SAVINGS
Pay yourself first.
FDIC-Insured—Backed by the full faith and credit of the U.S. Government
Build a CD ladder.
New to this savings strategy? A ladder lets you spread your investment over CDs of different terms and maturity dates. (Remember, the longer the term, the higher the interest rate.) How do you build it? Let’s say you have $10,000 to invest. Just to keep things simple, you could split that amount into two $5,000 CDs of different term lengths. Or make four $2,500 investments in CDs of varying lengths, like two in short-term CDs and two with longer terms. When the short-term certificates mature, you reinvest the original amount (plus interest earned) in a longer term certificate. Simply repeat that strategy each time a CD matures, moving up the ladder and multiplying yields as you go.
Let’s find a savings account that works hard for you.
Compare and decide for yourself.
Choose from savings accounts that reward your loyalty, boost your rates, diversify your retirement portfolio and tuck money away for the holidays (or a well-earned vacation).
| Compare | LOYALTY REWARDS SAVINGS1 | HIGH-YIELD DIRECT SAVINGS ACCOUNT2 | STATEMENT SAVINGS ACCOUNT3 | CHRISTMAS CLUB4 | FLEX MONEY MARKET5 | CERTIFICATES OF DEPOSIT(CDs)6 | INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)7 |
|---|---|---|---|---|---|---|---|
| Works for you is... | You want to earn higher interest rates just for using your debit card, direct deposit or ACH | You want to earn higher savings account interest rates on higher balances | You want a simple go-to account to start building your savings | You want to set money aside for the holidays or big-ticket purchases | You want higher savings account interest rates and easy access to your funds | You want to set it and forget it – pick a term, lock in the rate and watch your money grow | You want to save for retirement at a higher rate and with tax advantages |
| No monthly service fee | $3 (waived on balances of $300 or more) | ||||||
| Minimum opening deposit | $0 | $0 | $0 | $10 | $2,000 | $1,000 | $0 |
| Maximum deposit | $150,000 | $150,000 | tbd | tbd | tbd | $123,000 | $0 |
| Minimum balance | $0 | $0 | $0 | $10 | $2,000 | $1,000 | |
| Interest bearing | Compounded daily and credited quarterly | Compounded and credited monthly | |||||
| Free online & mobile banking | |||||||
| Direct Deposit | |||||||
| Free online statments |
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DISCLAIMERS
1APY – Annual Percentage Yield effective as of 9/16/2022. You must have a Loyalty Rewards Checking account to open a Loyalty Rewards Savings Account, and the Loyalty Rewards Checking account must remain open throughout the period that you hold the Loyalty Rewards Savings account. Rates subject to change. If your daily balance is $100,000 or less, the account is enrolled in eStatements via Online Banking and Loyalty Rewards Checking Qualifiers have been met, the interest rate paid on this account is 2.23% with an annual percentage yield of 2.25%. If your daily balance is greater than $100,000, an interest rate of 0.10% will be paid on any portion of your daily balance that is greater than $100,000, assuming a maximum account balance of $150,000, the annual percentage yield will range from 1.54% to 2.25% depending on the balance in the account. When Loyalty Rewards Checking Qualifiers have NOT been met during the monthly statement cycle, the interest rate paid on the entire account balance is 0.10% with an annual percentage yield of 0.10%. Interest will be compounded every month. Interest will be credited to your account on the last business day each month. No minimum balance is required to open this account, earn interest, or receive ATM Fee Refunds. To qualify for the Loyalty Savings Account preferred interest rate, you must be enrolled for eStatements via Online Banking and the following Loyalty Rewards Checking Account Qualifiers must be met: (1) Minimum of 20 Debit MasterCard® must post and settle to the account. (2) Minimum of $500 or greater Direct Deposit or automated clearing house (ACH) debit must post and settle to the account. (3) Have a combined Consumer Relationship Balance of $25,000 or greater (Deposit and/or Loan) based on primary account holder. Transactions must post and settle to your Loyalty Rewards Checking Account during the Monthly Statement Cycle in order to receive preferred interest rate on the Loyalty Rewards Savings. Your Loyalty Rewards Checking account will be linked to the Loyalty Rewards Savings Account. Interest will be compounded every month. Interest will be credited to your account on the last business day each month. Interest earned on your Loyalty Rewards Checking Account will be credited on the last business day each month and automatically transferred to your Loyalty Savings account on the next business day. Fees may reduce earnings. Limit one Loyalty Rewards Savings Account per household. Member FDIC
2APY - Annual Percentage Yield effective as of 3/13/23. Rates are subject to change. High-Yield Direct Savings only available for new customers or deposits of new funds not currently held with Farmers & Merchants State Bank. Interest will be paid on your daily account balance as follows: If your daily balance is $99,999.99 or less, the interest rate paid on the entire balance will be 2.00% with an APY of 2.02%. If your daily balance is $100,000.00-$249,999.99, the interest rate paid on the entire balance will be 2.25% with an APY of 2.27%. If your daily balance is $250,000.00-$499,999.99, the interest rate paid on the entire balance will be 2.50% with an APY of 2.53%. If your daily balance is $500,000.00 or greater, the interest rate paid on the entire balance will be 0.10% with an APY of 0.10%. Interest will be compounded every day. Interest will be credited to your account every quarter. A minimum deposit $1,000.00 to open this account. A $3.00 monthly service fee will be charged if a $300.00 minimum balance is not maintained each day during the month. This fee will be assessed on the last business day of the month. Fees may reduce earnings. Limit one (1) savings account per household. Member FDIC
3Our calculators are for informational purposes only and are not intended to provide financial advice. All examples are hypothetical and for illustrative purposes. Although we have obtained content from sources deemed to be reliable, Farmers & Merchants State Bank and its affiliates are not responsible for any content provided by unaffiliated third parties. You may wish to consult an appropriate outside advisor about your financial situation.
4Penalty for early withdrawal. Funds disbursed in October. $10 minimum deposit to open.
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6APY – Annual Percentage Yield is effective as of December 14, 2022. Offer only available for new customers or new funds not currently held with Farmers & Merchants State Bank. At maturity, this Certificate of Deposit will automatically renew as a 12 month Certificate of Deposit. Stated APY assumes interest remains on deposit until CD maturity. A minimum $2,500 deposit is required to open this account and the maximum deposit to open this account is $125,000. Fees may reduce earnings. The advertised APY is subject to change without notice. Limited time offer.
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