accounts.

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

On average, The Farmers National Bank of Canfield charges customers low fees compared to the average U.S. bank. With no monthly fee, The Farmers National Bank of Canfield's checking account is ideal for those who want a hassle-free checking account. For those who often withdraw cash from the ATM, The Farmers National Bank of Canfield is perfect because it charges no out-of-network ATM fees. Also, The Farmers National Bank of Canfield has an overdraft fee of $36.00, which is somewhat greater than that of other U.S. banks. The Farmers National Bank of Canfield does not reimburse out-of-network ATM fees, meaning you will have to find a The Farmers National Bank of Canfield ATM or pay the withdrawal fee.

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 simple mobile-banking experience. It does not have all-day customer service with 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's online and mobile banking services get poor marks from users. The The Farmers National Bank of Canfield mobile app is rated at 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 lets you manage your funds by monitoring monthly statements, sending and receiving funds as well as accessing customer service. The Farmers National Bank of Canfield gets an outstanding consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is a large bank with assets totaling $2 billion as well as deposits totaling $2 billion. The Farmers National Bank of Canfield's Texas Ratio is 2.90%, denoting that The Farmers National Bank of Canfield is in excellent financial shape 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 Account 0.08% APY $7500

The Farmers National Bank of Canfield offers 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 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 National Bank of Canfield's CD rates are fair as compared against the national average.

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Find a The Farmers National Bank of Canfield Near Me

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

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