Farmers and Merchants Bank is offering a free checking account that earns interest more like a CD than a typical checking account. An account be established by anyone, regardless of their location.  A $10 opening deposit is all you need to receive the benefits and the 5.02% APY on all balances up to $50,000. Balances over $50K earn 2.05% APY.

 Using Farmers and Merchants Bank affords you unlimited refunds of all of your ATM-related fees anywhere in the country. There are some requirements that do need to be met in order to receive the 5.02% APY. That list includes:

 You must establish at least one ACH automatic debit or set up one direct deposit connection to the account.

•  You must complete at least 10 transactions using your bank check card.
•  You must sign up to receive banking statement electronically.
•  You must access and utilize the Access NetTeller online banking system.

 If, at anytime, during your monthly statement cycle you fail to meet any of the above requirements, you will not receive the 5.02% rate but instead the base interest will stand at 0.15%. You will also not be qualified to receive the refund of ATM fees. Once a statement cycle is complete, your interest rate will go back to the original Platinum rate, provided you satisfy the requirements.

 Farmers and Merchants Bank does not charge any monthly service charges and there are no minimum balance requirements for the Platinum Rewards Checking account. The bank also offers they own ID SafeChoice identity theft recovery service for free, regardless of whether or not you have met the stated monthly requirements. The ID SafeChoice program will assist you in the event of an identity theft to restore your credit. The program will help you work through the process and re-establish your good name.

Farmers and Merchants Bank is primarily located in the state of Virginia and is FDIC insured since 1934. If you are an out-of-state applicant, you may be required to provide notarized copies of your identification sources in order to complete the application process. The bank will do a hard credit check from the leading credit bureaus.