Patience pays off when you have an F&M CD. The longer your term, the better your return.


Key Features

  • Consistent Returns
  • Competitive Interest
  • No Monthly Service Charge1
  • Competitive, fixed rates
  • Higher rates than standard savings
  • Receive higher rates by selecting a longer term
  • Provides more consistenacy than other, more risky investments
  • Set aside for future savings goals
  • A wide range of terms available (from 6 months to 5 years)
  • No setup or maintenance fees1
  • Early withdrawals subject to penalty
  • $1,000 or $100,000 minimum deposit to open depending on term

Interest rates and annual percentage yields on Time Deposit accounts are set according to market conditions and are subject to change daily. However, the rate in effect at the time your Time Deposit account is established is fixed for the term of your deposit.

Interest on your Time Deposit account is calculated using the daily balance method and using a 365 day year or a 366 day year in leap years.

Payment Options

Interest may be credited to your F&M Bank checking, savings or money market account or paid by check. For terms of one year or less interest may be reinvested at maturity.

Interest Will Be Paid

  • 7 Days to 89 Days at maturity 
  • For Terms 90 Days to 182 Days — Monthly, quarterly or at maturity
  • For Terms 183 Days to One Year — Monthly, quarterly, semi-annually or at maturity
  • For Terms More than One Year — Monthly, quarterly, semi-annually or annually (Note: Interest will payout at least annually following the above payment options.)

Account Renewal. Shortly before your deposit matures (except for 7 to 31 day time deposits) the Bank will send you a written notice stating the maturity date and whether your deposit will be renewed automatically if you do not otherwise notify the Bank. If your account is automatically renewed, the renewal will be for the same term and at the Bank's published interest rate in effect for Time Deposits of like term on the maturity date, and renewals of the renewed deposit will be subject to the same renewal provisions as applied to the original time deposit.

Grace Period. During the 10 day grace period (1 day for 7 to 31 day time deposits), you may without penalty withdraw some or all of the funds in the deposit or you may change the term or balance of your account as long as the new account meets the minimum balance required for the renewal term.

  • Any amount (up to the whole deposit) that you withdraw between the maturity date and the end of a 10 day grace period that follows that date (the grace period is only 1 day for 7 to 31 day time deposits) will not earn any interest after the maturity date.
  • If before the grace period ends you make a change to the term or the amount of the deposit, the change will become effective on the first day of the grace period or the day on which the Bank receives your instructions, whichever is later. If the change becomes effective after the first day of the grace period, the amount that is renewed will earn interest from the first day of the grace period until the change becomes effective at the rate applicable to the renewed deposit.
  • If the maturity date falls on a day we are closed, like a weekend or holiday, your funds will become available for withdrawal on the following business day.

Early Withdrawal Penalty. When you invest in a Time Deposit Account (including an Individual Retirement Account), you agree to keep the principal on deposit with us for the term you have selected. If you withdraw all or a portion of the principal prior to the maturity date, the Bank will assess an early withdrawal penalty. It may be necessary to deduct all or a portion of the penalty from the accrued but uncredited interest and/or from the principal amount of the deposit.

Withdrawal Penalty. The Bank's early withdrawals penalty will be assessed as follows:

  • Original Term, 7 through 31 Days – All interest earned with a minimum penalty of seven (7) days' simple interest on amounts withdrawn within the first (6) days after the deposit (or within six (6) days after the most recent partial withdrawal).
  • Original Term, 32 through 91 Days - 1 month's simple interest
  • Original Term, 92 through 364 Days - 3 month's simple interest
  • Original Term, One Year through 729 Days - 6 month's simple interest
  • Original Term, Two Years or More - 12 month's simple interest

Exception To Withdrawal Penalty. The Bank will honor a request for withdrawal prior to maturity, without assessing a penalty, in the event of the death or judicially declared mental incompetency of any owner of the account.

1No Monthly Service Charge refers to a recurring monthly account service charge or account maintenance fee; other fees and charges may apply.

For terms and conditions, account information, and a list of fees and charges that may apply, please refer to our Customer Agreement & Schedule of Charges, Books I & II.

This information is effective 9/20/2023 and subject to change anytime without notice.