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Diamond Money Market | Advantage Savings | Basic Savings | Youth Savings | |
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Link to open modal with account description and link to apply now |
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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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VIEW RATES APPLY NOW CD OPTIONS
**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
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.