For people located in central and eastern Indiana, Merchants Bank of Indiana is a solid, full-service community bank. For customers outside of Indiana, you can open one of three types of accounts through its online banking platform: two types of certificates of deposit (CDs) and a money market account (MMA).
Merchants Bancorp, founded in 1990 as a mortgage banking company, is headquartered in Carmel, Indiana. The bank has six Indiana-based branch locations, including two in Carmel and one each in Indianapolis, Lynn, Spartanburg, and Richmond. As of December 31, 2023, the bank reported $17 billion in assets and $14.1 billion in deposits. It is traded on the NASDAQ under the symbol MBIN.
All rates and fees are current as of June 25, 2024, and are subject to change.
Merchants Bank of Indiana
| Checking account: | Starting at $0 per month |
| Savings accounts: | Open with as little as $50 |
| CD rates: | Earn up to 5.92% annual percentage yield (APY) |
Pros
- Wide range of full-service banking products and services for those located near a branch.
- Interest rates on CDs and MMAs are among the highest on the market.
- Minimum deposit for an MMA is $50, which is lower than other banks.
Cons
- Only two CDs and a money market account can be opened online.
- If the Fed lowers the prime rate as expected, Flex index CDs could have lower rates than when initially opened.
- The minimum deposit to open a CD is $1,000, which is higher than some competitors.
Merchants Bank of Indiana is a great choice for central and eastern Indiana customers looking for an interest checking account with no monthly fees. For customers near a branch, it is also a great bank with a full complement of lending products and credit cards. With six branch locations, Merchants Bank of Indiana is an excellent option for people wanting to bank in person.
It is also a great option for people across the country who want a high-interest MMA or CD. The minimum opening deposit to open an MMA is $50, which is lower than many other banks.
The only accounts you can open online are two CDs and an MMA, so customers looking for a checking account must visit a branch location. So, people outside eastern and central Indiana should choose an alternative.
One of the CDs is a flex index CD, which could see rates decrease if the Federal Reserve lowers rates as forecasted. The minimum balance to open a CD is $1,000—higher than some of its competitors.
Merchants Bank of Indiana rates and products
Merchants Bank of Indiana offers three types of deposit accounts: a free checking account that can only be opened in a branch, an MMA, and two types of CDs. Both the MMA and the CDs can be opened online.
| Checking account | 0.50% APY |
| MMA | APY |
| CDs | Up to % APY |
Checking accounts
Merchants Bank of Indiana offers a solid checking account. However, you cannot open it online. Instead, you can contact one of their six branches to begin the account opening process. It is an interest-bearing, free checking account. Merchants Bank of Indiana does not offer a sign-up bonus for new checking accounts.
Merchants Bank of Indiana Personal Checking Account
Customers who open this account will receive their first order of personal checks for free, as well as free cashier’s checks. The bank doesn’t charge overdraft fees on this account. While Merchant states you can access any ATM in the country, it doesn’t state which ATMs are in-network and what fees you might be charged.
Merchants Bank of Indiana Personal Checking Account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 0.50% |
| Checks | Free first order of personal checks. Free cashier’s checks for account holders. |
| Overdraft fees | None |
There are plenty of perks with this free checking account. You get free online and mobile banking, free mobile check deposits, free bill pay, free Zelle payments, free debit cards, and free electronic or paper statements. You also get free credit score monitoring with online and mobile banking. Contact a Merchant’s branch for more information on how to open an account.
Money market accounts
Merchants Bank of Indiana doesn’t offer a traditional high-yield savings account, but rather an MMA. You can open an account online or in a branch.
Merchants Bank of Indiana Money Market Savings Account
The MMA does not require a minimum balance to earn APY, but it does have a minimum opening balance of $50. While no monthly fee is listed, the website states that fees may reduce earnings on the account.
Merchants Bank of Indiana Money Market Savings Account features
| Minimum opening deposit | $50 |
| Monthly fees | $0 |
| Top APY | 5% |
| Transaction limit | Limited to six preauthorized transfers or withdrawals per monthly statement cycle |
You are limited to six transfers or withdrawals per monthly statement cycle. This account’s APY is 5%, which is among the best MMA rates on the market.
Certificates of deposit
Merchants Bank of Indiana offers two types of CDs: a fixed rate CD and a flex index CD. The minimum balance to open either CD is $1,000. You can open either type of CD on the bank’s website.
Merchants Bank of Indiana Fixed Rate CD
Merchants Bank of Indiana offers Fixed Rate CDs ranging from one month to 36 months. The APY ranges from 3.67% to 5.25%, with the best rates on the bank’s three-, six- and 12-month CDs.
Merchants Bank of Indiana Fixed Rate CD features
| Minimum opening deposit | $1,000 |
| Available term lengths | 1 month to 36 months |
| APY range | % APY (1 month) to % APY (3, 6 or 12 months) |
| Early withdrawal penalty | May be imposed for early withdrawal |
Merchants Bank of Indiana Flex Index CD Account
The Flex Index CD offers one of the best CD rates on the market at 5.92%. However, the rate is variable and can change as the Fed changes rates. With rate cuts forecast for this year, this CD rate may drop. You must maintain a minimum balance of $1,000 daily to earn APY.
