Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Merchants Bank of Indiana Review

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

Overview

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.

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 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

Merchants Bank of Indiana Savings 0.50 National Average 0.26 Compare Offers
Back to Overview

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
Back to Overview

Service Quality

2.5
SmartAsset Average: 3.7

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.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

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

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: 2.28% APY
  • 24 Month: 2.73% APY
  • 36 Month: 2.93% APY
$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
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure