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Traders & Farmers 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
Traders & Farmers Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

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 Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

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.

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

4.3
SmartAsset Average: 3.7

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.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

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

9.26%
High Risk 75% 50% 20% 10% Low Risk

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 Traders & Farmers Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.05% APY
  • 60 Month: 1.35% APY
$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.

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Find a Traders & Farmers Bank Near Me

Traders & Farmers Bank has seven physical branches in the U.S.

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