Direct Savings
A new way to save with Direct Savings!
Whatever your financial goals are, our new Direct High-Yield Savings account will help you get there and offers a new way to save with competitive interest rates and premium account benefits. Open your new account and start saving today!
Open your new Direct Savings account today!
Please choose from one of the following options.
If you are an existing customer, please click “Open a New Account” when logged into online or mobile banking.
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Interest Earning Account
The higher your account balance, the more interest you earn!*
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Free Online & Mobile Banking
Manage and control your finances in just a few clicks or on the go. Securely access your account and manage expenses 24/7.
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Free Online Statements
Enjoy a faster and more convenient way to keep track of your account online with eStatments!
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Low $3 Monthly Service Charge
The monthly service charge is waived if a $300 minimum balance is maintained in the account.
Tiered Interest Rate Rewards!
- Account Balance
- $0 - $99,999.99
- $100,000.00 - $249,999.99
- $250,000.00 - $499,999.99
- $500,000.00 and over
- Rate
- 1.98%
- 2.25%
- 2.50%
- 0.10%
- APY
- 2.00%
- 2.27%
- 2.53%
- 0.10%
| Account Balance | Rate | APY |
|---|---|---|
| $0 - $99,999.99 | 1.98% | 2.00% |
| $100,000.00 - $249,999.99 | 2.25% | 2.27% |
| $250,000.00 - $499,999.99 | 2.50% | 2.53% |
| $500,000.00 and over | 0.10% | 0.10% |
- Disclaimers
*APY – Annual Percentage Yield effective as of 3/13/23. Rates are subject to change. Direct Savings only available for new customers or deposits of new funds not currently held with Farmers & Merchants State Bank. Interest will be paid on your daily account balance as follows: If your daily balance is $99,999.99 or less, the interest rate paid on the entire balance will be 1.98% with an APY of 2.00%. If your daily balance is $100,000.00-$249,999.99, the interest rate paid on the entire balance will be 2.25% with an APY of 2.27%. If your daily balance is $250,000.00-$499,999.99, the interest rate paid on the entire balance will be 2.50% with an APY of 2.53%. If your daily balance is $500,000.00 or greater, the interest rate paid on the entire balance will be 0.10% with an APY of 0.10%. Interest will be compounded every day. Interest will be credited to your account every quarter. A minimum deposit $1,000.00 to open this account. A $3.00 monthly service fee will be charged if a $300.00 minimum balance is not maintained each day during the month. This fee will be assessed on the last business day of the month. Fees may reduce earnings. Limit one (1) savings account per household. Member FDIC
Request Info
Looking for more information about our Direct Savings account? Please submit your information and one of our local bankers will reach out to answer any specific questions you have!