What’s a money market and who should open one?

We all have savings goals – purchasing a new puppy, finding a dream home, taking a tropical vacation. But, how do you make those goals achievable?

Consider opening a money market account to help boost your savings.

But first, what is a money market account and how does it work?

If you’ve run across the term at your bank, you’ve probably wondered what it means. Put simply, a money market (MMA) is very similar to a savings account, but it’s more desirable as interest rates and terms are typically far superior. MMAs are also FDIC insured up to federal limits and have a limited number of withdrawals or outgoing payments during each statement cycle.

Who should open a money market?

A money market account is worth considering if you’re looking for a low-risk way to grow your savings.

It’s also a great fit if:

  • You want an account more liquid than a saver but earns higher interest than a checking.
  • You aren’t willing to part with your money for the period of time a CD would require.
  • You want some check writing ability.
  • You want quick access to funds in case of an unforeseen expense.

While MMAs are typically associated with big balances, at F&M Bank, you don’t need a huge deposit to get our attention. You can bank like a millionaire (without being one) by taking advantage of our competitive rates!

If you think a money market account is a good fit for your finances, be sure to contact us and book an appointment with one of our branch representatives! We’d love to help you set up an account so you can start earning today!

Top 10 Money Tips Every College Student Should Know

As college students head to campus this fall, money management should be on their personal syllabus. It’s important for college students to take control of their financial future by saving wherever and whenever they can. They should treat personal finance like a required college course and avoid unnecessary expenses now to reduce financial burden when they graduate.

Top 10 Money Tips Every College Student Should Know
By Bruce Whitehurst, President & CEO, Virginia Bankers Association

As college students head to campus this fall, money management should be on their personal syllabus. It’s important for college students to take control of their financial future by saving wherever and whenever they can. They should treat personal finance like a required college course and avoid unnecessary expenses now to reduce financial burden when they graduate. Students should consider the following tips to form a strong foundation for money management:

  1. Create a budget. You’re an adult now and are responsible for managing your own finances. The first step is to create a realistic budget or plan and stick to it.
  2. Watch spending. Keep receipts and track spending through a personal financial management app or through Excel or a similar program. Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
  3. Use credit wisely. Understand the responsibilities and benefits of credit. How you handle your credit in college could affect you well after graduation. It is important to start using credit now so that when you apply for a car loan, a personal loan, or a mortgage, you will have a credit history, which will help your credit score. Shop around for a credit card that best suits your needs.
  4. Take advantage of your bank’s resources. Most banks offer online, mobile and text banking tools to manage your account night and day. Use these tools to check balances, pay bills, deposit checks and monitor transaction history.
  5. Look out for money. There’s a lot of money available for students – you just have to look for it. Apply for scholarships and look for student discounts or other deals.
  6. Buy used. Consider buying used books or ordering them online. Buying books can become expensive and often used books are in just as good of shape as new ones.
  7. Entertain on a budget. Limit your “hanging out” fund. There are lots of fun activities to keep you busy in college and many are free for students. Get the most from your student ID. Use your meal plan or cook meals with friends instead of eating out.
  8. Avoid ATM fees when possible. Use your bank’s ATM when possible and be aware of fees when using other ATMs. If you must use an ATM that charges a fee, take out larger withdrawals to avoid having to go back multiple times.
  9. Expect the unexpected. Things happen, and it’s important that you are financially prepared when your car or computer breaks down or you have to buy an unexpected bus or plane ticket home. You should start putting some money away immediately, no matter how small the amount.
  10. Ask. This is a learning experience, so if you need help, ask. Your parents or your bank are a good place to start, and remember – the sooner the better.


About the Virginia Bankers Association

Established in 1893, the Virginia Bankers Association is the unified voice for commercial and savings banks in Virginia. The VBA maintains an active legislative advocacy program, provides training to bankers statewide, and provides a variety of products and services to help its member banks best serve their communities.

About the Author

Following a 10-year career in retail and commercial banking with Jefferson National Bank (now Wells Fargo), Bruce Whitehurst joined the Virginia Bankers Association in 1993. He has served as president and chief executive officer of the association since 2007 and was previously executive vice president. Bruce is passionate about financial literacy and works directly with the VBA Education Foundation, whose mission is to improve personal financial literacy and economic education in all public and private schools in the Commonwealth. The Foundation recognizes the importance of economic education and financial literacy in Virginia and supports the banking industry as a key participant in these areas.


Announcing The Virginia Food Truck Battle, Sponsored by F&M Bank

Looking for something fun to do over Labor Day weekend? Come to the 4th Annual Virginia Food Truck Battle on Sunday, 9/2.

