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Savings Accounts

Save the Way You Want

What you need from a savings account is unique to you. You should have options, so you can save the way you want. At F & M Community Bank, that’s exactly what you’ll get. Whether you’re looking for a traditional savings account, a money market account or an account that lets you save for medical expenses, we can help you find the right solution.

Choose Your Savings Account

Account Name

Choose this
account if…

Opening Balance Requirement

Fees

Benefits

Community Savings

You want a basic account to start saving the right way.

$100

$10 quarterly service fee (waived by maintaining $100 average daily balance)

 

$1 withdrawal fee per withdrawal after 12 free withdrawals per quarter

Free online banking & eStatements

 

Interest compounded and credited quarterly1

 

12 free withdrawals per quarter

 

Set up direct deposit or automatic transfers from your checking account to build up your savings.

Student Savings2

You are age 18 or younger and want to establish strong savings habits.

None

$1 withdrawal fee per withdrawal after 12 free withdrawals per quarter

Free online banking & eStatements

 

No monthly service fee

 

No minimum balance requirements

 

12 free withdrawals per quarter

 

Set up direct deposit or automatic transfers from your checking account to build up your savings.

Community Money Market

You can maintain a higher balance to take advantage of tiered interest rates.

$5,000

$10 excessive transfer fee (this is a flat fee that will only be incurred if you have more than 6 transfers per month)

Free online banking & eStatements

 

Interest compounded and credited monthly3

 

Higher interest rates on larger balances

 

6 free transfers per month

 

Limited direct check writing capabilities

Flexible Savings

You have a savings goal in mind and want to save a little money every month.

$25

None

F & M Checking account is required to open this account

 

Free online banking & eStatements

 

Make up to 2 deposits per month in increments of $100 or less

 

Interest paid and funds released annually on November 1st via a check issued directly to you

Health Savings Account4

 

You want to save for medical expenses with an account that helps reduce your out-of-pocket expense before your deductible kicks in.

 

None

 

None

Used in connection with a high-deductible health plan.

 

Deductions, earnings and withdrawals are tax-free.*

Funds can be withdrawn at any time.**

 

Unused funds roll over year over year.

 

The HSA stays in your name, even if you change jobs.

 

*Consult your tax advisor
**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.
[1] Competitive interest paid on all balance of $100 or more.
[2] A parent or legal guardian must jointly be on the account until the minor account older reaches the age of 18.
[3] Interest paid on all balances of $1,000 or more

[4]Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

 

Open a Savings Account

If you’re ready to choose the savings account that will work best for you, F & M Community Bank is ready to help. Get started by completing our account application!

Complete Our Account Application