DIRECT SAVINGS
The no-nonsense high-yield savings account
FDIC-Insured—Backed by the full faith and credit of the U.S. Government
Get the best savings account for direct benefits.
Make your money work harder with this high-yield savings account. We call it Direct Savings for a reason: The higher your balance, the higher your interest rate – and the more dividends that flow directly back to you. Along with higher yields, you’ll enjoy premium account benefits like:
- Competitive interest rates up to 2.53% APY
- Free online and mobile banking
- Free online statements
- Low $3 monthly service charge
Tiered Interest Rate Rewards
| Account Balance | RATE | APY |
|---|---|---|
| $0 - $99,999.99 | 1.98% |
2.00% |
| $100,000.00 - $249,999.99 | 2.25% | 2.27% |
| $250,000.00 - $499,999.99 | 2.50% | 2.53% |
| $500,000.00 and over | 2.78% | 2.78% |
HIGH-YIELD SAVINGS ACCOUNT
The higher your balance, the higher your interest rate.
FREE ONLINE & MOBILE BANKING
Securely access your account and manage expenses 24/7
NO MINIMUM BALANCE REQUIREMENT
Enjoy the benefits of a premium saving account, like no minimums.
FREE ONLINE STATEMENTS
Get convenience and security without the paperwork.
*APY – Annual Percentage Yield effective as of 3/13/23. Rates are subject to change. 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 1.98% with an APY of 2.00%. 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 2.78% with an APY of 2.78%. Interest will be compounded every day and credited to your account every quarter. A minimum deposit of $1,000.00 is required 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. Fees will be assessed on the last business day of the month and may reduce earnings. Limit one (1) savings account per household. Member FDIC.
