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
With IRAs, securing your retirement is incredibly easy. These retirement accounts are invested into a Certificates of Deposit.
Traditional IRAs
A Traditional IRA is an account which allows the investor to defer taxes on earnings until funds are withdrawn.
- Minimum opening deposit – $500
- Available to consumers age 16+
- Terms
- IRA CDs are offered with terms varying from 30 days to 3 years
- Limitations
- Early withdrawal penalties may apply
- Miscellaneous
- If the investor has earned income, he or she is eligible to establish a Traditional IRA
- Certain contributions are tax deductible in the year they are made
- A transfer fee of $50 will be imposed on an IRA transferred out of the Bank
Roth IRAs
A Roth IRA is a non-deductible account featuring tax-free withdrawals for certain distribution reasons after a five-year holding period.
- Minimum opening deposit – $500
- Available to consumers age 16+
- Terms
- IRA CDs are offered with terms varying from 30 days to 3 years
- Limitations
- Early withdrawal penalties may apply
- Miscellaneous
- There are two requirements for eligibility to contribute to a Roth IRA: the investor must have earned income (or his/her spouse must have earned income) and the investor’s modified adjusted gross income cannot exceed certain limits
- A transfer fee of $50 will be imposed on an IRA transferred out of the Bank