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Mercantil Bank Review

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Mercantil Bank Money Market
0.65% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Mercantil Bank was founded in 1979 and has its headquarters in Coral Gables, Florida. It has $8 billion in assets as well as deposits totaling $6 billion, which makes it a large bank. Mercantil Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Mercantil Bank is a great choice and should warrant serious consideration, with a score of 4.2 stars out of 5 from the SmartAsset team. Mercantil Bank has a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Mercantil Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product maintains a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Using a bank with free checking as well as a high savings APY is the best bet for gaining the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

5.0
SmartAsset Average: 3.5

Mercantil Bank's one-year CD has a rate of 1.90% and the five-year CD earns at a rate of 2.86%, while its highest-yielding money market account has an APY of 1.55%.

How Mercantil Bank's Savings Rates Compare

Mercantil Bank Money Market 0.65 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Mercantil Bank has generally high fees in comparison to the national average. Mercantil Bank's checking account has a monthly fee of $5.00, rating it fair for anyone looking for a hassle-free account. Mercantil Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to search for a Mercantil Bank ATM or accept the fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

Mercantil Bank is a brick-and-mortar bank, with 23 total bank locations in Florida and Texas. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, and 8:00 a.m. to 5:00 p.m. ET. Mercantil Bank's online and mobile banking platforms receive fair feedback from customers. The Mercantil Bank mobile app has an overall rating of 3.7 out of 5 (out of 1,300 reviews on Apple and Android) compared to the national average of 3.8. Mercantil Bank's mobile app lets you manage your funds by checking current statements, sending and receiving funds and reaching support representatives. Mercantil Bank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Mercantil Bank is a large bank owning $8 billion in assets as well as $6 billion in deposits. Mercantil Bank's Texas Ratio is 2.99%, denoting that the bank is in excellent financial shape and improbable to fail. Additionally, Mercantil Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Mercantil Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 1.90% APY
  • 24 Month: 2.09% APY
  • 36 Month: 2.34% APY
  • 48 Month: 2.60% APY
  • 60 Month: 2.86% APY
$10000 for all terms
Money Market Account 0.65% APY $10000

Mercantil Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mercantil Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Mercantil Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Mercantil Bank Near Me

Mercantil Bank has 23 branches across the U.S.

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