F&M Bank Youth Savings

F&M Bank Youth Savings Review

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

• Low APY. The maximum annual percentage yield for this account is only .03%.
• Charges a monthly fee. This account charges a monthly service fee of up to $0.67, but the fee is waived if you keep a minimum balance of $200.
• Small minimum initial deposit. You only need $5 to open an account.

Pros	Cons
Interest-yielding account.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Not FDIC-insured. Only available in one state. Higher than average wire transfer fees. Monthly service charge.

Are savings accounts from F&M Bank federally insured?

No, your F&M Bank savings accounts are not insured by a federal insurance agency. This means that if F&M Bank were to fall into financial difficulties, your deposits are not covered by a government backed insurance fund like the FDIC or NCUSIF.

Does F&M Bank offer a signup bonus?

F&M Bank Youth Savings doesn't offer a signup bonus.

What is the minimum initial deposit for F&M Bank Youth Savings?

The minimum deposit to open a F&M Bank Youth Savings is $5.

F&M Bank Youth Savings Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $200
Minimum Opening Deposit	Starting at $5

What APY does F&M Bank offer?

F&M Bank Youth Savings offers an APY of .03% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does F&M Bank Youth Savings charge?

F&M Bank Youth Savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $200.

• Outgoing domestic bank transfers come with a $30 fee.
• Incoming domestic bank transfers come with a $10 fee.
• Outgoing international bank transfers come with a $60 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $10 fee.
• F&M Bank Youth Savings charges a $20 fee for an early account closure. Contact F&M Bank Youth Savings for more details on what is considered an early closure.
• F&M Bank Youth Savings charges $3 every time you request a paper statement.

What features and perks does F&M Bank Youth Savings offer?

This savings account includes the following features:

Can you set up a direct deposit to F&M Bank Youth Savings?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for F&M Bank Youth Savings?

The customer support email for F&M Bank Youth Savings is rcs@fmb.com.