F&M Bank Youth Savings Review

F&M Bank Youth Savings is offered by F&M Bank, a 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.
• Bill pay. Pay your bills to practically anyone in the United States through F&M Bank.

Pros	Cons
Interest-yielding account. Access to physical branches. Free debit card Access to a nationwide network of ATMs.	No signup bonus. Only available in one state. Higher than average wire transfer fees. Monthly service charge.

Are savings accounts from F&M Bank federally insured?

Yes, your F&M Bank savings 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.

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:

• Fraud monitoring - F&M Bank Youth Savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - F&M Bank Youth Savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

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.