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Merchants Bank 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
Merchants Bank Savings
0.10% APY

Founded in 1875, Merchants Bank continues to provide a variety of financial services to its communities. This includes personal and business accounts, mortgages, business loans, investment services and more. 

Merchants Bank’s interest rates vary depending on your exact location. You can use the bank’s online rates page to find your most accurate rates. You can also call or visit your local Merchants Bank branch. The rates given below are based on an Apple Valley location.

 

Products Offered

Product Key Details
Savings Accounts
  • Three account options
  • Monthly fees, except on the Kids Savers Club account
Certificates of Deposit
  • Terms start at three months 
  • Special Terms available with better rates
Money Market Account
  • High minimum deposit requirement
  • Earns interest according to balance tiers
  • Waivable monthly fee
Checking Accounts
  • Three account options, with one interest-earning account

Merchants Bank Interest Rate Comparison

Basic Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $8 quarterly fee, waivable with $50 minimum daily balance
Current Terms and Rates 0.10% APY

For a standard approach to savings, Merchants Bank offers its Basic Savings account. The minimum deposit required to open is $50, which is a bit higher than some savings accounts but still in reach for most customers. Once you open the account with that deposit, you’ll be able to earn interest no matter your balance. However you will have to maintain that initial balance to avoid the quarterly fee. 

Compare Merchants Bank to Other Competitive Offers

Advantage Savings Account

Key Features Details
Minimum Deposit $1,000
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $8 quarterly fee, waivable with $1,000 minimum daily balance
Current Terms and Rates
  • Account balances below $2,500: 0.15% APY
  • Account balances of $2,500 and over: 0.20% APY

The Advantage Savings account offers the opportunity to earn at higher savings interest rates. It requires a much higher minimum deposit of $1,000, so you should make sure you can meet that requirement before going to open an account. 

Boosting your balance a little bit more will also unlock higher rates. Otherwise, you’ll earn at the same base rate as the Basic Savings account.

Kids Savers Club Account

Key Features Details
Minimum Deposit $0
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No quarterly fee
Current Terms and Rates 0.15% APY

To help your children get started with saving, you can open the Kids Savers Club account. It earns at the same interest rate as the Basic Savings account, so your child can start earning as much as you right away. Plus, there is no minimum deposit needed to open the account or minimum balance requirement. Your child can also grow their savings in this account for free since there is no quarterly fee. 

Certificate of Deposit (CDs)

Key Features Details
Minimum Deposit
  • Standard: $500
  • Special Terms: $2,500
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No service fee, but early withdrawal penalties may apply. 
Current Terms and Rates
  • Standard
    • 3 - 5 Month: 0.50% APY
    • 6 - 11 Month: 0.60% APY
    • 12 - 23 Month: 0.80% APY
    • 24 - 29 Month: 1.00% APY
    • 30 - 35 Month: 1.15% APY
    • 36 Month and over: 1.25%

Certificates of deposit, or CDs, offer a more structured approach to saving. CDs come in a variety of term lengths so you can choose an account (or more than one) according to your savings goals. Once you’ve chosen the right accounts, opened them and made your deposits, you won’t be able to touch your CD again until the end of its term, also known as its maturity date. This means no withdrawals or additional deposits. If you do make an early withdrawal, it’ll trigger an onerous penalty. 

Merchants Bank has CDs ranging from three months to over 36 months. However, its best CD rates are reserved for longer-term accounts starting at 24 months long. You can also find better rates with the Special Terms CDs, which differ by branch. Just note that the minimum opening deposit is higher for those Special Terms. 

Diamond Money Market Account

Key Features Details
Minimum Deposit $5,000
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with $5,000 minimum daily balance. 
Current Terms and Rates
  • Account balances below $5,000: 0.20% APY
  • Account balances of $5,000 - $24,999.99: 0.45% APY
  • Account balances of $25,000 - $49,999.99: 0.60% APY
  • Account balances of $50,000 - $99,999.99: 0.80% APY
  • Account balances of $100,000 - $199,999.99: 0.95% APY
  • Account balances of $200,000 - $999,999.99: 1.10% APY
  • Account balances of $1,000,000 and over: 2.00% APY

The Diamond Money Market account works best for customers with high balances. For starters, you need at least $5,000 to open the account which may be hard for those just getting started. Once you’ve met that requirement, you’ll do even better with higher balances to earn better interest rates. 

Relationship Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with one of the following
  • $1,500 minimum balance
  • $15,000 combination of deposit and/or personal loan or mortgage balances 
Current Terms and Rates
  • Account balances below $2,500: 0.10% APY
  • Account balances of $2,500 - $4,999.99: 0.10% - 0.13% APY
  • Account balances of $5,000 - $49,999.99: 0.12% - 0.19% APY
  • Account balances of $50,000 and over: 0.19% - 0.22% APY

Unlike Merchants Bank’s two other checking accounts, the Relationship Checking account earns interest. You don’t need a specific amount to start earning interest, although higher balances will grow at higher rates. Additionally, certain balances will waive the account’s monthly fee. 

The Relationship Checking account also comes with a number of extra perks. This includes one free year of an overdraft line of credit, identity theft insurance, free checks, a discounted safety deposit box, free money orders, free cashier’s checks and three waived foreign ATM fees per month. 

eChecking and Free Checking Accounts

Key Features Details
Minimum Deposit $50 for both accounts
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, with the following
  • Minimum of 6 debit card purchases
  • Maximum of 6 paper checks
  • eStatement enrollment

The eChecking account is pretty simple, without the many perks of the Relationship Checking account. You’ll need to enroll in eStatements, along with other transaction requirements, to waive the monthly fee. This account does include three waived foreign ATM fees per month. 

The Free Checking account is even simpler as it does not have a monthly fee you need to worry about trying to waive. 

Branch Locations

Merchants Bank has locations in southeastern Minnesota and west-central Wisconsin. 

You can use MoneyPass ATMs with your Merchants Bank ATM cards without paying a surcharge fee, but Merchants Bank will still charge a foreign ATM fee per transaction. 

Financial Statistics & Bank Health Rating

Merchants Bank has $1.66 billion in assets and $1.36 billion in loans according to the FDIC. Its customers keep $1.40 billion in deposits with the bank. 

Merchants Bank has a Texas Ratio of 8.53%, which is considered very good. The Texas Ratio is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. It indicates how risky it may be to place your deposits with a certain bank. Banks with a score above 90% pose a high risk. 

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