F&M Bank (TN) Ups 24-Month My Choice CD APY


Deal Summary: My Choice CDs – 12-month (2.50% APY), 24-month (3.00% APY), $1k min/$500k max deposit, new and renewal money, one penalty-free withdrawal, one rate step-up.

Availability: Market area includes seven middle Tennessee counties.

Last week, F&M Bank raised the rates on its 12-month (2.50% APY) and 24-month (3.00% APY) My Choice CDs. These limited-time CDs can be opened with a $1k minimum deposit (either new or renewal money) and are capped at $500k. The intrinsic value of these two CDs is enhanced by “one penalty free withdrawal allowed after 6 months, up to 50% of the principal balance” and one step-up option, any time after the first six months of the term.

As stated in the Fee Schedule, the Early Withdrawal Penalty reads as follows:

Penalty for early withdrawal equals 180 days interest on the outstanding principal balance. On CDs 6-12 months, penalty equals 90 days interest on the outstanding balance.

CSR explained the 180 days interest applies to CDs with terms greater than 12 months.

Performance Rewards Checking

In February, F&M Bank introduced its Performance Rewards Checking account, which earns 4.00% APY on qualifying balances up to $20k. Qualifying balances between $20k and $50k earn 1.00% APY, with qualifying balances of $50k+ earning 0.50% APY. Non-qualifying balances earn 0.05% APY.

4.00*%-$25kF&M Bank (TN)Performance Checking
OTHER TIERS: 2.50% $25k+
Rates as of April 18, 2024.

The monthly requirements are,

  • Ten debit card transactions per statement cycle.
  • Electronic monthly statements.
  • One monthly direct deposit or automatic payment per statement cycle
  • Sign into online banking at least once per statement cycle.

The Performance Rewards Checking account can be opened with a minimum $100 deposit, with no more than two accounts per household. This is a fee-free account with no minimum balance requirement. Unlimited nationwide ATM fees will be reimbursed if the monthly requirements are met. During the first statement cycle, all requirements are waived.


Headquartered in Clarksville, Tennessee, F&M Bank’s market area includes the middle Tennessee counties of Montgomery, Putnam, Robertson, Rutherford, Stewart, Sumner, and Wilson.

Opening a My Choice CD can be done at any of 15 full-service Tennessee branches located in Bumpus Mills, Clarksville (5), Cookeville, Dover, Greenbrier, Hendersonville, Lebanon, Mount Juliet, Murfreesboro, Springfield, and White House.

Bank Overview

F&M Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 2.42% (excellent), based on June 30, 2018 data. In the past year, F&M Bank has increased its total non-brokered deposits by $61.6 million, an excellent annual growth rate of 9.05%. Please refer to our financial overview of F&M Bank (FDIC Certificate # 9936) for more details.

Founded in 1906 in Bumpus Mills (TN) as the Farmers & Merchants Bank, the Bank’s first 65 years were typical of a small rural bank. In 1972, the Bank’s new president and CEO, John R. Wallace, turned a local bank into a “financial, civic, and community leader.” Beginning in 1988, the Bank’s focus was the expansion of the market area, and over the next 20 years, 14 additional branch locations were opened. The F&M rebrand occurred in 2005 as the Bank positioned itself for “future growth and profitability.” F&M Bank is currently Tennessee’s 16th largest bank, with assets in excess of $1.07 billion and more than 30,300 customer accounts.

How the My Choice CD Compares

When compared to the 246 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, F&M Bank’s 24-month My Choice CD APY currently ranks first.

The above rates are accurate as of 9/12/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Nashville checking accounts, reward checking accounts, 1-year CD rates, 5-year CD rates

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

Continue Reading
2.75% 12-Month CD at F&M Bank in Tennessee - Local Only
F&M Bank is offering a 2.75% APY 12-month CD. A checking account is required. Without the checking account, the rate is still very competitive at 2.50% APY. Minimum deposit is $1,000. This CD special is listed on the bank's front page and in the bank's promo page as of 10/15/09.

The bank offers a reward checking account that has no minimum balance requirement or monthly service charge (see account review).

It appears that a branch visit is required to open an account. Branches are located in several cities in middle Tennessee including...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.