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Mercantile Bank of Michigan Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Mercantile Bank of Michigan Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1997, Mercantile Bank of Michigan has assets totaling $3 billion along with $3 billion in deposits, ranking it as a large bank. Mercantile Bank of Michigan, whose headquarters are in Grand Rapids, Michigan, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.1 out of 5 stars, Mercantile Bank of Michigan should be solidly in contention for your choice of bank. Mercantile Bank of Michigan provides customers with a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Mercantile Bank of Michigan has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $5.00, which ranks on the higher end of monthly fees. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for accruing the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Mercantile Bank of Michigan has a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Mercantile Bank of Michigan's one-year CD has a rate of 1.70% and the five-year CD has a rate of 2.80%, while its highest-yielding money market account has a rate of 0.45%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Mercantile Bank of Michigan's Savings Rates Compare

Mercantile Bank of Michigan Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

On average, Mercantile Bank of Michigan charges customers above-average fees compared to the average U.S. bank. Its checking account has a monthly fee of $5.00, rating it fair for anyone looking for a hassle-free account. Additionally, it has an overdraft fee of $32.00, which is less than that of other U.S. banks. Mercantile Bank of Michigan does not reimburse out-of-network ATM fees, which means you'll have to search for a Mercantile Bank of Michigan ATM or pay the ATM charge.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Mercantile Bank of Michigan is a brick-and-mortar bank, with 49 total branches in Michigan. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Mercantile Bank of Michigan gets moderate feedback from customers for its mobile platform. Out of 180 customer reviews across both iOS and Android platforms, the Mercantile Bank of Michigan mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). Mercantile Bank of Michigan's mobile app lets you control your accounts by looking at monthly statements, sending and receiving funds as well as reaching support representatives. Mercantile Bank of Michigan gets a superb consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.6/5
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

Mercantile Bank of Michigan is currently a large bank owning $3 billion in assets and deposits totaling $3 billion. Its Texas Ratio is 2.40%, denoting a minute possibility of failure. Additionally, Mercantile Bank of Michigan 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 Mercantile Bank of Michigan to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.70% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.20% APY
  • 48 Month: 2.50% APY
  • 60 Month: 2.80% APY
$500 for all terms
Money Market Accounts 0.35% APY 0.45% APY $10000 $15000

Mercantile Bank of Michigan offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Mercantile Bank of Michigan 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 of Michigan's CD rates are fair in comparison to other U.S. banks.

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Find a Mercantile Bank of Michigan Near Me

Mercantile Bank of Michigan has 49 locations across the U.S.

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