Savings Accounts

Community Savings

Basic Savings Account

• Opening Deposit: $100.00
• Maintain a minimum balance of $100.00 to earn interest
• Quarterly fee for average daily balances below minimum
• Interest is compounded and credited quarterly
• 12 free withdrawals per quarter
• Direct deposit
• Savings option: Automatic monthly transfer from your F & M checking account
• ATM card available

Student Savings Accounts

Savings for youth under age 19

• No minimum opening deposit
• No required minimum balance
• Interest is compounded and credited quarterly
• 12 free withdrawals per quarter
• Direct deposit
• ATM card available

Community Money Market

A Higher-Yielding Savings Account

• Opening Deposit: $5,000.00

• F & M checking account is required to open this account
• Premium savings rate; higher balances earn higher rates
• No interest paid on balances below $1000.00
• Interest compounded and credited monthly
• Unlimited deposits
• Limited withdrawal activity  with limited check writing option
• No monthly maintenance charge

Holiday Savings Club

Annual Savings Club Account

• Opening deposit: $25.00
• F & M checking account is required to open this account
• Premium interest rate
• Interest paid annually
• Deposit limitations
• Annual distribution

Certificates of Deposit

Short and Long Term Savings Investments

• Terms available for 91 days to 60 months
• Interest rate is determined by length of investment and dollar amount
• Interest accrues daily and is compounded or paid quarterly
• Automatic renewal
• 10 day grace period for reinvestment renewal options

CDARS Certificate of Deposit Account Registry Service

Safe and convenient option for large deposit customers

• Funds are placed in FDIC-insured CDs that are issued by other Network members
• Total deposits can be eligible for FDIC coverage of $1 million or more
• Rates are comparable to F & M CD rates
• Confidential
• Management convenience – one location and one consolidated statement
• Security of working with people you know and trust
• Video - For additional information click here

IRAs – Individual Retirement Accounts

Saving for Retirement
           

• Traditional IRA
• Roth IRA
• IRA Savings Account or Certificate of Deposit options available

HSAs – Health Savings Accounts

Tax-advantaged Personal Savings

• Works with your qualified health plan
• Tax deductible Contributions
• Tax free earnings and qualified withdrawals
• Convenient check writing to pay medical expenses

CESAs – Coverdell Education Savings Accounts