Savings Accounts

Personal & Business

F&M Savings

Ben Franklin said “a penny saved is a penny earned”. Guess what, he’s right! And with this account it’s easy because there’s no minimum balance, you get 3 free withdrawals per quarter ($2 service fee if more than 3 withdrawals per quarter), a free ATM card & interest is compounded & earned quarterly. Now, we’ll take care of all that, all you have to do is stash the cash! (available for personal & business accounts)

Club Accounts

Lucky Duck Savers Club

It’s never too soon start good money habits! With this account you only need $15 to get your kids started on a path to financial success. There’s no monthly service fee & interest is compounded & earned quarterly. The account allows 3 free withdrawals per quarter ($2 item fee if more than 3 withdrawals per quarter). Oh yeah, kids also get a free toy with a $10 monthly deposit!

F&M Christmas Club

Can’t depend on a yearly Christmas bonus? Make your own with this savings account & don’t worry about paying for all those gifts this year, it’s covered! You can enroll at anytime and deposits can be made in any increment. Make your 1-time withdrawal by the first or second week of November and you’ve got Christmas in the bag, and paid for!

F&M Vacation Club

Desperately in need of a vacation? Well if you had a Vacation Club account, you could basically finance your own custom vacation, just by stashing some extra every month. You can enroll at anytime and deposits can be made in any increment. Make your 1-time withdrawal by the first or second week of May to get your funds. Voila! Your vacation is taken care of!

IRAs

Always consult with your Tax advisor.

Traditional IRAs

Pay yourself first! Your money grows tax-free and contributions are deductible. However, when funds are withdrawn after the traditional IRA matures, both the initial contributions and earnings are subject to federal income tax. Funds must begin to be drawn out at the age of 70 1/2.

Roth IRAs

Think you’ll be wealthier when you retire than you are today? Then most tax experts think a Roth is a good choice. That’s because with a Roth, you pay taxes on the contribution now rather than later when you might be in a higher tax bracket and taxes may be even be higher. Of course, there is no way to know what tax rates will be in the future. With a Roth, the earnings are tax-free, although the contributions are non-deductible. Upon retirement, qualified withdrawals are tax-free. Funds are not required to be drawn out at any time and may even be left to your estate.

SEP IRA (Simplified Employee Pension Plan)

If you are self-employed or the owner of a small business the SEP IRA might be the right solution for your retirement plans. As an employer, you can make tax-deductible contributions directly into the IRA for all eligible employees. Restrictions apply and certain qualifications must be met. Please consult your accountant or tax professional.

SIMPLE IRA (Savings Incentive Match Plan for Employees)

This is a small business retirement plan where employees and the employer may make pre-tax contributions and receive matching employee contributions. Restrictions apply and certain qualifications must be met. Please consult your accountant or tax professional.

Other TAX Benefits

Always consult with your Tax advisor.

Coverdell Education Savings Account

Want tax-free earnings on your child’s education savings? The Coverdell is an education savings plan for children up to the age of 18. Parents may make non-deductible contributions up to $2,000 per child per year. The earnings on these contributions are tax-free if used for qualified educational purposes.

Health Savings Account

As health care costs sky-rocket and insurance deductibles increase, a tax advantaged savings plan for health purposes might be a smart financial move. The Health Savings Account is available to taxpayers who are enrolled in a high deductible health plan. The money contributed to the account is not subject to federal income tax at the time of deposit. Unlike a Flexible Spending Account (FSA), funds roll over and accumulate year over year if not spent. You can use the money anytime to pay for qualified medical expenses without federal tax liability. Depending on your tax bracket, you save a lot! Learn more.

CDs

We have many options when it comes to Certificates of Deposit. Choose from a variety of maturities ranging from 3 Months to 3 years in length. Whether you would prefer a monthly, quarterly, annually, semiannually or compounded at maturity frequency, the choice is yours.

Custom Quoted CD’s Available | Please call 870.673.6911

Please Contact your Local Branch for Current Rates.