Founded in 1999, Pacific Mercantile Bank has assets totaling $1 billion as well as deposits totaling $1 billion, making it a medium-size bank. Pacific Mercantile Bank, whose headquarters are in Costa Mesa, California, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 3.8 out of 5 stars, Pacific Mercantile Bank should be near the middle of the pack in your search for a bank. Pacific Mercantile Bank has a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. Pacific Mercantile Bank has a fair savings rate; you can find higher rates with other banks. Locating an institution with no-fee checking and a high savings APY is your best bet for getting the highest income from your deposits while having 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. Pacific Mercantile Bank's one-year and five-year term lengths CDs earn at a rate of 2.33% and 2.84%, respectively, while its highest-yielding money market account earns at an APY of 0.08%. Given Pacific Mercantile Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.
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 convenient, even on the go. Pacific Mercantile Bank's mobile app allows you to manage your finances by looking at current statements, sending and receiving money as well as reaching customer service. Pacific Mercantile Bank gets an excellent consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Pacific Mercantile Bank is currently a medium-size bank with assets totaling $1 billion and $1 billion in deposits. Pacific Mercantile Bank's Texas Ratio is 3.18%, denoting a negligible probability of 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 Account||0.05% APY||$2500|
Pacific Mercantile Bank has several deposit products including 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 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. Pacific Mercantile Bank's CD rates are fair as compared against the national average.Back to Overview
Find a Pacific Mercantile Bank Near Me
Pacific Mercantile Bank has seven physical locations in the U.S.Back to Overview