Farmers and Merchants State Bank savings, CD and money market rates
Farmers and Merchants State Bank advertises up to 0.45% APY on its F&M Savings account. The 0.45% needs a balance of at least $25,000. Below that, the account advertises 0.30%.
On a $10,000 balance the account earns 0.40% overall, about $40 in a year, which is 0.03 percentage points above the national savings average of 0.37% (FDIC, Sep 2026).
Ranked #1155 of 2786 tracked savings rates by advertised APY. For a $10,000 balance it would rank #987.
Estimate your earnings·What Farmers and Merchants State Bank actually pays
Farmers and Merchants State Bank at a glance
| Savings | |
|---|---|
| Top savings APY | Up to 0.45% · F&M Savings · needs at least $25,000 |
| Minimum to open | $50 · F&M Savings |
| Against the national average | 0.08 percentage points above the 0.37% FDIC savings average (Sep 2026) |
| CDs | |
| Top CD APY | 4.50% · 24 months · 24 Month CD |
| Minimum to open | $1,000 · 24 months CD |
| Against the national average | 2.89 percentage points above the 1.61% FDIC 24-month CD average (Sep 2026) |
| Money market | |
| Top money market APY | Up to 2.20% · F&M Money Market · needs at least $1,000,000 |
| Minimum to open | $50 · F&M Money Market |
| Against the national average | 1.57 percentage points above the 0.63% FDIC money market average (Sep 2026) |
| FDIC certificate | 15610 · Winterset, IA |
|---|---|
| Website | www.fmstate.bank |
| Branches | 5 branches in IA |
| Availability | Available in IA |
Farmers and Merchants State Bank savings, CD and money market rates
Personal
How the rate applies
How the rate applies
IRA
Rates are APY. The national savings average is 0.37% (FDIC, Sep 2026). The top tracked savings rate on Banksparency is 5.50%. 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 4.16% or more. See the highest savings rates.
Farmers and Merchants State Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| Personal CDs | |||
| 6 months | 3.89% | $1,000 | 6 Month CD |
| 12 months | 3.95% | $1,000 | 12 Month CD |
| 18 months | 4.06% | $1,000 | 18 Month CD |
| 24 months | 4.50% | $1,000 | 24 Month CD |
| 36 months | 4.50% | $1,000 | 36 Month CD |
| 48 months | 4.50% | $1,000 | 48 Month CD |
| 60 months | 4.50% | $1,000 | 60 Month CD |
| IRA CDs | |||
| 60 months | 3.00% | $1,000 | 60 Month Traditional IRA |
| 60 months | 3.00% | $1,000 | 60 Month Roth IRA |
Interactive Tool
Calculate Savings for Farmers and Merchants State Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$244.10(1.7%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,244.10
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Farmers and Merchants State 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. The 0.45% needs a balance of at least $25,000. Below that, the account advertises 0.30%.
