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2.75% Reward Checking Account at F&M Bank in Tennessee - Local Only

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Update 11/08/09: The top rate has fallen to 2.75% APY. Refer to the bottom of the post for the rate history.

F&M Bank is offering a reward checking account called Smart E-Checking. The account offers the following rates and features if certain monthly requirements are met:
  • 2.75% APY on balances up to $50,000
  • 1.00% APY on the portion of the balance over $50,000
  • 0.50% base rate if qualifications are not met
  • ATM fee refunds nationwide
The monthly requirements include:
  • 10 check card transactions
  • one direct deposit or automatic debit
  • Access online banking
  • Receive e-Statements
Additional features of the account include:
  • No minimum balance requirement
  • No monthly service charge
  • Free online Bill Pay
  • All requirements waived during the first qualification cycle
  • No more than two accounts per person
It appears that a branch visit is required to open an account. Branches are located in several cities in middle Tennessee including Brentwood, Clarksville, Cookeville, Dover, Greenbrier, Hendersonville, Murfreesboro and Lebanon.

F&M Bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 9963).

Other Reward Checking Accounts

F&M Bank's top rate is a little low for reward checking accounts, but the $50K balance cap helps make up for this. Most reward checking accounts cap the top rate at $25K.

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
10/21/09: 2.75% APY up to $50K
10/15/09: 3.00% APY up to $50K; 1.00% over; 0.50% base
  Tags: Tennessee, checking account, reward checking account

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