Farmers and Merchants Bank savings, CD and money market rates
Farmers and Merchants Bank's Simply Savings advertises 0.03% APY. That is 0.35 percentage points below the national savings average of 0.38% (FDIC, Oct 2026).
Ranked #2888 of 3052 tracked savings rates by advertised APY. For a $10,000 balance it would rank #2789.
Estimate your earnings·What Farmers and Merchants Bank actually pays
Farmers and Merchants Bank at a glance
| Savings | |
|---|---|
| Top savings APY | 0.03% · Simply Savings |
| Minimum to open | $50 · Simply Savings |
| Against the national average | 0.35 percentage points below the 0.38% FDIC savings average (Oct 2026) |
| CDs | |
| Top CD APY | 3.17% · 7 months · 7 Month CD Special |
| Minimum to open | $1,000 · 7 months CD |
| Against the national average | 1.78 percentage points above the 1.39% FDIC 6-month CD average (Oct 2026) |
| Money market | |
| Top money market APY | Up to 2.66% · Platinum Money Market · needs at least $500,000 |
| Minimum to open | $1,500 · Platinum Money Market |
| Against the national average | 2.03 percentage points above the 0.63% FDIC money market average (Oct 2026) |
| FDIC certificate | 13801 · Laotto, IN |
|---|---|
| Website | www.fmfbank.com |
| Branches | 4 branches in IN |
| Availability | Available in IN |
Farmers and Merchants Bank savings, CD and money market rates
How the rate applies
Rates are APY. The national savings average is 0.38% (FDIC, Oct 2026). The top tracked savings rate on Banksparency is 12.00%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.65%, and one account in ten advertises 4.20% or more. See the highest savings rates.
Farmers and Merchants Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 6 months | 0.60% | $500 | 6 Month CD |
| 7 months | 3.17% | $1,000 | 7 Month CD Special |
| 12 months | 1.51% | $500 | 12 Month CD |
| 24 months | 1.26% | $500 | 24 Month CD |
| 36 months | 1.26% | $500 | 36 Month CD |
| 36 months | 0.20% | $5,000 | Bump Rate CD (36 Month) |
| 36 months | 0.20% | $250 | Dream Maker (36 Month) |
| 48 months | 1.51% | $500 | 48 Month CD |
Interactive Tool
Calculate Savings for Farmers and Merchants Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$11.20(0.1%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,011.20
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Farmers and Merchants Bank pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Farmers and Merchants Bank paid a higher average rate on savings and money market deposits than 71% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- Farmers and Merchants Bank, savings and money market
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Simply Savings | 0.03% | $50 | $0 | None | $50.00 minimum balance to avoid a quarterly maintenance fee of $5.00, can be waived | not stated | One rate | |
| Fine print: The account must keep a minimum balance of $50 to avoid a maintenance fee. | ||||||||
| Christmas Club | 0.03% | $1 | $0 | None | not stated | not stated | One rate | |
| Fine print: No withdrawals are permitted before the end of the club period. The balance is paid out by check or by direct deposit at the end of the club period, on November 1 each year, and the account does not renew automatically at maturity. | ||||||||
| Tax Time | 0.03% | $5 | $0 | None | not stated | not stated | One rate | |
| Fine print: No withdrawals are permitted before the end of the club period. The balance is paid out by check or by direct deposit at the end of each club period, on May 1 and on November 1 each year, and the account renews automatically at maturity. | ||||||||
| Platinum Money Market | Up to 2.66% | $1,500 | $1,500 | None | not stated | not stated | Tiered | |
| Fine print: The monthly maintenance fee applies in any month the account does not keep a $1,500 minimum balance. | ||||||||
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| 6 Month CD | 6 months | 0.60% | $500 | not stated | not stated |
| 7 Month CD Special | 7 months | 3.17% | $1,000 | not stated | not stated |
| Fine print: At maturity this certificate renews automatically as a 12 month certificate unless it is redeemed at that time. | |||||
| 12 Month CD | 12 months | 1.51% | $500 | not stated | not stated |
| 24 Month CD | 24 months | 1.26% | $500 | not stated | not stated |
| 36 Month CD | 36 months | 1.26% | $500 | not stated | not stated |
| Bump Rate CD (36 Month) | 36 months | 0.20% | $5,000 | not stated | not stated |
| Dream Maker (36 Month) | 36 months | 0.20% | $250 | not stated | not stated |
| Fine print: Unlike an ordinary certificate, this account accepts further deposits after it is opened. Each additional deposit must be at least $25, and there is no limit on how many are made. | |||||
| 48 Month CD | 48 months | 1.51% | $500 | not stated | not stated |
Opening and using the account
| Availability | Available in IN |
|---|---|
| Footprint | 4 branches in IN |
| Eligibility | not stated |
How Farmers and Merchants Bank behaves over time
Every observation of the advertised Simply Savings rate in the last 12 months was 0.03% (observed through Oct 21, 2026). The series includes promotional tiers where one applied.
- Simply Savings
- The same as 30 days ago.
- 7 months CD
- The same as 30 days ago.
- Rate last changed
- Aug 26, 2026(effective date)
$10,000 at the 0.03% APY Farmers and Merchants Bank advertises on Simply Savings grows to $10,003 in a year. Prices rose 3.7% in the year to September 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,642 does today. See how the federal funds rate shapes savings rates.
Farmers and Merchants Bank CD rates over time
Who is Farmers and Merchants Bank?
| Headquarters | Laotto, IN |
|---|---|
| Founded | 1914 |
| Scale | $306M assets · $279M deposits, $230M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 13801 |
| Charter state | Indiana · one of 88 insured banks chartered there (Q2 2026, FDIC) |
| Size | 2,328th-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 36% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What Farmers and Merchants Bank pays on deposits above.
Common questions about Farmers and Merchants Bank
Is Farmers and Merchants Bank FDIC insured?
Yes. Farmers and Merchants Bank is FDIC insured under certificate 13801, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Farmers and Merchants Bank?
Farmers and Merchants Bank requires a minimum deposit of $50 to open its Simply Savings account, as observed on Oct 21, 2026. Check the bank's current terms before you open an account.
Does Farmers and Merchants Bank have branches?
Yes. Farmers and Merchants Bank operates 4 branches according to FDIC branch records, in addition to its website and mobile apps.
Farmers and Merchants Bank against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Farmers and Merchants Bank | 0.03% | 2.03% | $50 | 4 branches in IN |
| Armed Forces Bank, National Association | 0.03% | 0.97% | $25 | 15 branches across 10 states |
| Citizens Bank | 0.03% | 1.32% | $100 | 11 branches in WI |
| CNB Bank | 0.03% | 2.87% | not stated | 82 branches in NY, OH, PA, VA |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to Farmers and Merchants Bank's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Indiana, nearest to Farmers and Merchants Bank in deposits:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.
State pages: savings rates in Indiana, money market rates in Indiana, and banks in Indiana.