The Farmers & Merchants State Bank savings and CD rates
The Farmers & Merchants State Bank advertises 1.48% APY on its Loyalty Rewards Savings account. The 1.48% applies to balances up to $100,000. A larger balance earns 0.07% on the whole amount.
A checking account at the bank is required. That is 1.11 percentage points above the national savings average of 0.37% (FDIC, Sep 2026).
Ranked #590 of 2786 tracked savings rates by advertised APY. For a $10,000 balance it would rank #399.
Estimate your earnings·What The Farmers & Merchants State Bank actually pays
The Farmers & Merchants State Bank at a glance
| Savings | |
|---|---|
| Top savings APY | 1.48% · Loyalty Rewards Savings · up to $100,000 only · checking account required |
| Minimum to open | $0 · Loyalty Rewards Savings |
| Against the national average | 1.11 percentage points above the 0.37% FDIC savings average (Sep 2026) |
| CDs | |
| Top CD APY | 3.50% · 9 months · 9-Month CD Special |
| Minimum to open | $1,000 · 9 months CD |
| FDIC certificate | 5969 · Archbold, OH |
|---|---|
| Website | www.fm.bank |
| Branches | 39 branches in IN, MI, OH |
| Availability | Available in IN, MI, OH |
The Farmers & Merchants State Bank savings and CD rates
How the rate applies
How the rate applies
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.
The Farmers & Merchants State Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 9 months | 3.50% | $1,000 | 9-Month CD Special |
| 18 months | 3.50% | $1,000 | 18-Month CD Special |
| 27 months | 3.50% | $1,000 | 27-Month CD Special |
| 36 months | 3.50% | $1,000 | 36-Month CD Special |
Interactive Tool
Calculate Savings for The Farmers & Merchants State Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$561.80(3.9%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,561.80
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What The Farmers & 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 1.48% applies to balances up to $100,000. A larger balance earns 0.07% on the whole amount.
In Q2 2026, The Farmers & Merchants State Bank paid a higher average rate on savings and money market deposits than 90% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- The Farmers & 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 |
|---|---|---|---|---|---|---|---|---|
| Loyalty Rewards Savings | 1.48% | $0 | $0 | $100,000 | not stated | Checking account · direct deposit not stated | Tiered | |
| Fine print: A Loyalty Rewards Checking or Loyalty Rewards + The Bundler Checking account is required to open this account and must stay open for as long as it is held. The stated APY applies to balances up to $100,000, and the portion of the balance above $100,000 earns a much lower rate. The stated APY is also paid only in a monthly statement cycle in which the account is enrolled in eStatements and all three checking qualifiers are met; in any cycle they are not met, the entire balance earns the lower rate. | ||||||||
| Direct Savings | 1.36% | $1,000 | $0 | None | not stated | not stated | Tiered | |
| Fine print: The account is open only to new customers, or to deposits of funds not already held at the bank. | ||||||||
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 |
|---|---|---|---|---|---|
| 9-Month CD Special | 9 months | 3.50% | $1,000 | not stated | not stated |
| Fine print: At maturity the certificate renews automatically as a 12-month certificate, not as a 9-month one. | |||||
| 18-Month CD Special | 18 months | 3.50% | $1,000 | not stated | not stated |
| 27-Month CD Special | 27 months | 3.50% | $1,000 | not stated | not stated |
| Fine print: At maturity the certificate renews automatically as a 24-month certificate, not as a 27-month one. | |||||
| 36-Month CD Special | 36 months | 3.50% | $1,000 | not stated | not stated |
Opening and using the account
| Availability | Available in IN, MI, OH |
|---|---|
| Footprint | 39 branches in IN, MI, OH |
| Eligibility | not stated |
How The Farmers & Merchants State Bank behaves over time
- 12-month high
- 1.58%
- 12-month low
- 1.48%
- Advertised now
- 1.48%
- 0.10 percentage points below the 12-month high
- Observed cuts, 12 months
- 0
- In a window with 2 Federal Reserve cuts
The advertised Loyalty Rewards Savings rate, observed through Oct 7, 2026. The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Sep 2, 2026Direct SavingsCut:0.97%to0.92%
- Loyalty Rewards Savings
- The same as 30 days ago.
- 9 months CD
- The same as 30 days ago.
$10,000 at the 1.48% APY The Farmers & Merchants State Bank advertises on Loyalty Rewards Savings grows to $10,148 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 $9,814 does today. See how the federal funds rate shapes savings rates.
- Loyalty Rewards Savings APY
- Banksparency savings index
The Farmers & Merchants State Bank CD rates over time
Who is The Farmers & Merchants State Bank?
| Headquarters | Archbold, OH |
|---|---|
| Founded | 1897 |
| Scale | $3.5B assets · $2.9B deposits, $2.4B of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 5969 |
| Charter state | Ohio · one of 157 insured banks chartered there (Q2 2026, FDIC) |
| Size | 368th-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 62% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What The Farmers & Merchants State Bank pays on deposits above.
Common questions about The Farmers & Merchants State Bank
Is The Farmers & Merchants State Bank FDIC insured?
Yes. The Farmers & Merchants State Bank is FDIC insured under certificate 5969, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at The Farmers & Merchants State Bank?
The Farmers & Merchants State Bank requires no minimum deposit to open its Loyalty Rewards Savings account, as observed on Oct 7, 2026. Check the bank's current terms before you open an account.
Does the 1.48% apply to my whole balance?
The 1.48% applies to balances up to $100,000. A larger balance earns 0.07% on the whole amount. A checking account at the bank is required. Rates are as observed on Oct 7, 2026.
Does The Farmers & Merchants State Bank have branches?
Yes. The Farmers & Merchants State Bank operates 39 branches according to FDIC branch records, in addition to its website and mobile apps.
The Farmers & Merchants State Bank against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| The Farmers & Merchants State Bank | 1.48% | 2.74% | $0 | 39 branches in IN, MI, OH |
| American Bank | 1.50% | 3.86% | $1 | 1 branch in PA |
| CorTrust Bank National Association | 1.50% | 0.71% | not stated | 37 branches in MN, SD |
| First FarmBank | 1.50% | 1.80% | $100 | 6 branches in CO, KS |
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 The Farmers & Merchants State Bank's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Ohio, nearest to The Farmers & Merchants State Bank in deposits:
Rate hubs: today's highest savings rates, and CD rates by term.
State pages: banks in Ohio.