Founded in 1999, Pacific Mercantile Bank has assets totaling $1 billion along with $1 billion in deposits, which makes it a medium-size bank. Pacific Mercantile Bank, whose headquarters are in Costa Mesa, California, 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 apps. With an average 3.8 out of 5 stars, Pacific Mercantile Bank is a decent choice, but with better options out there. Pacific Mercantile Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. Pacific Mercantile Bank has a fair savings rate; other popular banks have higher rates. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for gaining the most income from 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
With a savings rate of 0.05%, Pacific Mercantile Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 2.48% and the five-year CD has a rate of 2.94%, while its highest-yielding money market account earns at a rate of 0.08%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.
How Pacific Mercantile Bank's Savings Rates Compare
There is insufficient data on Pacific Mercantile Bank's fees to provide a full SmartAsset rating.
Pacific Mercantile Bank is a brick-and-mortar bank, with seven total branches in California. With mobile and web apps, Pacific Mercantile Bank makes account access easy, even on the go. You can utilize Pacific Mercantile Bank's mobile app to manage your accounts by monitoring current statements, sending and receiving funds as well as accessing customer service. Pacific Mercantile Bank receives an excellent consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Pacific Mercantile Bank ranks as a medium-size bank and handles $1 billion in assets as well as deposits totaling $1 billion. Its Texas Ratio is 3.18%, indicating that the bank is in excellent financial shape and far from failure. Additionally, Pacific Mercantile 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 Pacific Mercantile Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$100|
|Checking Account||0.05% APY||$1500|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.05% APY 0.08% APY||$10000 $15000|
Pacific Mercantile Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Pacific Mercantile 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. Pacific Mercantile Bank's CD rates are fair in comparison to the national average.Back to Overview
Find a Pacific Mercantile Bank Near Me
Pacific Mercantile Bank has seven branches across the U.S.Back to Overview