CDs/IRAs

Certificate of Deposit (CD)

We like to think of CDs as a solid investment that can provide you with the stability you need.

Investing in CDs is always a safe bet. FDIC insurance and fixed rates ensure that you get a guaranteed return on your investment so you can afford to invest in other ways if you choose. We offer a wide variety of terms to suit your needs.  We can have your interest compounded, paid by check or deposited into another F&M Bank account of your choice.  Start building your savings today with a sure thing.  Contact us to discuss your options at any time!

  • Guaranteed fixed rate of return
  • No maintenance fees
  • Terms from 31 days to 4 years
  • Penalties apply for early withdrawal
  • $1,000 minimum deposit to open*
  • Automatic renewal**

*Excludes promotional CDs
**Renews at interest rate in effect at time of maturity. CD customers have ten days to redeem before it is automatically locked in for the remainder of the new term.

Individual Retirement Account (IRA)

It pays to plan ahead. There are so many things to consider when thinking about your retirement. We can help you get the retirement you want. Our team can share with you how an IRA can be an essential part of your retirement. These tax advantaged accounts can help you save for the future. Let our knowledgeable financial experts tell you more about these accounts to help you set up the account that's right for you.

Traditional IRA  Anyone with income and under the age of 70½, can open a traditional IRA.

  • The 2015 contribution limit is $5,500 with an extra $1,000 catch-up contribution limit for individual age 50 and older
  • Contributions are tax deductible*
  • Interest earnings are tax deferred
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals begin at age 70½
  • $10 minimum to open
  • No maintenance fees
  • FDIC insured

*Consult with your tax advisor.
** Certain exceptions apply, such as healthcare, purchasing first home, and others.

Roth IRA  The Roth IRA is a retirement investment option that if used correctly can result in a tax-free retirement. You must earn less than $114,000 to fully contribute to a Roth IRA ($181,000 for joint return).

  • The 2015 contribution limit is $5,500 with an extra $1,000 catch-up contribution limit for individuals age 50 and older
  • Contributions are not tax deductible
  • Earnings are 100% tax free upon withdrawal
  • Direct contributions can be withdrawn free of penalty at any time*
  • Early interest withdrawals subject to penalty**
  • No mandatory withdrawals at age 70½
  • $10 minimum to open
  • No maintenance fees
  • FDIC insured

*Consult with your tax advisor.
** Certain exceptions apply, such as healthcare, purchasing first home, and others.

The Coverdell Education Savings Account (formerly called Education IRA) provides tax-free earnings when the funds are used for a child's education expenses, such as college.

  • Interest grows tax free
  • Withdrawals are tax free when used for qualified education expenses*
  • Contributions are not tax deductible
  • No income restrictions or limits to open
  • Beneficiary must be under 18 at time of opening
  • Beneficiary does not have to be a relative
  • Mandatory distributions begin if balance remains when beneficiary reaches age 30
  • Maximum annual contribution of $2,000
  • No maintenance fees
  • FDIC insured

*Qualified expenses include tuition and fees, required books, supplies and equipment and qualified expenses for room and board.