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The Top 9 Best Banks For Farmers

If you are a farmer or agricultural worker you are probably on the lookout for a great bank to serve your needs. Banks come a dime a dozen but it’s hard to distinguish quality from mediocrity. 

But there are great banks that provide loans, great interest rates, and savings options that can benefit any farmer.

Here are some of the best banks we recommend for farmers:

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1. UMB Bank

One of the best banks that has specialized in the agriculture industry is UMB Bank. If you are looking for a loan for your working on your farm, then they have a track record of approving many farmers.

A significant portion of their loans is given to farmers. Regardless of whether you need money for growing crops, dairy farming, or food processing you can depend on them to consider you for a loan.

UMB Bank also has great services for online banking. If you prefer online banking only and need a bank solely catered to farmers, you should consider Farmersbankidaho.com It’s the best online bank catered specifically for agricultural workers and entrepreneurs.

2. Bank of America

One of the biggest banks in the country is a great choice for farmers. You can use Bank of American to open a great business account as well as a savings account.

As Bank of America has always been a friend to American businesses, you can reach out to them for a loan. Bank of America is a great option for financing your farming endeavors.

If you need to build an income to add to your farm business, later on, you can find a great Certificate of Deposit (CDs) with high yields.

3. Farm Credit Services of America

If you want a great bank that serves as an agricultural lender, you want to check out Farm Credit Services of America. 

If you happen to be a member of one of 50 Agricultural Credit Associations (ACA), you might qualify for a loan from the Farm Credit Services of America.

Regardless of the farm endeavors you wish to pursue, you can find financial support through this organization. If your farm business is growing, you definitely want to consider joining an ACA. Once you do, then go to the Farm Credit Services of America for a loan.

4. Capital One

If you need a great checking and savings account for your farm business, you want to look at Capital One. This is especially a great option for the amateur farmer who is starting an agricultural business for the first time.

You won’t have to worry about minimum balances or maintenance fees. You can find higher interest rates for both savings accounts and CDs.

Without a doubt, this is one of the best banks for a savings account. You can also find one of the best bank interest rates with Capital One.

You can also find many ATMs and branches throughout the country. Capital One also has great customer service and is also great for online banking. If you want an easy banking experience and want to build your capital then this is a great option.

5. Radius Bank

While this is not a well-known bank it’s a great online bank for new agricultural entrepreneurs. If you find that you need an online bank without any of the bells and whistles that Capital One comes with, then Radius Bank is the ideal choice.

It requires a $100 minimum deposit to open a checking or savings account. After that, you don’t have to worry about any monthly fees. Radius has great customer service and offers generous ATM fee refunds as a makeup for a lack of ATM locations.

For a regular online bank that you can open as a beginner farmer, and then upgrade at a later time, go with Radius Bank.

6. Western State Bank

If you want a great local bank that works well with small businesses, then this bank is a great solution. You can apply for a free checking account with low monthly fees.

While there are few Western State Bank ATMs, you can use a MoneyPass ATM without incurring ATM fees. The bank does offer ATM refunds up to $20 per month for other ATMs.

It has a great mobile application for iOS and Android devices. If you have a small farming business and need a checking account then consider Western State Bank. You can also depend on their great customer service.

7. Alliant Credit Union

Not strictly a bank, but a credit union which is often preferred over a bank by many entrepreneurs. For farmers, a credit union such as Alliant Credit Union has many benefits.

If you are looking to increase your capital to invest in your farm, then you can find a High-Rate savings account paying 1.65% APY. You can also opt for a great checking account with no minimum deposit or monthly fees. 

Alliant Credit Union also has stellar customer service and an easy-to-use mobile app.

8. Ally

This is another great online bank that offers a great checking and savings account combination. You can also find low monthly fees, high-interest rates, and fantastic customer service.

You can receive a $10 per month refund on your ATM fees. You also can deposit checks via mobile deposit. It integrates with third-party finance apps such as Zelle.

If you want the perfect combination of checking, savings, and building interest then Ally is a great option. If you prefer an online option as opposed to a physical bank, then you won’t miss out on anything with this option.

9. Chase Bank

This bank easily tops the list for the best customer service. As a farmer, you need to have a banker who understands your needs. You can be sure to find this with Chase Bank.

It has physical branches and ATMs across the country. It also has a simple online banking option.

You can open a checking and savings account but also start an investment account for your farm. If you need to buy more farmland, Chase Bank offers great solutions for mortgages. This is the perfect option for the seasoned farmer.

Choose Among the Best Banks

Now that you know the best banks for farmers, you can choose the right one for your needs. Make sure to share this guide with your fellow farmers.

For more financial advice and business tips, check out our website!

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