5.01% Reward Checking Account at Farmers & Merchants Bank in Wisconsin - Local Only

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Farmers & Merchants Bank is offering a rewards checking account with the following rates and features if certain monthly requirements are met:
  • 5.01% APY on balances up to $25,000
  • 1.00% on portion of balance over $25,000
  • 0.05% on all balances if requirements are not met
  • Refunds ATM fees nationwide up to $15 per cycle
The monthly requirements include:
  • 14 check card purchases (excludes PIN-based and ATM transactions)
  • 1 or more ACH transaction per cycle
  • Have online banking and receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
It appears a branch visit is required to open an account. Branches are located in the Wisconsin cities of Tomah and Warrens.

The 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 3/31/09 financial data.

Farmers & Merchants Bank has been a FDIC member since 1934 (FDIC Certificate # 13046).

Other Reward Checking Accounts

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: (early rate history constructed from bank notes newsletters)

Apr 2009: 5.01% APY up to $25K; count increased to 14 non-PIN purchases
Jan 2009: 5.11% APY up to $25K; 1.00% over; NOW account base rate; 10 non-PIN purchases
Comments
Anonymous
Anonymous   |     |   Comment #1
So many F&M banks that make my head spin... no online forms.
51hh
51hh   |     |   Comment #2
3.61%, coming down to earth.
Another Nationwide Reward Checking Account - 5.02% APY for a $50K Balance
I just confirmed that Farmers & Merchants Bank is allowing people from any state to apply for its reward checking account. The yield isn't that great for a reward checking account (5.02% APY). However, the top yield applies to balances up to $50,000 rather than the typical $25,000. As you can see in my nationwide reward checking list, I only have one credit union and one bank with yields around 5% and balance caps of $50K. I'll soon be adding this bank to the list. For more details of this...
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High-Yield Reward Checking Account at Farmers & Merchants Bank in Virginia

Update: The top yield has fallen to 2.74% APY.

Farmers & Merchants Bank is offering a rewards checking account that pays 2.74% APY on balances up to $50,000 (0.74% for above) and refunds ATM fees without limit if the following monthly requirements are met:

  • 10 check card purchases
  • one direct deposit or ACH debit
  • receive electronic statements
  • access NetTeller online banking

If these are not met the rate falls to 0.10%. The minimum initial deposit is $10. There are no monthly service charges or minimum balance requirements.

More details of this account are listed at the bank's...



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