Farmers & Traders Bank Takes Weekly Spotlight for 3% APY 60-Month CD
Congratulations to Farmers & Traders Bank of Bancroft, IA for having the highest 60-month CD rate according to the BestCashCow rate tables. The bank offers a 5-year CD that pays 3.00% APY with a minimum balance of $5,000. Just a few short months ago, there were many banks paying 3% or over, but the list has whittled down to Farmers & Traders and a handful of credit unions scattered across the country.
Farmers & Traders was established in 1887. According to their website:
"Since 1887, Farmers & Traders Savings Bank has witnessed the peak of the nation's prosperity and it's deepest plunge in the worst depression the world has ever seen. Prior to the depression, there were three banks in Bancroft; however, the First National Bank and The Farmers State Bank did not survive. Farmers & Traders Savings Bank was one of the few banks in the county that did survive."
The bank's financials numbers look strong. The bank has a low Texas Ratio of 4.01% APY versus a national average of 20%. Return on equity is also higher than the national average while capitalization is a bit below. To view these numbers and their explanations, please click here.
The bank operates one branch and has $54 million in assets. Deposits are FDIC insured.
The bank only serves its community so if you don't live near Bancroft, IA you are out of luck. Still, there are thousands of local and online banks across the country offering competitive rates on a host of banking products.
Stay tuned next week for a new spotlight bank.