Diamond Money Market

We understand you work hard for your money. That's why we created the Diamond Money Market, so you can earn more when you save more for your family or business.

We know you work hard for your money. That's why we created the Diamond Money Market account. The more you save, the higher your interest rate (also known as tiered rates) — and the more you can earn for yourself, your family or your business.

The best part? A money market account works just like a traditional savings account while earning you more and keeping your funds liquid for easy access when you need it. It also gives you the peace of mind of FDIC insurance. Plus, you can open an account online in minutes.

Features

$5,000 minimum opening deposit and daily balance required
$10 monthly fee, if minimum not maintained
6 withdrawals allowed per month ($10 fee per withdrawal over 6)
Earns interest, with tiered rates to earn more on higher balances
Online & Mobile Banking
Fee-free cash at ATMs

Open Accountfor Diamond Money Market

Can I open my account online?

Yes! Use the Open Account button above to open your new account today.

What information must I have to open a new checking or savings account?

You may open an account online, stop by your local branch, or call to schedule an appointment. Here's what you'll need to have on hand to apply.

Social Security Number of all account owners
Driver’s license or State ID card
Home address and phone number

Switching banks? Check out our How to Switch Banks guide for all the details.

What is a money market account?

A money market account is a type of savings account that typically pays a higher interest rate than a traditional savings account. Money market accounts do come with some limitations including a higher minimum balance to open, a higher minimum balance to maintain on the account to avoid a monthly fee and a certain number of withdrawals allowed per month.

The key benefit to a money market is earning more interest as you deposit more money into the account. Money market accounts reward higher balances and because of this may be a good choice if you have a larger savings goal.

Your funds in a money market account are also FDIC insured. 

What are the current rates for Merchants Bank’s Diamond Money Market account?

You can use the branch selector above to see Diamond Money Market rates for your specific location.

The rates for this money market account are tiered, which means that there are different interest rates you can earn based on the balance in the account. As your balance moves up the account tiers, your interest rate increases.

What is the difference between a money market account, savings account and certificate of deposit?

While these accounts may seem similar, there are a few key differences:

Savings Accounts have parameters that encourage you to deposit money and keep it in the account to accumulate interest. For example, a savings account does not have a debit card and typically allows only a certain number of withdrawals.
Money Market Accounts are a type of savings account that often have higher interest rates and therefore more earning potential.
Certificates of Deposit are a different savings vehicle that require you to keep money in the account for a certain amount of time without withdrawal in order to earn a special interest rate.

To learn more about the differences and advantages of these types of accounts, read our blog.

Why would my business want to open a money market account?

A business may find several benefits to opening a money market account, including:

Earning more interest than a traditional savings account.
Having easy access to funds through withdrawals unlike other savings vehicles, specifically certificates of deposit.
Knowing their deposits are safe with up FDIC insured limits.