Started in 1906, Traders & Farmers Bank has assets totaling $365 million and deposits totaling $290 million, classifying the institution as a small bank. Traders & Farmers Bank, whose headquarters are in Haleyville, Alabama, lacks premium access to customer service, with no options for live chat or all-day service. 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. With a score of 4.3 stars out of 5, Traders & Farmers Bank should be solidly in contention for your choice of bank. Traders & Farmers Bank offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Traders & Farmers Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Traders & Farmers Bank's standard checking does not carry a monthly fee. Banks that offer free checking and a high interest rate savings account are the best option for returning the most income from your deposits alongside easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Traders & Farmers Bank has a savings rate of 0.20%, which is poor compared to the average U.S. bank. Traders & Farmers Bank's CD rates are 0.50% and 1.35% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.
How Traders & Farmers Bank's Savings Rates Compare
Traders & Farmers Bank has typically extremely low fees compared to other U.S. banks. With no monthly fee, Traders & Farmers Bank is ideal for people who want a basic banking experience. Traders & Farmers Bank unfortunately does not refund out-of-network ATM fees, which means you'll need to locate a Traders & Farmers Bank ATM or pay the fee.
Traders & Farmers Bank is a brick-and-mortar bank, with seven total branches in Alabama. With mobile and web apps, Traders & Farmers Bank makes account access straightforward, even on the go. Traders & Farmers Bank receives great scores from customers for its mobile banking services. Out of 22 ratings on both iOS and Android platforms, the Traders & Farmers Bank mobile app is scored at 4.7 out of 5 (compared to the national average of 3.8). Traders & Farmers Bank's mobile app lets you manage your bank accounts by reviewing current statements, sending and receiving money as well as reaching support representatives. Traders & Farmers Bank receives an exceptional consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Traders & Farmers Bank is a small bank owning $365 million in assets as well as $290 million in deposits. Its Texas Ratio is 9.26%, indicating a small opportunity of failure. Additionally, Traders & 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.Back to Overview
Compare Traders & Farmers Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.2% APY||$1|
|Checking Account||0.1% APY||$1000|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.1% APY||$20000|
Traders & Farmers Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Traders & Farmers Bank does not have the best savings rate, which means you should consider 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. Traders & Farmers Bank's CD rates are fair compared to the national average.Back to Overview
Find a Traders & Farmers Bank Near Me
Traders & Farmers Bank has seven physical branches in the U.S.Back to Overview