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Mercantile Bank Review

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Mercantile Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Mercantile Bank started in 1906 and its headquarters are located in Quincy, Illinois. Mercantile Bank handles $435 million in assets along with deposits totaling $351 million, which makes it a medium-size bank. Mercantile Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated Mercantile Bank 4.2 stars out of 5, which means it is a great choice and should warrant serious consideration. Mercantile Bank offers the full package of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Mercantile Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Mercantile Bank offers an option without a monthly fee. Institutions that offer no-fee checking and a high savings APY are the best bet for accruing the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Mercantile Bank has a savings rate of 0.30%, which is fair compared to other U.S. banks. Its CD rates are 0.85% and 2.17% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.50%. Given Mercantile Bank's poor savings rate, you should consider other options to earn more on your deposits.

How Mercantile Bank's Savings Rates Compare

Mercantile Bank Savings 0.30 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Mercantile Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, Mercantile Bank is ideal for people who want a simple checking account. Mercantile Bank does not refund out-of-network ATM charges, which means you'll be required to search for a Mercantile Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 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

SmartAsset Average: 3.7

Mercantile Bank is a brick-and-mortar bank, with seven total branches in Illinois and Missouri. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Mercantile Bank's online and mobile banking services get poor marks from customers. Out of 36 customer reviews across both iOS and Android platforms, the Mercantile Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). Mercantile Bank's mobile app lets you control your funds by looking at account balances, transferring funds and reaching support representatives. Mercantile Bank gets an outstanding consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Mercantile Bank is currently a medium-size bank and owns assets totaling $435 million as well as $351 million in deposits. It has an excellent Texas Ratio of 3.01%, indicating that Mercantile Bank is in superb financial well-being and far from failure. Additionally, Mercantile Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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 Mercantile Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.85% APY
  • 24 Month: 1.76% APY
  • 36 Month: 1.96% APY
  • 48 Month: 2.07% APY
  • 60 Month: 2.17% APY
$1000 for all terms
Money Market Account 0.35% APY $10000

Mercantile Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mercantile Bank does not have the best savings rate, which means you should think about looking 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. Mercantile Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Mercantile Bank Near Me

Mercantile Bank has seven branches across the U.S.

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