Attention: In response to recent news about Equifax’s data breach, click here for steps you can take to protect yourself from identity fraud.
 
Attention: In response to recent news about Equifax’s data breach, click here for steps you can take to protect yourself from identity fraud.
 

Savings Account

Saving pennies may be one way to start, but learning to save for the future requires a different approach.
 
Merchants Bank provides options for whatever you are saving for – vacation, college education, dream home, or retirement. Tell us what you need today and what you would like for tomorrow, and we’ll help you choose the right option for you.

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Statement Savings
$100 daily balance requirement to waive $2.00 fee
0.05% interest rate paid
NO check writing
  • More Information
    Statement Savings Features:
    • Statement Savings accounts pay interest daily and issue quarterly statements.
    • There may be a low or no minimum daily balance, depending on your age, to avoid monthly service fees.
    • Can be used for overdraft protection on checking accounts
    • $20 charge if account closed within 90 days
    Avoid the monthly maintenance fee $2.00 waived if you maintain $100 balance requirement
    (Minors under the age of 18 will not be charged a service charge)
Super Money Market
Super Money Market accounts are designed for the saver who maintains higher minimum balances, expects a higher interest rate and the ability to write checks.
$1,000 daily balance requirement to waive $10 fee
TIERED interest rates
Limited check writing
  • More Information
    Super Money Market Features: The account pays a competitive variable market rate of interest and daily balances are tiered so that the more you maintain in your account, the higher the interest rate paid. Interest is credited monthly.

    View Rates
    Avoid the monthly maintenance fee $10 waived if you maintain $1,000 balance requirement
Certificates of Deposit
For the saver who wants the best rate of interest, but may not need the money right away, a Merchants Bank Certificate of Deposit (CD) may be right for you.

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$1,000 daily balance requirement $100,000 for Jumbo CDs
fixed rates for the specified term with higher interest rates than ordinary savings products
  • More Information
    Certificates of Deposit Features: We offer a variety of CDs with diverse terms and competitive interest rates. You can have your interest compounded to the account, or periodically transferred to another Merchants Bank deposit account.
    • Terms range from 3 to 60 months
    • Interest is paid into the CD or another Merchants Bank deposit account; accounts with $25,000 or more may opt to have interest checks issued monthly or semi-annually
    • CDs automatically renew; a 10 day grace period allows changes to the account or ask for a cash payout.
    • A penalty may be imposed for early withdrawal.

    View Rates View Jumbo Rates
IRA Accounts
Traditional, Roth and Individual Retirement Accounts (IRAs) are available in various maturities with growth and income options.

Variable and fixed rate options available.

Fees and rates are subject to change without notice. For the most current interest rates and fees, ask a representative at one of our offices OR view current rates online.