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Merchants Bank Review

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Merchants Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Merchants Bank first started operating in 1875 with headquarters in Winona, Minnesota. It manages $2 billion in assets as well as deposits totaling $1 billion, which makes it a large bank. Merchants Bank lacks premium access to support representatives, 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 offerings. Coming in at a commendable 4 out of 5 stars, Merchants Bank is a respectable bank that deserves your consideration. Merchants Bank offers a complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Merchants Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly maintenance charge. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best option for accruing the most income on 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

Merchants Bank has a savings rate of 0.10%, which is fair in comparison to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.80% and 1.25%, respectively, while its highest-yielding money market account earns at a rate of 0.54%. Given Merchants Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Merchants Bank's Savings Rates Compare

Merchants Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Merchants Bank charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Merchants Bank's checking account is ideal for those who need an easy checking account. Merchants Bank does not refund out-of-network ATM fees, which means you will be required to search for a Merchants Bank ATM or eat 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

Merchants Bank is a brick-and-mortar bank, with 23 total branches in Minnesota and Wisconsin. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Merchants Bank receives unsatisfactory feedback from users for its mobile banking services. Out of 48 ratings on both Apple and Android platforms, the Merchants Bank mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). Merchants Bank's mobile app lets you control your funds by monitoring monthly statements, sending and receiving money and reaching support representatives. Merchants Bank gets a superb consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Merchants Bank is currently a large bank and has $2 billion in assets and deposits totaling $1 billion. Merchants Bank has a strong Texas Ratio of 8.53%, denoting that the bank is in fine financial condition and far from failure. Additionally, Merchants 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 Merchants Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.13% APY $2500
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.25% APY
$500 for all terms
Money Market Account 0.45% APY $5000

Merchants Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Merchants 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. Merchants Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Merchants Bank Near Me

Merchants Bank has 23 locations across the U.S.

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