Saving money is a skill that serves you well throughout your entire life. That’s why Farmers & Merchants State Bank offers savings accounts for customers of all ages, because it’s never too early or too late to learn how to save your money. All of our savings accounts offer the following features:
Farmers & Merchants State Bank offers the following savings accounts.
NOTE: If you are a current customer and would like to open an account, please log on to online banking and select Open Account.
Available to customers that are at least 18 years old, this account offers a low minimum balance and quarterly interest payments.
Earn market rates and take advantage of higher balances with tiered interest. This account also offers limited check writing and check safekeeping.
Take advantage of higher interest rates, even when your funds are idle. Your interest payment is made quarterly.
A perfect account for customers looking to start saving, our Youth Savings Account helps customers under the age of 18 learn to save with low minimum balance requirements and quarterly interest payments.
Make sure you can pay for all your holiday gifts. You save money throughout the year and your interest is paid out on November 1, just in time for holiday shopping. You must use direct deposit or auto transfer to deposit your funds.
Uniform Transfer to Minor (UTMA): Provides a way for youth up to 21 to earn more interest on deposits. Earn more on balances < $500 and interest paid quarterly.
To learn more about the fees associated with each of our savings accounts, check out our fee schedule.
You can help your money grow faster using higher interest rates from a Farmers & Merchants State Bank certificate of deposit, commonly known as a CD. Our CDs are available in terms ranging from 91 days to five years. Your interest can be paid out via an automatic transfer to an account, by check or by addition to your CD. We also offer the following special CDs:
Furthering your education is a great way to make sure you can get the job you want and put yourself in a position for long-term success. A Coverdell Education Account from Farmers & Merchants State Bank allows you to make contributions for your child’s educational future. Contributions can be used to:
With a Coverdell Education Account, you, a friend or family member can make a contribution to the account. There are also no payments on income tax on the interest payments required.
Farmers & Merchants State Bank’s staff is ready to answer your questions about savings accounts and CDs. Call us at 1-888-478-3007 to speak with a member of our team.