Savings Accounts
Achieve Your Savings Goals
with F&M Bank’s Products
Personal Savings
Capital Account
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Minimum to open account: $1,000
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Maintain $1,000 average monthly balance to avoid $10 service charge
Prestige Account
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Minimum to open account: $100
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3 transactions per quarter
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$2 per transaction after 3 per quarter
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No minimum opening balance under age 16
Commercial Savings
Business Capital Account
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Minimum to open account: $2,500
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Maintain $2,500 average monthly balance to avoid $10 service charge
Business Prestige Account
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· Minimum to pen account: $100
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3 transactions per quarter
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$2 per transaction after 3 per quarter
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No minimum open balance under age 16
CDs
- Minimum deposit of $500 to open (rates will vary according to the term)
- Certificates of Deposits are available from 6 to 60 month terms; rates will vary according to the term
- Early withdrawal penalty may apply
- After the account is opened you may not make additional deposits
- Interest may be reinvested, deposited to another account, or paid out by check
- Pays a competitive rate of interest through maturity date
- Maturity notice is mailed ten days prior to maturity date
- Certificates can be used as collateral on loans
IRAs
- Minimum deposit of $500 to open
- Fixed-rate CDs 12, 24, 36, 48, and 60 month terms available; rates will vary according to the term
- All interest earned is tax-deferred until withdrawal
- Available for withdrawal at age 59 ½
- No IRS penalty for withdrawal at age 59½ and over
- Required Minimum Distributions (RMD) at age 70½
- Please consult with your tax advisor about any and all IRA transactions
