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The Merchants National Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Merchants National Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1879, The Merchants National Bank has assets totaling $678 million along with deposits totaling $589 million, making it a medium-size bank. The Merchants National Bank, whose headquarters are in Hillsboro, Ohio, lacks premium access to customer service, with no live chat or all-day service options available. 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 a score of 4.1 out of 5 stars, The Merchants National Bank should be solidly in contention for your choice of bank. The Merchants National Bank offers a complete choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly maintenance fee. Banks that offer no-fee checking and a high savings APY are the best bet for getting the highest income from your deposits while having 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

The Merchants National Bank has a savings rate of 0.05%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 0.20% and the five-year CD has a rate of 0.75%, while its highest-yielding money market account earns at an APY of 0.10%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

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 generally has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. The Merchants National Bank does not reimburse out-of-network ATM charges, which means you will need to locate a The Merchants National Bank ATM or eat the 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's online and mobile banking services get relatively decent ratings from customers. Out of 24 customer reviews on both Apple and Android platforms, the The Merchants National Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). The Merchants National Bank's mobile app allows you to manage your accounts by checking current statements, transferring money as well as accessing support representatives. The Merchants National Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 ranks as a medium-size bank and handles assets totaling $678 million as well as deposits totaling $589 million. Its Texas Ratio is 9.02%, indicating a small opportunity of failure. 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 Accounts 0.1% APY 0.1% APY $10000 $15000

The Merchants National Bank offers several deposit products including 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 think about looking 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 compared to the national average.

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Find a The Merchants National Bank Near Me

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

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