Merchants Bank started in 1875 with headquarters in Winona, Minnesota. Merchants Bank owns $2 billion in assets along with deposits totaling $1 billion, making it a large bank. Merchants Bank lacks premium access to customer service, 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 offerings. We ranked the bank at a 4 out of 5 stars, suggesting Merchants Bank is a respectable bank that warrants your consideration. Merchants Bank offers a full suite of banking products, which include 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 interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly maintenance fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for gaining the most income on your deposits while maintaining convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.10%, Merchants Bank ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 0.80% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account earns at an APY of 0.75%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.
How Merchants Bank's Savings Rates Compare
On average, Merchants Bank charges customers extremely low fees in comparison to the average U.S. bank. Merchants Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Merchants Bank doesn't refund out-of-network ATM charges, which means you will need to locate a Merchants Bank ATM or accept the withdrawal fee.
Merchants Bank is a brick-and-mortar bank, with 23 total branches in Minnesota and Wisconsin. With mobile and web apps, Merchants Bank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its 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's online and mobile banking services get mediocre scores from users. Out of 48 customer reviews on iOS and Android platforms, the Merchants Bank mobile app rates a 3.0 out of 5 (compared to the national average of 3.8). Merchants Bank's mobile app lets you manage your finances by reviewing account balances, transferring money as well as accessing customer service. Merchants Bank gets an excellent consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Merchants Bank is a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Merchants Bank has a strong Texas Ratio of 8.53%, denoting a small likelihood of 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
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 Merchants Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$50|
|Checking Account||0.15% APY||$2501|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.6% APY 0.75% APY||$10000 $15000|
Merchants Bank has several deposit products like 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 other options 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 compared to the average U.S. bank.Back to Overview
Find a Merchants Bank Near Me
Merchants Bank has 23 physical locations in the U.S.Back to Overview