Merchants Bank of Indiana Flex Index CD features
| Minimum opening deposit | $1,000 |
| Available term lengths | 12 months, 24 months, and 36 months |
| Top APY | % APY |
| Early withdrawal penalty | May be imposed for early withdrawal |
| Minimum balance | Must maintain a minimum balance of $1,000 to earn APY |
An early withdrawal penalty may be imposed if you withdraw funds from either type of CD before maturity. See our guide on CDs for more information.
Other services Merchants Bank of Indiana offers
Merchants Bank of Indiana offers customers many other banking products and services, including:
- Business products: Merchants Bank of Indiana offers business checking, savings, treasury management, and business loans.
- Small Business Administration (SBA) lending: Merchants Bank of Indiana offers SBA loans for working capital, refinancing debt, purchasing equipment, real estate loans, and business acquisition loans.
- Agriculture lending: You can get agriculture operating loans for crop and livestock production, intermediate loans for farm equipment financing, and real estate loans for farmland purchase or refinance.
- Mortgage lending: The bank offers mortgages, land and lot, and construction loans. You can get an all-in-one loan, warehouse lending, correspondent lending, and multifamily finance through Merchants Bank of Indiana.
- Credit cards: Merchants Bank of Indiana offers access to Premium and World Mastercards for personal and business use.
- Consumer loans: In addition to its mortgage lending, Merchants Bank of Indiana offers home equity lines of credit (HELOC) and personal installment loans.
- Health savings account (HSA): You can open an HSA account through Merchants Bank of Indiana for tax-free savings that can be used for health care expenses.
Online banking
Merchants Bank of Indiana offers digital access to your bank accounts via online banking and mobile applications. With the bank’s checking account, you get free online and mobile banking, free mobile check deposits, free bill pay, free person-to-person payments through Zelle, and free electronic or paper statements.
With both the app and online banking, you can transfer funds between accounts, set up account alerts, and manage payees.
The first check order is free with the bank’s checking account, and debit cards are also free.
The Merchants Bank of Indiana platform and customer support
You can access online banking with Merchants Bank of Indiana via desktop or mobile app. The mobile app is very highly rated. It has a rating of 4.8 stars out of 5 on the Apple App Store with more than 1,100 ratings and 4.6 stars out of 5 based on the Google Play Store on 110 reviews.
For customer service, you can contact Merchants Bank of Indiana by visiting one of the six branch locations during business hours or by calling toll-free at (888) 294-1005. Branches are open between 8 a.m. and 5 p.m. Eastern time, Monday through Friday. You can also message the bank via the mobile app.
Is Merchants Bank of Indiana secure?
Checking customers get free credit score monitoring with online and mobile banking. The bank also gives you free email and text message alerts. The mobile app allows you to set up both fingerprint and face recognition for your mobile app sign-on.
Merchants Bank of Indiana gives you access to up to $100 million in Federal Deposit Insurance Corp. (FDIC) insurance with IntraFi Network Deposits.
Merchants Bank of Indiana user reviews
Online reviews of Merchants Bank of Indiana are mixed on Deposit Accounts. The bank earns 2.5 stars out of 5 based on around 40 reviews. Two reviews complain about the flex index CD and the fact that the rate can drop. There were also mixed reviews on in-person customer service.
Compare Merchants Bank of Indiana alternatives
 Merchants Bank of Indiana |  Quontic |  Alliant CU |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| Top checking APY | Top checking APY | Top checking APY |
| 0.50% | 1.10% | 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| % | % | % |
| Other services | Other services | Other services |
| Business products SBA lending Ag lending Mortgage loans Credit cards Consumer loans HSA | Mortgage loans Mortgage refinance Equity loans | Auto loans Alliant Signature Card Alliant Platinum Card Uniform Transfers to Minors Act (UTMA) custodial account |
| Learn more | Learn more | |
| Compare more online bank alternatives | View offer at Fiona | View offer at Alliant |
Is Merchants Bank of Indiana right for you?
Merchants Bank of Indiana is an excellent choice for customers located near one of the bank’s six branches in Indiana. The bank offers a great checking account, high-yield MMA and CD accounts, and a full range of other banking products and services. If you are outside Indiana, you are limited to the two CD and MMA accounts. Those are still solid products, but if you don’t live near a branch and want full-service banking, including a checking account, you should consider an alternative.
Frequently asked questions
Is Merchant Bank of Indiana FDIC-insured?
Merchants Bank of Indiana is FDIC insured. The bank allows you access to IntraFi Network Deposits, which enables you to access up to $100 million in FDIC insurance.
How big is Merchants Bank of Indiana?
As of December 31, 2023, Merchants Bank of Indiana reported $17 billion in assets and $14.1 billion in deposits. The bank has six branch locations and is headquartered in Carmel.
How stable is the Merchants Bank of Indiana?
According to the bank’s website, the FDIC has rated the bank “outstanding” for meeting the credit needs of its community. S&P Global Market Intelligence and American Banker have also given the bank various awards for being one of the top-performing public banks in the United States.
