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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:
All Farmers & Merchants savings accounts are insured by F.D.I.C.
 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 every 3 months
- A bonus interest rate of 3% (3.03% APY) on the first $500 deposited (The account earns the bank’s standard savings interest rate on balances over $500 – see our rate sheet for details; after age 18 this account will convert to a Premium Savings Account)
- 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)
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.
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Premium
Savings
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.
- Tiered interest rate based on daily balance
- Low $10 Minimum Balance to earn interest
- Low initial opening deposit of $10
- Daily balance of only $200 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
1No
fee charged by Farmers & Merchants Bank for transactions at other banks’ ATM’s. Other ATM owners may charge a fee.
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Money
Market Savings Accounts
These accounts have limited check writing privileges. Up to six transfers are allowed per statement cycle to another account or to third parties (by authorized debit, telephone transfer, ACH). Up to three of your six transfers can be by check, draft, or debit card. Your interest rate increases as your balance grows. See our Rate Sheet for current interest rates and related balances.
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 Card1, 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. Three of these can be by checks or other third-party transfers drawn on your Money Market Plus account . $5 fee any month you exceed the 3-check limit.
- Activity shown on your monthly statement
1No fee charged by Farmers & Merchants Bank for transactions at other banks’ ATM’s. Other ATM owners may charge a fee.
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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 mailed near the end of October
each year, and we include a new coupon book so you can easily
continue your savings plan.
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Coverdell
Education Savings
These accounts were formerly known as Education IRA’s, and
are opened at Farmers & Merchants Bank as Certificates of Deposit.
This account provides an ideal way for you to save money to help
a child, grandchild, or other young person pay for higher education
expenses down the road.
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:
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Full
$2,000 Contribution
if your AGI is less then: |
Partial
Contribution
if your AGI is between: |
| 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 |
See our Rate
Sheet for current interest rates on Certificates of Deposit
that can be used as Coverdell Education Savings accounts.
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About Children's Online Privacy
The Children's Online Privacy Protection Act (COPPA) was passed to give parents increased control over what information is collected from their children online and how such information is used. The law applies to websites and services directed to, and which knowingly collect information from, children under the age of 13. Farmers & Merchants Bank's websites and online services are not directed to children under the age of 13, nor is information knowingly collected from them. For additional information on COPPA protections, link to the Federal Trade Commission's website at www.ftc.gov/privacy/privacyinitiatives/childrens. For further information, the Federal Government has created a Web site, Kidz Privacy, aimed at educating both parents and children about the dangers of the Internet and how to browse safely. |
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