F&M Bank CD Review

F&M Bank CD is offered by F&M Bank, a bank founded in 1907 and based in Long Beach, CA. F&M Bank CD is available in 1 state across the USA.

• Only one CD account type available. F&M Bank CD only offers traditional CD accounts.
• Very high APY. This account offers an annual percentage yield of up to 0.30%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
• Wide selection of CD terms. F&M Bank CD allows you to create a CD ladder by spreading your cash across certificates of deposit with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Are cd accounts from F&M Bank federally insured?

Yes, your F&M Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does F&M Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.

What CD rates does F&M Bank offer on its CDs?

F&M Bank CD offers an APY starting at 0.03% and ranging up to 0.30%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with F&M Bank?

F&M Bank CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for F&M Bank CD?

There is a 7-day grace period for F&M Bank CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 7-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does F&M Bank CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

F&M Bank does not charge an early withdrawal fee.