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F&M Bank
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Specialty Savings Accounts

F&M Bank offers a variety of specialty savings accounts to help you reach your goals. From youth and holiday savings to educational savings, we have options for every stage of life. All deposits are FDIC‑insured, giving you secure savings backed by a team you know and trust. If you have questions, our experienced team members are here to help.

Christmas Club

Enjoy the holidays and avoid the financial stress with a Christmas Club Savings Account from F&M Bank. Christmas Club accounts are a stress-free way to save for end-of-year festivities, presents, vacations, and other significant expenses, allowing you to budget for your holiday spending year-round and skip the big post-holiday bills.  

Key Features

Our holiday savings accounts offer:

  • Earned Interest: Receive competitive interest on your balance.
  • Customization: Create your own deposit schedule to align with your budget and savings goals.
  • Ease-of-Use: Use our coupon books to make easy deposits throughout the year, or set up an automatic funds transfer from your checking account so you never need to worry about missing a contribution.
  • Flexibility: Not just for holiday spending! Use your account to pay for any major annual expenses from real estate taxes to tropical getaways.
  • Automatic disbursement: Receive your savings plus earned interest in October, by check or direct deposit—just in time for your holiday shopping and end-of-year needs. 

Open Your Christmas Club Account and Start Saving Today

Looking for a flexible holiday savings plan that spares you the big bills in January? Consider a Christmas Club Account from F&M Bank and save year-round, earning interest on every dollar deposited. 

Opening a Christmas Club Savings Account is easy and convenient at F&M Bank. Open your account online or visit your local branch today for personalized advice and one-on one service.   

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Coverdell Education Savings

Give the student in your life the gift of quality education—and the gift of graduating with limited debt. When you contribute to a Coverdell Education Savings Accounts for your student, you can budget and plan for major educational expenses, while taking advantage of tax benefits and earned interest. 


Key Features

Coverdell Education Accounts are specially designed to make saving for college and other educational expenses simple and affordable.

  • Tax advantages: Your contributions and earnings grow tax-free, and pay no taxes and distributions for qualified education expenses.
  • Flexibility: Can be used for a variety of educational expenses for students of all ages, from elementary to higher education. Use funds to cover tuition, fees, books, supplies, and in some cases, room and board.
  • Budget-friendly: Deposit up to $2,000 per year per child under the age of 18 to affordably grow your education savings over time. 
  • Investment options: Open a Coverdell Certificate of Deposit at F&M Bank, combining the tax advantages of a Coverdell ESA with the secure, fixed returns of a CD.
 

How to Open an Account

Coverdell Education Savings Accounts can be opened for any student in your life, whether they are a child, grandchild, or other important person. Apply to open an account online or in person. To open an account you’ll need:

  • The beneficiary’s Social Security Number and personal information.
  • Your Social Security Number and personal information.
  • Opening deposit.
 

New to Coverdell ESAs?

To ensure your account is tailored to you and your student’s unique needs, we recommend consulting with one of our experienced bank representatives.

 

Visit Us to Learn More or Apply Online

Looking for a tax-advantaged education savings plan in Virginia? Our Coverdell ESA can provide you with an cost-effective and simple way to save for your loved one’s education, offering tax-free earnings and distributions. 

Opening a Coverdell Education Savings Account is easy and convenient at F&M Bank. Apply to open your account online or visit your local branch today for personalized advice and one-on-one service. 

 

The income limits for eligibility to contribute are:
Full $2,000 Contribution if your AGI is less than:
  • Single Filer - Less than or equal to: $95,000
  • Married Filing Jointly - Less than or equal to: $190,000
Partial Contribution if your AGI is between:
  • Single Filer
    • $95,000 - $110,000
    • no contribution if over $110,000
  • Married Filing Jointly
    • $190,000 – $220,000
    • no contribution if over $220,000