In Q2 2026, Farmers and Merchants State Bank paid a higher average rate on savings and money market deposits than 27% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- Farmers and Merchants State 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 |
|---|---|---|---|---|---|---|---|---|
| Junior Savings | 0.65% | $10 | $0 | None | not stated | not stated | One rate | |
| Fine print: Children aged 12 and under are enrolled in the bank's Money Tree Club automatically when the account is opened. | ||||||||
| F&M Savings | 0.45% | $50 | $0 | None | $5.00 will be imposed every monthly statement cycle if the balance in the account falls below $100.00 any day of the monthly statement cycle., can be waived | not stated | Tiered | |
| F&M Money Market | 2.20% | $50 | $0 | None | $10.00 will be imposed every monthly statement cycle if the balance in the account falls below $1,000.00 any day of the monthly statement cycle., can be waived | not stated | Tiered | |
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 |
|---|---|---|---|---|---|
| Personal CDs | |||||
| 6 Month CD | 6 months | 3.89% | $1,000 | not stated | not stated |
| 12 Month CD | 12 months | 3.95% | $1,000 | not stated | not stated |
| 18 Month CD | 18 months | 4.06% | $1,000 | not stated | not stated |
| 24 Month CD | 24 months | 4.50% | $1,000 | not stated | not stated |
| 36 Month CD | 36 months | 4.50% | $1,000 | not stated | not stated |
| 48 Month CD | 48 months | 4.50% | $1,000 | not stated | not stated |
| 60 Month CD | 60 months | 4.50% | $1,000 | not stated | not stated |
| IRA CDs | |||||
| 60 Month Traditional IRA | 60 months | 3.00% | $1,000 | not stated | not stated |
| 60 Month Roth IRA | 60 months | 3.00% | $1,000 | not stated | not stated |
Opening and using the account
| Availability | Available in IA |
|---|---|
| Footprint | 5 branches in IA |
| Eligibility | not stated |
How Farmers and Merchants State Bank behaves over time
- 12-month high
- 0.45%
- 12-month low
- 0.40%
- Advertised now
- 0.45%
- At the 12-month high
- Observed cuts, 12 months
- 0
- In a window with 2 Federal Reserve cuts
The advertised F&M Savings rate, observed through Oct 10, 2026. The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Sep 23, 2026F&M SavingsRaise:0.25%to0.30%
- Obs. Sep 23, 2026F&M Money MarketRaise:0.25%to0.35%
- Obs. Sep 23, 2026Junior SavingsRaise:0.50%to0.65%
- Obs. Sep 23, 202612 Month CDRaise:3.25%to3.50%
- Obs. Sep 23, 202618 Month CDRaise:3.31%to3.56%
- F&M Savings
- Up 0.05 percentage points from 30 days ago.
- 24 months CD
- Up 0.50 percentage points from 30 days ago.
- F&M Money Market
- Up 0.15 percentage points from 30 days ago.
$10,000 at the 0.45% APY Farmers and Merchants State Bank advertises on F&M Savings grows to $10,045 in a year. Prices rose 3.4% in the year to August 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,715 does today. See how the federal funds rate shapes savings rates.
- F&M Savings APY
- Banksparency savings index
Farmers and Merchants State Bank CD rates over time
Who is Farmers and Merchants State Bank?
| Headquarters | Winterset, IA |
|---|---|
| Founded | 1938 |
| Scale | $272M assets · $241M deposits, $179M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 15610 |
| Charter state | Iowa · one of 226 insured banks chartered there (Q2 2026, FDIC) |
| Size | 2,539th-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 56% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What Farmers and Merchants State Bank pays on deposits above.
Common questions about Farmers and Merchants State Bank
Is Farmers and Merchants State Bank FDIC insured?
Yes. Farmers and Merchants State Bank is FDIC insured under certificate 15610, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Farmers and Merchants State Bank?
Farmers and Merchants State Bank requires a minimum deposit of $50 to open its F&M Savings account, as observed on Oct 10, 2026. Check the bank's current terms before you open an account.
Does the 0.45% apply to my whole balance?
The 0.45% needs a balance of at least $25,000. Below that, the account advertises 0.30%. Rates are as observed on Oct 10, 2026.
Does Farmers and Merchants State Bank have branches?
Yes. Farmers and Merchants State Bank operates 5 branches according to FDIC branch records, in addition to its website and mobile apps.
Farmers and Merchants State Bank against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Farmers and Merchants State Bank | 0.45% | 0.84% | $50 | 5 branches in IA |
| Kennebec Savings Bank | 0.45% | 1.84% | $100 | 8 branches in ME |
| Legacy Bank | 0.45% | 1.27% | $100 | 10 branches in KS |
| Rolette State Bank | 0.45% | not stated | not stated | 1 branch in ND |
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 State Bank's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Iowa, nearest to Farmers and Merchants State Bank in deposits:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.
State pages: banks in Iowa.