Merchants Bank
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Rates

Interest rates quoted were effective April 17, 2014, and are subject to change without notice. Fees could reduce account earnings.

Certificate of Deposit Rate Information

Certificate of Deposit Term Annual Percentage Yield Minimum Deposit to Open Account
1 - 5 Months 0.10% $500 
6 - 11 Months 0.10% $500 
12 - 23 Months 0.15%  $500 
24 - 29 Months 0.35% $500 
30 - 35 Months 0.40% $500 
36 Months & Over  0.50% $500 
Please inquire about other available CD terms, IRA CDs, and HSA CDs.    
24 Month "Summit" IRA 0.50% $500
Minimum deposits of $100 can be added throughout the term of the CD
Home Buyer's CD* 0.40% $100
"Special" Certificate of Deposit Terms Annual Percentage Yield Minimum Deposit to Open Account

On certificate terms of less than one year the interest is not compounded. A penalty may be imposed for early withdrawal.

*12 Month Home Buyer's CD requires a $100 minimum opening deposit and a $100 minimum monthly deposit. Additional deposits may be made at any time. Withdrawals prior to maturity will not be subject to penalty if the funds are used to purchase a primary residence that is financed through Merchants Bank, unless funds are withdrawn within 6 days after initial deposit. In this case there is a minimum penalty of 7 days interest. If funds are withdrawn prior to maturity for any other reason a penalty of 180 days interest will be assessed. When funds are withdrawn, either prior to or at maturity, the entire balance must be withdrawn. Partial withdrawals will not be allowed. Mortgage loan is subject to credit approval.

Personal Checking Account Rate Information

Checking Account Minimum Balance Required
to Earn APY
Annual Percentage Yield
Relationship Checking / Veterans Preferred Banking / Partnership Banking* $0 - $2,499.99 0.05%
  $2,500 - $4,999.99 0.05%
  $5,000 - $49,999.99 0.05%
  $50,000 & Over 0.10%
HSA Checking $0.00 - $4,999.99  0.25%
  $5,000 - $9,999.99 0.25%
  $10,000 - $14,999.99 0.50%
  $15,000 - $24,999.99 0.50%
  $25,000 & Over 1.00%

 *A $50 minimum balance is required to open this personal checking account.

 

Personal Savings Account Rate Information

Savings Account Minimum Balance Required
to Earn APY
Annual Percentage Yield
Diamond Money Market $0.00 - $4,999.99 0.20%
  $5,000 - $24,999.99 0.20%
  $25,000 - $49,999.99 0.30%
  $50,000 - $99,999.99 0.40%
  $100,000 - $199,999.99 0.50%
  $200,000 - $999,999.99 0.60%
  $1,000,000 & Over 0.80%
Advantage Savings $0.00 - $2,499.99 0.15%
  $2,500 & over 0.20%
IRA Savings Account $0.00 - $4,999.99 0.15%
  $5,000 - $24,999.99 0.20%
  $25,000 - $49,999.99 0.25%
  $50,000 - $99,999.99 0.40%
  $100,000 - $199,999.99 0.50%
  $200,000 & Over 0.65%
Kids Savers Club n/a 0.15%
Basic Savings $50 0.05%
Christmas Club and Vacation Club n/a 0.40%


Minimum deposit required to open a Diamond Money Market - $5,000; Advantage Savings - $1,000; 
Basic Savings - $50.

 

Business Checking Account Rate Information

Checking Accounts Minimum Balance Required
to Earn APY
Annual Percentage Yield
Nonprofit Checking $0.00 - $4,999.99 0.20%
  $5,000 - $24,999.99 0.20%
  $25,000 - $49,999.99 0.30%
  $50,000 - $99,999.99 0.40%
  $100,000 - $199,999.99 0.50%
  $200,000 - $999,999.99 0.60%
  $1,000,000 & Over 0.80%
Interest Bearing Business Checking   0.10%
Repurchase Agreement   0.40%

Business Savings Account Rate Information

Savings Accounts Minimum Balance Required
to Earn APY
Annual Percentage Yield
Diamond Money Market $0.00 - $4,999.99 0.20%
  $5,000 - $24,999.99 0.20%
  $25,000 - $49,999.99 0.30%
  $50,000 - $99,999.99 0.40%
  $100,000 - $199,999.99 0.50%
  $200,000 - $999,999.99 0.60%
  $1,000,000 & Over 0.80%
Advantage Savings $0.00 - $2,499.99 0.15%
  $2,500 and over 0.20%
Basic Savings $50 0.05%

Minimum deposit required to open a Diamond Money Market - $5,000; Advantage Savings - $1,000;
Basic Savings - $50.

Business Loan Rates

A number of specific factors are considered when establishing pricing on commercial loans. Your specific situation will dictate product and rate. Please contact our Commercial Loan Department for further information.