Personal Savings
Regardless of your age, financial status or lifestyle everyone needs a safe place to put their money and earn interest. At Farmers & Merchants Bank we try to provide simple solutions in a complicated world. We offer several savings options to suit your needs:
- New Beginnings Savings - bridal registry
- Treehouse Savings Club - For Kids
- Premium Savings
- Money Market Accounts
- Christmas Clubs
- Coverdell Education Savings
All Farmers & Merchants savings accounts are insured by F.D.I.C.
New Beginnings Savings - Help Newlyweds Save For a Home
Do you really need toasters and sheets for wedding gifts? Why not encourage gifts to help you realize the dream of home ownership?This unique account serves as a bridal gift registry. Your wedding guests help you save for your home downpayment.
Account Details:
- A premium interest rate of 1.30% APY* (1.29% rate) on the first $3,500 deposited for the first 3 years (The account earns the bank’s standard savings interest rate of.20 [.20% APY] on balances over $3,500 – see our rate sheet for details; 3 years after opening date this account will convert to a Premium Savings Account. New Beginnings Savings 1.30% rate as of 9/19/12)
- Low initial deposit of $10
- We provide wedding invitation inserts for the couple to use advising guests how to make a deposit.
- The account is opened in the names of the couple; they have access to their funds as needed.
- Service charges waived for the first three years (however, the usual dormant account fee [after 2 years of inactivity] and early closing fee apply)
- Interest earned is compounded daily, credited quarterly.
- Free and easy account information and transfers between accounts using your VISA ATM card, NetTeller Online Banking, or Instant InfoLine telephone banking.
- Activity summary shown on your annual statement, which is produced the end of May each year
See our Rate Sheet for current interest rates and related balances
*APY = Annual Percentage Yield
Treehouse Savings Club - Just For Kids!
Help your children learn to save and handle their money by opening their very own bank account. These skills are an important element of the economic “Standards of Learning” curriculum in our schools. Any school age child is eligible to open this account, and there are no minimum balance requirements or maintenance fees. Your child is encouraged to bring small deposits as often as they like.
What Does The Child Receive?
- A piggy bank to encourage saving at home
- An old-fashioned passbook to keep records of their account
- Fun prizes for every 5 deposits made
- Newsletters and activity sheets to develop their interest; statements annually in May.
- A premium interest rate of 1.50% APY* (1.49% rate) on the first $1,000 deposited (The account earns the bank’s standard savings interest rate of.20 [.20% APY] on balances over $1,000 – see our rate sheet for details; after age 18 this account will convert to a Premium Savings Account. Tree House Savings 1.49% rate as of 9/19/12)
- The opportunity to save for something special and learn how to handle money
Access to their money at any time since they are the owner of the account (a parent or other adult will be joint on the account) - Visit our special web pages just for you! Lots of information and fun. Click here now to visit Just For Kids...
To open this account at any of our bank branches, you will need to bring your child along with their ID (birth certificate, social security card, or photo ID) so both you and they can sign the signature card. The opening deposit needs to be at least $5.
Note: Limit one account per child.
Your interest rate increases as your balance grows, and you have immediate access to your funds. See our Rate Sheet for current interest rates and related balances.Premium Savings
- Tiered interest rate based on daily balance
- Low $10 Minimum Balance to earn interest
- Low initial opening deposit of $10
- Quarterly average balance of only $100 waives the service charge of $10 per quarter.
- Service charges waived for minors, full time students, disabled, seniors over age 65, estates, and non-profit organizations.
- Interest earned is compounded daily, credited quarterly.
- Free and easy transferring between accounts to manage bills using your ATM or VISA Check Card1, NetTeller Online Banking, or Instant InfoLine telelphone banking
- Access funds at any ATM
- Activity Summary shown on your annual statement, which is produced the end of May each year
1 No fee charged by Farmers & Merchants Bank for transactions at other banks’ ATM’s. Other ATM owners may charge a fee.
These accounts have limited check writing privileges. Up to six transfers are allowed per statement cycle to another account or to third parties. These can be by check, draft, authorized debit, telephone transfer, ACH, or debit card. (There is a $5 fee any month you exceed the 6-transaction limit). Your interest rate increases as your balance grows. See our Rate Sheet for current interest rates and related balances.Money Market Savings Accounts
Platinum Money Market
- Premium interest rate is tiered and based on daily balance
- All balances earn interest
- Average balance of only $10,000 waives the service charge of $10 per month.
- Interest earned is compounded daily, credited monthly.
- Free and easy transferring between accounts to manage bills using your ATM or VISA Check Card, NetTeller Online Banking, or InfoLine telephone banking
- Access funds at any ATM
- Activity Summary shown on your monthly statement
- IDSafeChoice Identity theft recovery services – completely free – and the option to purchase further monitoring services and alerts at great prices. Click here to learn more....
- Extra benefits–
- FREE online bill pay
- $10,000 travel accidental death insurance
- Local & National dining savings
- Travel, hotel & recreation discounts
- Local & Online shopping discounts
- Payment card & personal identity protection
- FREE cashier’s checks
Money Market Savings Plus
- Tiered interest rate based on daily balance
- Interest earned on balances $1,000 and more
- Average monthly balance of only $1,000 waives the service charge of $10 per month.
- Interest earned is compounded and credited monthly.
- Access your funds as often as needed at bank teller windows
- Up to 6 electronic withdrawals and/or transfers per month, which can be by checks or other third-party transfers drawn on your Money Market Plus account. $5 fee any month you exceed the 6-transaction limit.
- Activity shown on your monthly statement
1 No fee charged by Farmers & Merchants Bank for transactions at other banks’ ATM’s. Other ATM owners may charge a fee.
Christmas Clubs
We’re one of the few banks to offer these convenient coupon savings plans. Set aside funds for next year’s holidays, or save for other special annual expenses like real estate taxes or vacations.
- Deposits can be made weekly, monthly, or as often as you like
- Club plans are offered with coupon payments of $5 or any other amount you choose
- The plans are designed for 40 coupon payments during the year
- Interest is earned on all funds deposited if the club is kept open until maturity. See our Rate Sheet for current interest rates.
- Checks for all deposits plus interest are distributed near the end of October each year, and we provide a new coupon book so you can easily continue your savings plan.
Contributions to a Coverdell Education Savings Account are not tax-deductible, but distributions used to pay for the qualified education costs of the named beneficiary are generally tax free. Contributions are limited to $2,000 per year, per child under the age of 18.
The income limits for eligibility to contribute are:
| Full $2,000 Contribution if your AGI is less then: |
Partial Contribution if your AGI is between: |
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| Single Filer | <=$95,000 | $95,000 - $110,000 no contribution if over $110,000 |
| Married Filing Jointly | <=$190,000 | $190,000 - $220,000 no contribution if over $220,000 |
FDIC Insurance - Expanded Coverage Up to $50 Million
FDIC Insurance coverage is an important benefit of banking with Farmers & Merchants Bank. You can rest assured that your deposits are safe and secure. Click here to learn all about CDARS.
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