Looking to earn a higher interest rate? Or are you saving for a trip, Christmas or medical expenses? See what our short term savings accounts (Summer and Winter FUNds) and Health Savings Accounts have to offer.

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 Diamond Money Market Advantage Savings Basic Savings Youth Savings
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Minimum Opening Deposit and Daily Balance to Avoid Fee $5,000 $1,000 $50
Fee, if Minimum not Maintained $10 monthly
$8 quarterly $8 quarterly
Withdrawal Limit 6 per month** 12 per quarter** 12 per quarter**
Fee per Withdrawal Over Limit $10
$2 $2
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**No more than 6 preauthorized or phone transfers and withdrawals to another of your bank accounts or to a third party. Update 4/27/20: Currently you are allowed to make no more than 6 pre-authorized or phone transfers, or withdrawals to another of your bank accounts or to a third party per month. Due to events associated with the coronavirus pandemic, the Federal Reserve has temporarily removed these restrictions. Therefore, effective immediately, we are now able to allow you to make unlimited withdrawals from your savings account each month. We will not charge for any withdrawals over the original limits disclosed to you. All other terms of your account will remain in place. These changes will remain in effect until further notice.


Summer and Winter FUNd

Automated savings plans to help you save throughout the year for increased expenses during the summer and winter seasons, including vacations, summer child care, weddings, Christmas gifts and more.

  • No minimum deposit required
  • Automatic deposit of $25 or more per month required from a Merchants Bank checking or savings account or payroll direct deposit
  • Automated deposits are made to:
    • Summer Fund from August-May
    • Winter Fund from January-October
  • Funds are disbursed and accrued interest is paid on balances the first business day of:
    • June (Summer Fund)
    • November (Winter Fund)
  • Withdrawals are not permitted prior to disbursement or accrued interest is forfeited and account is closed
  • Fund payments automatically resume two months after disbursement date

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To open a Summer or Winter FUNd, visit any Merchants Bank location.


Health Savings Account (HSA)

If you have a qualifying high deductible health plan, use an HSA to save for future medical expenses. Our HSA offers the return of a savings account with the convenience of a checking account. 

  • No minimum deposit required
  • Contributions are made through payroll direct deposit or in person at any Merchants Bank location
  • Free custom HSA checks
  • Tiered-interest rates for higher balances
  • All contributions and distributions from your HSA will be reported by Merchants Bank to the IRS at the end of each tax year
  • Debit Card with fraud app

Learn about our Certificate of Deposit HSA options.

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Click on a question below to see answers for Frequently Asked Questions about Health Savings Accounts:

Any adult can contribute to a Health Savings Account if they:

  • Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
  • Have no other first-dollar medical coverage (with limited exceptions)
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else’s tax return
  • Contributions to a Health Savings Account can be made by the account owner, an employer, or both each year the account owner is eligible. 
  • Total contributions are limited annually and can be made up to the amount of the plan deductible, not to exceed annual limits.
  • Contributions can be made as late as April 15 of the following year, like an IRA. However, all contributions will be assumed to be made for the current tax year unless deposited in-person and designated for the prior year by completing a Previous Year Contribution form. 

Annual contribution limits change from year to year. Visit www.irs.gov to determine your eligible yearly contribution or consult your tax advisor.

The money in an HSA is to pay for any “qualified medical expense” permitted under federal tax law, including medical expenses for yourself, your spouse or your dependent children. You may use your HSA to pay for expenses incurred by your spouse or dependent children even if they are not covered by a high deductible health plan.

For a complete listing, please visit www.irs.gov or consult your tax advisor. Any amounts used for purposes other than to pay for “qualified medical expenses” are taxable as income and may be subject to tax penalties; tax penalties in certain situations, such as attaining age 65, do not apply (consult your tax advisor).

Health Savings Accounts have many advantages, including:

  • Flexibility – Use funds in your health savings account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money for future needs.
  • Control – You make all the decisions about how much to contribute (within the defined guidelines), when to withdraw and which financial institution will act as custodian.
  • Portability – Accounts are completely portable, meaning you can keep your health savings account even if you:
    • change jobs
    • change your medical coverage
    • become unemployed
    • move to another state
    • change your marital status
  • Ownership – Funds remain in the account from year to year. There are no “use it or lose it” rules for HSAs. Upon the death of the account owner, HSA assets pass to a designated beneficiary.
  • Savings - An HSA provides federal tax savings in the form of tax deductible contributions, tax-free earnings and tax-free withdrawals for qualified medical expenses+.

Visit the IRS website for a Complete IRS Guide to Understanding HSAs .

† Merchants Mobile Banking is free, however, text or data charges may be imposed by your mobile provider. Check your plan for details. Your carrier may limit access outside the U.S. 

+ Consult a tax advisor