Savings Account FAQs
Are there transaction limits?
Yes, there are regulatory limits for all savings accounts. You may make:
- Unlimited withdrawals and transfers at any ATM, by mail, or in person at any of our Farmers Bank locations, however there will be a charge per transaction over the number allowed per statement cycle.
- Up to six debit transactions by third parties from your account per statement period. See your Farmers Bank Deposit Account Agreement for more details.
How is interest paid?
Interest is compounded quarterly and paid to the account quarterly. Interest rates may change at our discretion; we may change the interest rate on the account at any time. If the account is closed before interest is credited, you will not receive the accrued interest.
How is interest calculated?
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100.00 on Personal Savings and $1,000.00 on Insured Money Market Savings each day to obtain the disclosed annual percentage yield.
What is the minimum opening deposit?
Open a Farmers Bank Personal Savings Account with $100.00; open an Insured Money Market Savings account with $1,000.00.
Is there a balance required to avoid the regular monthly service charge?
Yes, There is a minimum balance requirement on Personal Savings account If the balance in your Personal Savings account goes below $100.00 any time during the quarter, you will be accessed a charge of $6.00; on Insured Money Market Savings If the balance in your Insured Money Market Savings account goes below $1,000.00 any day during the statement cycle, you will be accessed a charge of $8.00.
Are Savings accounts FDIC Insured?
Yes, based on ownership, your deposit account will have coverage of at least $250,000.