Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Mercantile Bank Review

Your Details Done
by Updated
Mercantile Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Mercantile Bank first started operating in 1906 with headquarters in Quincy, Illinois. It owns assets of $435 million along with deposits totaling $351 million, classifying it as a medium-size bank. Mercantile 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 access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Mercantile Bank is a solid pick to be your bank, with a score of 4.2 stars out of 5 from the SmartAsset team. Mercantile Bank has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Mercantile Bank offers an option without a monthly fee. Banks that offer free checking as well as a high interest rate savings account are the best option for returning the most income from your deposits alongside 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

With a savings rate of 0.20%, Mercantile Bank ranks poorly compared to the average U.S. bank. Mercantile Bank's one-year and five-year term lengths CDs earn at a rate of 0.85% and 2.17%, respectively, while its highest-yielding money market account has a rate of 0.50%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Mercantile Bank's Savings Rates Compare

Mercantile Bank Savings 0.20 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

Mercantile Bank has typically extremely low fees in comparison to other U.S. banks. Mercantile Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Mercantile Bank unfortunately does not refund out-of-network ATM fees, which means you will have to search for a Mercantile Bank ATM or eat the fee.

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
Back to Overview

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 receives unsatisfactory marks from customers for its mobile app. Out of 36 customer reviews on both Apple and Android platforms, the Mercantile Bank mobile app has an overall rating of 3.2 out of 5 (compared to the national average of 3.8). You can use Mercantile Bank's mobile app to manage your funds by monitoring monthly statements, sending and receiving funds and accessing support representatives. Mercantile Bank gets an excellent consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Mercantile Bank is a medium-size bank owning assets totaling $435 million as well as $351 million in deposits. Mercantile Bank's Texas Ratio is 3.01%, suggesting a low possibility of 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.

Back to Overview

Compare Mercantile Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% 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 offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mercantile Bank does not have the best savings rate, which means you should consider 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 compared to other U.S. banks.

Back to Overview

Find a Mercantile Bank Near Me

Mercantile Bank has seven branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure