Farmers and Merchants Bank offers a number of ways to profitably accumulate funds with the safety and peace of mind of FDIC insurance. Moreover, you have the freedom to choose whichever savings account works best for you. With $ 250,000.00 of FDIC depositors insurance, now is a great time to consider opening a Farmers and Merchants Bank savings account.
Statement Savings - Accounts
We offer a Statement Savings account paying a competitive rate of interest. You will not be assessed any service charges with this account.
We offer a wide-range of Certificate of Deposit account terms, with a low minimum deposit requirement of $500.00. Interest is paid monthly, quarterly or at maturity and can be automatically credited to your account, or you can choose to have your interest check mailed to you. Certificates of Deposit renew automatically and the Annual Percentage Yield (A.P.Y.) is subject to change at maturity. A penalty may be imposed for early withdrawal, and fees could reduce earnings on the account. On deposits of $50,000 or more, we offer a variety of maturity terms with special rates. CD's are available from a 3-month to a 60-month term. We also offer specials on a periodic basis. To view our most current rate sheet, for Savings accounts, Money Market accounts, Certificates of Deposit, and Individual Retirement Accounts (IRA), click on the Farmers and Merchants Bank rate sheet link.
Any employer, regardless of size, or whether or not they are incorporated, can contribute to an HSA for their employees as long as the employees are covered by a high deductible health plan (HDHP). Employer contributions are excluded from the income of the employee (i.e., they are tax-free to the employee). Employer contributions are not subject to federal income taxes, Social Security (FICA) taxes, or unemployment (FUTA) taxes. Generally, employers take a federal income tax deduction on the business income tax return for the year of HSA contributions for employees, because such contributions are considered medical expenses. Please consult your tax advisor for the impact on your business tax situation. If you are interested in opening an HSA account with Farmers and Merchants Bank, please stop in to one of our branches and ask to speak with a Customer Service Specialist.