Farmers and Merchants Bank helps customers put away tax-deferred income for their retirement with an IRA account based on their needs and goals. The product rewuires a minimum $500 to open the account. Corresponding rates and terms ranging from 6 months to 24 months. Interest accrues daily and is paid to the account quarterly and at maturity and deposits may be tax deductible. This product is FDIC insured and all FandM Bank IRAs are subject to penalties for early withdrawal.