Looking for something fun to do over Labor Day weekend? Come to the 4th Annual Virginia Food Truck Battle on Sunday, 9/2. Located at the Augusta Expo in Fishersville, VA, the festival features 18 food truck competitors, 8 local breweries and vineyards, a special kids area with entertainment and activities, live music, and artisan/craft vendors. Gates open at 12:30 pm for General Admission Tickets ($10 in advance or $15 at the door) and Beer Tasting General Admission Tickets ($25 and includes a tasting glass, 2 oz sample of the 6 competing beers, and a chance to vote for your favorite brew). If you don’t want to miss a thing, come at 11:30 with a VIP Ticket ($40 in advance or $45 at the door) to receive a sample from 6 of the competing food trucks, 6 beer tastings, and a chance to vote on your favorites from both categories. Children 6 and under are free with a ticket-holding adult.

International Cuisine From Across Virginia

Taste the best of Virginia–and the world–with this year’s diverse selection of food trucks.

Virginia Food Trucks

  • Pachamama Peru: This Charlottesville-based food truck serves Peruvian food made with local meats and produce.
  •  Mouth Wide Open: Also from Charlottesville, the American-inspired gourmet menu reflects the owners’ travels across the country.
  • El Chilango Mexican Food: Traveling to this year’s battle from Arlington, El Chilango’s Facebook page is filled with rave reviews of their tacos.
  • Sourdough Pizza Co.: Fresh, homemade pizza with a sourdough crust from Forest, VA.
  • Hops Kitchen: Based out of Waynesboro’s Basic City Brewery, they describe their menu as “everything but the kitchen sink.” You’ll find flavors from all over the world and the country.
  • Moe’s Original BBQ: With Alabama roots and a headquarters in Charlottesville, Moe’s makes Southern-style barbecue sandwiches and platters.
  • 106 Street Food: This isn’t your grandfather’s street food! 106 serves high quality, freshly made sandwiches with locally sourced ingredients. They also hail from Charlottesville.
  • Sallie’s Kitchen: Soul food from Richmond, VA.
  • Master Sargent BBQ: This is another veteran-owned business serving up South Carolina-style barbecue from Southwest Virginia.
  • The Black Pearl: Fried and steamed seafood from Southeast Virginia.
  • Matchsticks BBQ: This barbecue truck from Williamsburg uses slow cooking to create authentic, wood-smoked barbecue.


Shenandoah Valley Food Trucks

Shenandoah Valley Food Trucks

We’re especially excited to cheer for these local small businesses.


  • Rocks Money Pit BBQ: This award-winning food truck from Greenville keeps their menu short and sweet with iconic barbecue sandwiches and sides.
  • Holy Smokes BBQ: This Waynesboro-based barbecue truck mixes classic and modern offerings in their menu.
  • Gloria’s Pupuseria: Salvadoran food from Staunton, VA
  • Breakfast Bus: A favorite of JMU staff and students, this Harrisonburg-based food truck serves breakfast sandwiches, empanadas, doughnuts, and more.
  • Grillzilla Pizza: Also from Harrisonburg, this food truck makes pizza from scratch with local ingredients.
  • Paella Perfecta: Welcome back another Harrisonburg gem and the 2017 winner of the The Virginia Food Truck Battle. Paella Perfecta serves authentic Spanish tapas and paella.
  • Chubbee Monkee: This veteran-owned food truck is based in Stuarts Draft, Augusta County, and serves cheesesteaks, steak burgers, and other American favorites.


All Proceeds Go To The MaDee Project

Proceeds benefit The Madee Project

What’s better than getting together for live music, tasty food, and refreshing brews? All of these things, PLUS the good feeling you get from knowing the event proceeds will benefit a worthwhile organization. The MaDee Project funds national research to find a cure for pediatric cancer. It also provides financial support to pediatric cancer patients and their families who need help with medical expenses and other costs related to cancer treatment and care. The Project operates in and serves families from Staunton, Augusta County, and Waynesboro. Here at F&M, we’re thrilled to support an event that will benefit a wonderful local cause .

Help Us Spread The Word!

May the tastiest truck win!

We hope to see you at The Virginia Food Truck Battle on September 2nd. It’s a great opportunity to mingle with and support the greater Shenandoah Valley community. As the oldest community bank in Rockingham County, we have a deep love for the Valley and its people, and we’re excited to sponsor this fun and charitable event. Help us spread the word by liking the Food Truck Battle’s Facebook page and inviting your friends.