Traders & Farmers Bank first started operating in 1906 with its headquarters in Haleyville, Alabama. It manages assets of $365 million and $290 million in deposits, making it a small bank. Traders & Farmers Bank 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. At a SmartAsset rating 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 complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Traders & Farmers Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Traders & Farmers Bank's ordinary checking account does not have a monthly fee. Using a bank with free checking as well as a high savings APY is your best option for returning the most income on your deposits alongside convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.20%, Traders & Farmers Bank ranks poorly in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.35%, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given Traders & Farmers Bank's poor savings rate, you should think about looking elsewhere to open savings accounts.
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 perfect for people who want a simple checking account. Traders & Farmers Bank doesn't reimburse out-of-network ATM charges, which means you will be required to search for a Traders & Farmers Bank ATM or pay the fee.
Traders & Farmers Bank is a brick-and-mortar bank, with seven total bank locations in Alabama. It also offers access to mobile and web apps for easy access and banking on the go. Traders & Farmers Bank's online and mobile banking services receive high praise from users. The Traders & Farmers Bank mobile app is rated at 4.7 out of 5 (out of 22 ratings on Apple and Android) compared to the national average of 3.8. You can use Traders & Farmers Bank's mobile app to control your accounts by looking at current statements, sending and receiving funds as well as accessing support representatives. Traders & Farmers Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Traders & Farmers Bank is currently a small bank and manages assets totaling $365 million as well as $290 million in deposits. Its Texas Ratio is 9.26%, denoting a tiny possibility 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 Accounts||0.1% APY 0.1% APY||$10000 $15000|
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 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. Traders & Farmers Bank's CD rates are fair as compared against 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