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Mature couple driving off in convertible

No matter how much you love your job, you’ll want to retire someday. Start planning now so that when the time comes, you can retire in style. F&M Bank offers two types of FDIC-insured IRAs to suit your unique situation: 

  • Traditional IRA. A personal retirement savings account that grows on a tax-deferred basis until you withdraw the funds.
  • Roth IRA. A personal retirement savings account with the potential for tax-free growth. Your Roth IRA contributions are not tax-deductible like they are with a Traditional IRA, but withdrawals are tax-free within certain limitations. And after age 59½, you can make qualified, tax-free withdrawals.

Account Features 

  • Minimum Opening Balance of $100
  • Online Banking with Bill Pay - Bank 24 hours a day
  • Mobile Banking - Securely check your balances, pay bills and more from your phone or tablet
  • Email & Text Alerts - Important info comes straight to your inbox 
  • Renewal Option - Convenient automatic renewal 
  • Interest Earning - Boost your savings with compounded interest
  • Tax Benefits - Traditional IRA contributions are tax-deductible*, and Roth IRA offers tax-free savings
  • Distribution - No distribution minimums for Roth IRA investors aged 70½ and older / Traditional IRAs require minimum distributions for investors 70½ and older
  • No Monthly Service Charge
*Tax-deductible contributions are subject to federal laws regulating IRAs. Consult your tax advisor for comprehensive advice.

What you need to apply 

  • $100 minimum opening deposit
  • Social Security Number
  • Driver’s license, state ID, passport or Military ID
  • Date of birth
  • Physical street address
  • Email address (optional)
  • The routing number of your previous bank, if you will be transferring funds to open this account