Dedicated to Deposits: Deals, Data, and Discussion

2.50% 13-Month CD & 2.26% 7-Month CD at The Farmers Bank in Tennessee

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The Farmers Bank
Update 12/27/09: The only CD special listed at the bank's CD specials page is a 2.25% APY 15-month CD

Update 11/21/09: The terms of the CD specials have been lengthened a little. As shown on the bank's CD specials page, these are now a 2.26% APY 9-month CD and a 2.50% APY 15-month CD.

The Farmers Bank is offering two very competitive CD specials: a 2.26% APY 7-month CD and a 2.50% APY 13-month CD. Minimum deposit is $1,000. These specials are listed on the bank's front page and in this CD specials page as of 9/28/09.

Update 10/07/09: A reader was told by the branch manager at their Portland office that they can accept out-of-state deposits. Contact the bank for account opening details. Please note that small banks often change their policy on this.

It appears that a branch visit is required to open an account. Branches are located in the Tennessee cities of Portland, Cross Plains, Millersville, Ridgetop, Springfield, Whitehouse and Westmoreland. Millersville is about 20 miles north of Nashville. If you are considering driving a long distance to a branch, make sure you call and verify that they accept deposits from outside their local area.

The bank's ratings for safety soundness are fair: 3½ stars (good) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 1696).

Other Competitive Certificate of Deposit Rates
  Tags: Tennessee, The Farmers Bank, CD rates

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Comments
2 comments.
Comment #1 by rhea (anonymous) posted on
rhea
I have visited your website and I would like to congratulate you on building such a valuable online resource. I am sure your visitors find your site as useful as I did.

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Rhea S.

1
Comment #2 by Anonymous posted on
Anonymous
What an astonishing rate! I cannot believe they are actually offering 2.5% & 2.26%! They have to be outta their minds to even think in those terms.

There must be lines and lines of buffoons lined up around the corner to get into the bank. I hope they don't sell out of those before the morning. In times like these, and rates like these, the masses will be retiring in droves.

1