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 | 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. | $1,000 | $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 |
| 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Deductions, earnings and withdrawals are tax-free.* Funds can be withdrawn at any time.**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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.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 is paid on all balances of $100 or more.
[2] A parent or legal guardian must jointly be on the account until the minor account holder 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.
Savings ICS
If you are able to keep a balance of more than the standard $250,000 that is insured by the FDIC, The Insured Cash Sweep (ICS) service is a great option to make sure all the funds in your account are insured. ICS offers options to provide FDIC insurance up to $160,000,000 and keep your funds liquid. The best part? You receive competitive savings account rates on your account balance, and everything is still managed at your local F & M Community Bank office. To learn more, visit the ICS website.
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!
