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The Merchants National Bank Review

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The Merchants National Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Merchants National Bank first started operating in 1879 with headquarters in Hillsboro, Ohio. The Merchants National Bank owns $678 million in assets and deposits totaling $589 million, ranking it as a medium-size bank. The Merchants National Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated The Merchants National Bank 4.1 out of 5 stars, which means it is a good bank that deserves your consideration. The Merchants National Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Merchants National Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, The Merchants National Bank offers an option without a maintenance or monthly fee. Locating an institution with no-fee checking and a high interest rate savings account is the best bet for returning the highest income from your deposits while maintaining 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

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, The Merchants National Bank ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 0.20% and the five-year CD has a rate of 0.75%, while its highest-yielding money market account has an APY of 0.10%. Given The Merchants National Bank's poor savings rate, you should think about other options to earn more on your deposits.

How The Merchants National Bank's Savings Rates Compare

The Merchants National Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Merchants National Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, The Merchants National Bank is ideal for those who want a simple banking experience. For those who use cash often, The Merchants National Bank is perfect because it has no out-of-network ATM fees. The Merchants National Bank does not reimburse out-of-network ATM charges, which means you'll have to find a The Merchants National Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

The Merchants National Bank is a brick-and-mortar bank, with 13 total bank locations in Ohio. With mobile and web apps, The Merchants National Bank makes mobile banking easy, even on the go. The Merchants National Bank gets moderately high marks from users for its online presence. The The Merchants National Bank mobile app has an overall rating of 4.0 out of 5 (out of 24 customer reviews on Apple and Android) compared to the national average of 3.8. The Merchants National Bank's mobile app allows you to control your funds by checking account balances, sending and receiving funds and accessing customer service. The Merchants National Bank receives an exceptional consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

The Merchants National Bank is a medium-size bank and has assets totaling $678 million as well as $589 million in deposits. The Merchants National Bank's Texas Ratio is 9.02%, denoting that the bank is in good financial shape and improbable to fail. Additionally, The Merchants National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

9.02%
High Risk 75% 50% 20% 10% Low Risk

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 The Merchants National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.55% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.75% APY
$1000 for all terms
Money Market Account 0.1% APY $10000

The Merchants National Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Merchants National 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. The Merchants National Bank's CD rates are fair in comparison to other U.S. banks.

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Find a The Merchants National Bank Near Me

The Merchants National Bank has 13 physical branches across the U.S.

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