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CDs & IRAs

Certificate of Deposit (CD)

CDs are a safe, flexible and easy way to understand investment.  Our New Account Representatives can show you how you can insure your investment.  Open a certificate of deposit account with Merchants & Farmers Bank, and lock into our highest savings rates.

Contact Us today for current CD Rates.

Individual Retirement Account (IRA)

Having an IRA helps plan for a more secure retirement plus, take advantage of the tax savings. Whether your retirement is down the road or right around the corner, an Individual Retirement Account with Merchants and Farmers Bank can help you prepare for the future.
  • Types offered are Traditional IRA & Roth IRA
  • Minimum Balance required to open $500
  • All IRAs are FDIC insured separately from your other funds at this bank and insured to the maximum allowed by law.
  • Interest accrues daily and paid in accordance with the terms of your IRA.
  • A summary is mailed annually showing fair market value and activity on the account.
Whether you want to take advantage of tax-deferred earnings/yearly tax deductions, want your earnings to grow tax free or set up an IRA to help pay for a student's education, we have a plan for you.  Stop in to speak with a representative today!
Traditional IRA Roth IRA
Deadline April 15 Deadline April 15
Possible tax credit, deferral or earnings Possible tax credit, deferral or earnings
May be deductible Non-deductible
No income restrictions for eligibility Income restrictions
Distributions generally included in income Qualified distributions are not included in income
Require minimum distributions at 72 No required minimum distributions
Disclosures
$2000 minimum balance required to open a Certificate of Deposit.
There is no minimum balance required to obtain annual percentage yield.
Early withdrawal penalty (a penalty may be imposed for the withdrawal of funds before maturity):
  • If your account has an original maturity of one year or less, the fee we may impose will equal 30 days interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of more than one year, the fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.
**Rates are subject to change without notice.**
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