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Mercantil Bank Review

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Mercantil Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Mercantil Bank first started operating in 1979 with headquarters located in Coral Gables, Florida. Mercantil Bank owns assets of $8 billion as well as $6 billion in deposits, which makes it a large bank. Mercantil Bank lacks premium access to support representatives, 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 offerings. Coming in at a commendable 4.2 out of 5 stars, Mercantil Bank proves it is a solid pick to be your bank. Mercantil Bank offers the complete package 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; other popular banks have higher rates. The bank's standard checking account has a monthly fee of $5.00, making it a rather expensive bank for checking. Institutions that offer free checking as well as a high savings APY are your best option for gaining the highest income from your deposits while maintaining convenient access to your funds.

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 features a savings rate of 0.25%, which is fair compared to the average U.S. bank. Mercantil Bank's one-year CD earns at a rate of 2.36% and the five-year CD earns at a rate of 2.86%, while its highest-yielding money market account earns at an APY of 1.55%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Mercantil Bank's Savings Rates Compare

Mercantil Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Mercantil Bank has generally high fees compared 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 does not refund out-of-network ATM charges, which means you will be required to locate a Mercantil Bank ATM or accept the withdrawal 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 have all-day customer service with representatives. You can get help during its 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 services receive fair marks from customers. Out of 1,300 ratings on both Apple and Android platforms, the Mercantil Bank mobile app rates a 3.7 out of 5 (compared to the national average of 3.8). You can utilize Mercantil Bank's mobile app to manage your funds by looking at account balances, transferring money and accessing customer service. Mercantil Bank receives an excellent consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 currently a large bank and handles assets totaling $8 billion as well as deposits totaling $6 billion. Mercantil Bank has an excellent Texas Ratio of 2.99%, indicating that Mercantil Bank is in excellent financial health 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
Savings Account 0.25% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 2.36% APY
  • 24 Month: 2.36% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.67% APY
  • 60 Month: 2.86% APY
$10000 for all terms
Money Market Accounts 0.65% APY 1.55% APY $10000 $15000

Mercantil Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mercantil Bank does not have the best savings rate, which means you should consider other options 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 compared to the national average.

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Find a Mercantil Bank Near Me

Mercantil Bank has 23 physical locations in the U.S.

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