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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.2% APY||$100|
|Checking Account||0.1% APY||$1|
|Certificates of Deposit|| ||$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