F&M Bank offers their best checking account with their highest interest rate at 2.75% APY for balances through $50,000. This money in the bank deal is structured in the following scheme:

2.75% APY for deposits of up to $50K
Portions of funds above $50K gets 1.00% APY
Base rate is at 0.50% APY in case you do no meet the monthly qualifications
ATM fees incurred nationwide are refunded

The bank requires the following so you can enjoy the best interest rates:

Complete 10 transactions using check cards
Set up an automatic debit or a direct deposit
Use online banking
Opt for electronic statements over paper statements

The checking account will also give you free access to the online bills payment system. The bank does not set a minimum balance requirement. They also do not collect any monthly service fees. One positive feature of this reward checking account is that they waive the qualification requirements for the first cycle.

F&M Bank limits this reward checking deal two a max of two accounts per individual. The bank may also change the qualifications of the account or its deposit tier. The bank usually releases a 30-day notice when they do these.

Interested consumers need to drop by a branch to open the checking account. The bank operates several branches in Tennessee including Murfreesboro, Lebanon, Hendersonville, Greenbrier, Dover, Cookeville, Clarksville, and Brentwood.

The bank was given 4 stars by BauerFinancial when they reviewed the bank’s soundness and safety. Bankrate.com gave 3 stars for performance. These reports were based on their June 2009 financial data.

The bank is insured with the FDIC through certificate number 9963.