Farmers State Bank Rates & Review

Farmers State Bank Review

Farmers State Bank has been doing business in Hartland, Minn. since 1912.

Farmers State Bank of Hartland, Minn., has been in business since 1912. The privately owned institution received the Albert Lea Tribune's Reader's Choice Award as Best Bank in 2006. The bank supports community causes and from time to time donates to organizations whose missions align with its overall business goals and whose work relies on community contributions and volunteers. The bank supports civic and community projects in aid of people in crisis, health promotion, and the arts.

Personal banking

Personal banking products and services at Farmers State Bank include a variety of deposit accounts. Customers can choose from a Simple Checking Account that has no minimum balance or monthly fees, and Free E-Checking that earns the highest interest rate when account holders use online banking services and make a certain number of debit card purchases. ATM cards are best used in the Shazam network.

The Simple Savings account pays interest with no minimum balance or monthly service charge. The Prime Savings account pays higher savings account rates. The bank offers a money market account, a health savings account, IRAs, and CD terms from 6 months to 60 months.

Business banking

Business banking services include an interest-bearing Small Business Checking Account. The Corporate Business Checking Account does not pay interest. The Business Savings Account offers tiered interest rates.

Farmers State Bank offers a variety of loan products, including personal loans, vehicle financing, and home equity financing. Commercial loans are available for purchasing equipment, business expansion, new product development and marketing, and business acquisitions.

Deposit insurance

Farmers State Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.