Grow Your Money by Opening a Personal Savings Account
Farmers & Merchants Bank offers a wide range of savings accounts at a competitive interest rate. With a savings account, you can grow your savings and reach your financial milestones.
Enjoy the following benefits when you open this type of account:
- Accessible – Withdraw cash from an ATM anytime, anywhere.
- Secure – Achieve peace of mind knowing that your funds are safe in the bank.
- Insured – The Federal Deposit Insurance Corporation (FDIC) is there to protect your savings in case the financial institution folds up (maximum coverage limit is $250,000 per depositor).
Drive to or call one of our branches today to open an account.
| Essential Savings | Youth Savings | Rewards Savings | Christmas Club Savings | Green Edge Money Market | |
|---|---|---|---|---|---|
Description | Essential Savings Build consistent habits with ease with our flexible savings option | Youth Savings Develop healthy savings habits early with an easy to manage savings | Rewards Savings Designed for debit card power users who want to earn more | Christmas Club Savings Plan ahead & be prepared for your annual holiday shopping. | Green Edge Money Market Offering higher rates with limited check writing and electronic payment use. |
Minimum Opening Balance | Essential Savings $50.00 | Youth Savings $50.00 | Rewards Savings $50.00 | Christmas Club Savings $5.00 | Green Edge Money Market $2,500.00 |
Account Requirements | Essential Savings No | Youth Savings Age 0-216 | Rewards Savings See below5 | Christmas Club Savings See below7 | Green Edge Money Market No |
Maintenance Charge Waive Opportunities | Essential Savings Maintain average daily balance of $500+ or $50.00 per month automatic transfer set-up by F&M Bank from F&M Checking to Essential Savings. | Youth Savings No quarterly maintenance charge. | Rewards Savings Maintain average daily balance of $1,000+ | Christmas Club Savings No annual maintenance charge. | Green Edge Money Market Maintain average daily balance of $2,500+ |
Statement / Service Charge Frequency | Essential Savings Quarterly | Youth Savings Quarterly | Rewards Savings Monthly | Christmas Club Savings Annually | Green Edge Money Market Monthly |
Free Electronic Statements1 | Essential Savings Yes | Youth Savings Yes | Rewards Savings Yes | Christmas Club Savings Yes | Green Edge Money Market Yes |
Digital Banking2 | Essential Savings Yes | Youth Savings Yes | Rewards Savings Yes | Christmas Club Savings Yes | Green Edge Money Market Yes |
Visa ATM Card3 | Essential Savings Yes | Youth Savings Yes | Rewards Savings Yes | Christmas Club Savings No | Green Edge Money Market No |
Unlimited Transactions | Essential Savings Yes | Youth Savings Yes | Rewards Savings Yes | Christmas Club Savings No withdrawals permitted. | Green Edge Money Market 6 withdrawals / month8 |
Earns Interest | Essential Savings Yes | Youth Savings Yes | Rewards Savings Yes | Christmas Club Savings Yes | Green Edge Money Market Yes |
Bonus Rates | Essential Savings No | Youth Savings No | Rewards Savings Yes | Christmas Club Savings Yes | Green Edge Money Market no-check |
Cents-Able Savings4 (with eligible F&M Checking) | Essential Savings Yes | Youth Savings Yes | Rewards Savings Yes | Christmas Club Savings Yes | Green Edge Money Market Yes |
Interested? | Essential Savings Learn More | Youth Savings Learn More | Rewards Savings Learn More | Christmas Club Savings Learn More | Green Edge Money Market Learn More |
- Paper statements available for a fee. Contact bank representative for details.
- Must be age 13+
- Must be age 18+ or have adult joint owner on account.
- Cents-Able Savings rounds up debit card purchases to the nearest dollar. Round-up amounts are totaled and transferred to your linked account at the end of each business day.
- Rewards Savings available for consumer accounts with 30+ qualifying debit card purchase transactions in a linked consumer checking account with common signers across accounts. Linked checking and savings must be on the same statement cycle. Qualifying debit card transactions can only be applied toward one Rewards Savings account to receive bonus rates. Contact a bank representative for complete details, terms, and conditions.
- At the age of 22, your account will automatically convert to the Essential Savings account.
- Christmas Club available for consumer accounts. Bonus rate available when bank enabled ACH payout disbursement. Funds are disbursed in October.
- Limit of six (6) withdrawals per monthly statement cycle. All withdrawals, including in person transactions, count toward this limit with the exception of account service charges.
Great Benefits of our Savings Accounts:
- ATM card
- Digital Banking
- Text Banking
- Automatic Transfers
- Telephone Banking through the Freedom Line
- Cents-able Savings