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Reward Checking Account in Ohio and Indiana at Farmers & Merchants State Bank

POSTED ON BY

Update 7/5/2012 The top yield has fallen. Refer to the bottom of the post for the rate history.

Farmers & Merchants State Bank has a reward checking account that pays 2.50% APY on balances up to $15,000 (0.40% 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 0.05%. 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:
07/01/12: 2.50% APY for up to $15K; 0.40% over; 0.05% base
10/01/11: 2.50% APY for up to $20K
03/01/11: 2.75% APY
11/01/10: 3.01% APY
08/31/10: 2.76% APY
06/01/10: 3.06% APY
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)

  Tags: Indiana, Ohio, checking account, Farmers & Merchants State Bank, reward checking account

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
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?

1
Comment #2 by Anonymous posted on
Anonymous
As of 2/25/09 the top rate is 4.08%. Other rates remain same.

1
Comment #3 by Anonymous posted on
Anonymous
As of 5/29/09 the top rate is 3.56%. Other rates remain same.

1
Comment #4 by Chipster22 (anonymous) posted on
Chipster22
The rate is now 3.36%.

1
Comment #5 by merchant cash advance (anonymous) posted on
merchant cash advance
I recently came across your post and have been reading along. I thought I would leave my first comment. I don't know what to say except that it caught my interest and you've provided informative points.  I will visit this blog often.

Thank you,

http://www.merchantsquest.com

1