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Merchants Bank of Indiana Review

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Merchants Bank of Indiana Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1923, Merchants Bank of Indiana has assets totaling $3 billion as well as deposits totaling $3 billion, making the institution a large bank. Merchants Bank of Indiana, whose headquarters are in Carmel, Indiana, 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 in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 out of 5 stars, Merchants Bank of Indiana should be solidly in contention for your choice of bank. Merchants Bank of Indiana has a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Merchants Bank of Indiana has a fair savings rate; other popular banks have higher rates. Banks that offer no-fee checking and a high interest rate savings account are the best bet for gaining the most income on your deposits while having easy access to your funds.

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

4.8
SmartAsset Average: 3.5

Merchants Bank of Indiana has a savings rate of 0.50%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 2.43%, while its highest-yielding money market account has a rate of 1.75%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How Merchants Bank of Indiana's Savings Rates Compare

Merchants Bank of Indiana Savings 0.50 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Merchants Bank of Indiana's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

2.5
SmartAsset Average: 3.7

Merchants Bank of Indiana is a brick-and-mortar bank, with five total branches in Indiana. With mobile and web apps, Merchants Bank of Indiana makes account access convenient, even on the go. You can utilize Merchants Bank of Indiana's mobile app to control your accounts by reviewing monthly statements, transferring money as well as reaching customer service. Merchants Bank of Indiana gets an outstanding consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

5.0
SmartAsset Average: 4.8

Merchants Bank of Indiana is a large bank with $3 billion in assets and deposits totaling $3 billion. Merchants Bank of Indiana's Texas Ratio is 0.67%, denoting a negligible possibility of failure. Additionally, Merchants Bank of Indiana 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 Merchants Bank of Indiana to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $1
Checking Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 2.43% APY
  • 24 Month: 2.88% APY
  • 36 Month: 3.09% APY
$500 for all terms
Money Market Accounts 1.75% APY 1.75% APY $10000 $15000

Merchants Bank of Indiana has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Merchants Bank of Indiana does not have the best savings rate, which means you should consider taking a look 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 of Indiana's CD rates are fair compared to the national average.

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Find a Merchants Bank of Indiana Near Me

Merchants Bank of Indiana has five physical locations across the U.S.

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