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Traders & Farmers Bank Review

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

Overview

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.

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

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 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 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.

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 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.

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 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

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 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.

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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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