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


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
rhea (anonymous)   |     |   Comment #1
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Rhea S.
Anonymous   |     |   Comment #2
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.
3.01% Reward Checking Account at The Farmers Bank - Georgia Residents Only
Update 11/09/09: The reward checking account is no longer listed at the bank's website.

The Farmers Bank has a reward checking account with the following rates and features if certain monthly requirements are met:
  • 3.01% APY on balances up to $25,000
  • 1.01% APY on balances over $25,000
  • 0.10% base rate if qualifications are not met
  • Unlimited ATM fee refunds
The monthly requirements include:
  • 12 debit card purchases
  • one direct deposit or automatic payment
  • receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $50 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free Online Bill Pay
There's an online...

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