Posted by William Charles on March 4, 2018
Checking Accounts

Published on March 4th, 2018 | by William Charles


[Dead] [TN & In Branch Only] F&M Bank – Performance Rewards Checking 4% APY On Balances Up To $20,000

Looks like this account is no longer available. View the best current high yield savings accounts by clicking here.

Offer at a glance

  • Interest Rate: 4% APY when requirements are met
  • Minimum Balance: None, $100 minimum opening
  • Maximum Balance: $20,000 for 4% APY (balances over $20,000 earn 1% between $20,000.01-$50,000 and 0.5% over $50,000)
  • Availability: In branch only. All branches are in TN [Branch locator]
  • Direct deposit required: Yes
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Unknown, but unlikely due to in branch requirement
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • F&M Bank offers a 4% APY on the performance rewards checking account on balances up to $20,000 when the following requirements are met:
    • Receive Monthly E-Statements
    • Set Up One Automatic Payment or Direct Deposit that posts and clears Your Account Once per Statement Cycle
    • Access Online Banking Once per Statement Cycle
    • 10 Debit Card Transactions must post and clear per Statement Cycle
  • If those requirements are met you also get free ATMs nationwide


Avoiding Fees

This account has no monthly fees to worry about, in addition you get free ATMs nationwide when the transaction requirements to earn 4% APY are met.

Our Verdict

4% APY is one of the better high interest accounts, 5% is basically as good as it gets but it’s not possible to get that rate on balances as high as $20,000. This would be a good option for those that only wanted to deal with one account or who have already maxed out the other 5% accounts. As always you can view the best high yield savings accounts here. They are also offering a $250 checking bonus on some of their other checking accounts, I wonder if it’s possible to product change one of those to this account after getting the bonus? Or if you can open both at the same time. If anybody has any experience with this bank then please share it in the comments below.


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I think the 1% over 20k is a huge plus too as most others offer little to no interest forcing you to open a separate savings account, most often with another institution. I’d say this a great find for those who can get in.


Anyone know off hand if you can open an account at one of the mortgage locations or do you have to go to one of the branch locations?


Follow up to my own question, you can not open a checking account at a mortgage location. Only at the actual branch locations.


I opened the $250 bonus express checking account today. The CSR told me you could product change over to the Rewards Checking account at any time.


FYI, Performance Rewards Checking appears to no longer be offered.


Any idea how they will handle existing accounts? Mine still shows Performance Rewards as of 12/30/18. That interest rate has been nice.


FWIW my account is still in tact for now and earning 4% APY.

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