Lafayette Parks St Martinville sign at Breaux Bridge
Savings, Money Market, CDs & IRAs
Open a Savings, Money Market, CD and IRA Today!
All Savings & Money Market Accounts Feature:
- Online Banking
- Mobile app with Mobile Deposit
- eStatements
Choice Statement Savings
A perfect account for those looking to establish or continue growing their savings portfolio.
- Minimum opening deposit – $50
- Quarterly statement without images
- Available to consumers age 16+
- Service charge
- There is a $7.50 per quarter service charge if the daily balance falls below $250 on any day of the quarter
- $3 service charge for each over the counter debit greater than 6 per quarterly statement cycle
- $10 fee if account is closed within 6 months of opening
- Interest
- You must maintain a minimum balance of $250 each day to earn interest
- Limitations
- You may not make any withdrawals by check, draft or debit card
- Miscellaneous
- ATM card available
Christmas Club
A convenient holiday helper, to make for hassle-free holidays.
- Minimum opening deposit – $10
- No statement
- Available to consumers age 16+
- Service charge
- No monthly service charge
- Interest
- This account does not earn interest
- Limitations
- If you require a withdrawal other than your annual payout, you will be required to withdraw the entire balance and will be assessed a $5 early closure fee
- Miscellaneous
- Payout takes place annually in October
- Annual payout can be directly deposited into your FM Bank account
Choice Health Savings
This health savings account is perfect for those with high deductible health plans.
- Minimum opening deposit – $50
- Monthly statement with images
- Available to consumers age 16+
- Service charge
- $3 per statement cycle is assessed if the average daily balance falls below$2,500
- Interest
- To earn interest, you must have a minimum average daily balance of $50
- Limitations
- This account is available to eligible individuals with a high deductible health plan as described by the IRS in Publication 969
- Miscellaneous
- There will be an excess contribution refund fee of$10 per instance
- Debit Card available
Certificates of Deposit
Why a CD?
Many people choose a CD for flexible term options and the ability to earn interest without being concerned about losing principal balances on the investment.
- Minimum opening deposit – $500
- Available to consumers age 16+
- Terms
- CDs are offered with terms varying from 30 days to 3 years
- Limitations
- Early withdrawal penalties may apply
- Miscellaneous
- Interest can be paid to the certificate holder monthly, quarterly or yearly
- Rates may change on a weekly basis set by FM Bank
Individual Retirement Accounts
IRAs can provide you with the flexibility you are looking for when contributing to your retirement savings. Our IRA options can be a way to save for retirement with potential tax advantages. As a reminder, you should always consult with a tax advisor to discuss tax implications when deciding which option best suits your needs.
Traditional IRAs
Typically suited best for an individual who expects to be in the same or lower tax bracket when starting to take withdrawals.
- Account Eligibility
- Minimum opening deposit of $500.00
- Terms
- IRA CDs are offered with terms 12 or 24 months
- Fees and Limitations
- Transfer Fee of $50.00 will be imposed on an IRA transferred out of FM Bank
- Early withdrawal penalties may apply*
- Contribution Eligibility
- Those with earned income
- No contribution age restriction
- Subject to annual max contribution limits
*Consult with your tax advisor
Roth IRAs
Typically suited best for an individual who expects to be in a higher tax bracket when starting to take withdrawals.
- Account Eligibility
- Minimum opening deposit of $500.00
- Terms
- IRA CDs are offered with terms 12 or 24 months
- Fees and Limitations
- Transfer Fee of $50.00 will be imposed on an IRA transferred out of FM Bank
- Early withdrawal penalties may apply*
- Contribution Eligibility
- Those with earned income below a certain level
- No contribution age restrictions
- Subject to annual max contribution limits
*Consult with your tax advisor