3.36% Reward Checking Account in Ohio and Indiana at Farmers & Merchants State Bank
Nov 7, 2009 - 5:48 PM by Ken Tumin
Update 11/07/09: The top yield has fallen to 3.36% APY. Refer to the bottom of the post for the rate history.
Farmers & Merchants State Bank has a reward checking account that pays 3.36% APY on balances up to $25,000 (0.81% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card point of sale transactions, 2) one direct deposit or ACH auto debit, and 3) receive online statements. If these are not met, the rate falls to 0.10%. The minimum initial deposit is $50. There are no monthly fees or minimum balance requirements.
It appears you have to come into a branch to open an account. Branches are located in northern Ohio and Indiana. The bank has been FDIC insured since 1934 (FDIC Certificate # 5969).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
Rate History:
11/07/09: 3.36% APY for up to $25K
05/29/09: 3.56% APY for up to $25K
02/25/09: 4.08% APY for up to $25K
01/06/09: 4.41% APY for up to $25K
11/18/08: 5.01% APY for up to $25K, 0.81% for above
04/17/08: 5.25% APY for up to $25K, 1.01% for above (initial post)
Farmers & Merchants State Bank has a reward checking account that pays 3.36% APY on balances up to $25,000 (0.81% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card point of sale transactions, 2) one direct deposit or ACH auto debit, and 3) receive online statements. If these are not met, the rate falls to 0.10%. The minimum initial deposit is $50. There are no monthly fees or minimum balance requirements.
It appears you have to come into a branch to open an account. Branches are located in northern Ohio and Indiana. The bank has been FDIC insured since 1934 (FDIC Certificate # 5969).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
Rate History:
11/07/09: 3.36% APY for up to $25K
05/29/09: 3.56% APY for up to $25K
02/25/09: 4.08% APY for up to $25K
01/06/09: 4.41% APY for up to $25K
11/18/08: 5.01% APY for up to $25K, 0.81% for above
04/17/08: 5.25% APY for up to $25K, 1.01% for above (initial post)
Banks Mentioned in this Post:
| Farmers & Merchants State Bank Locations: 20 Health Rating:  |   |
| Farmers and Merchants State Bank Locations: 2 Health Rating: | |
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Anonymous - #1, Monday, January 5, 2009 - 9:54 PM
Rate table dated 12/31/08 lists the top yield as 4.41% APY up to $25K. Other rates remain same. Note: entry to rate table requires zip code entry...best guesses why?
Anonymous - #2, Saturday, February 28, 2009 - 2:24 AM
As of 2/25/09 the top rate is 4.08%. Other rates remain same.
Anonymous - #3, Saturday, May 30, 2009 - 9:18 PM
As of 5/29/09 the top rate is 3.56%. Other rates remain same.
Chipster22 (anonymous) - #4, Saturday, November 7, 2009 - 11:10 AM
The rate is now 3.36%.
merchant cash advance (anonymous) - #5, Thursday, July 22, 2010 - 7:02 PM
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