Merchants Bank of Indiana started in 1923 with its headquarters in Carmel, Indiana. Merchants Bank of Indiana manages $3 billion in assets and deposits totaling $3 billion, making it a large bank. Merchants Bank of 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 apps. With a score 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 complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Merchants Bank of Indiana has a fair savings rate; you can find higher rates with other banks. Institutions that offer free checking and a high savings APY are your best bet for getting the most income on your deposits alongside convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Merchants Bank of Indiana features a savings rate of 0.50%, which is fair in comparison to the national average. Merchants Bank of Indiana's one-year CD earns at a rate of 2.28%, while its highest-yielding money market account has a rate of 1.40%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.
How Merchants Bank of Indiana's Savings Rates Compare
There is insufficient data on Merchants Bank of Indiana's fees to provide a full SmartAsset rating.
Merchants Bank of Indiana is a brick-and-mortar bank, with five total branches in Indiana. It also offers access to mobile and web apps for simple access and banking on the go. You can access Merchants Bank of Indiana's app to manage your accounts by checking current statements, transferring funds and reaching customer service. Merchants Bank of Indiana receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Merchants Bank of Indiana is a large bank with assets totaling $3 billion as well as deposits totaling $3 billion. Merchants Bank of Indiana's Texas Ratio is 0.67%, suggesting a low probability 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.Back to Overview
Compare Merchants Bank of Indiana to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.5% APY||$1|
|Checking Account||0.25% APY||$1|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||1.4% APY||$1|
Merchants Bank of Indiana 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 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 in comparison to the average U.S. bank.Back to Overview
Find a Merchants Bank of Indiana Near Me
Merchants Bank of Indiana has five locations across the U.S.Back to Overview