The Farmers Bank is offering a very competitive 15-month CD special with a 2.00% APY. Minimum deposit is $1,000. To receive this rate, interest must be automatically deposited into a checking or savings account. If interest is paid by check, the APY falls to 1.95%. This special is listed in the bank's CD specials page as of 8/06/10.
Last year a reader informed me that he was told by the branch manager at the bank's Portland office that they can accept out-of-state deposits. Please note that the availability policy can often change and depend on the specific bank official especially at small banks. So your miles may vary if you want to open an account by mail.
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, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Farmers Bank reviews). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 1696).