Savings Account Options
Save the way you want with a convenient savings account for every lifestyle.
Open an interest-bearing account that not only helps you grow your money safely but also encourages you to keep the account funded. How? Unlike a checking account where money goes in and out every day, a savings account makes it easy to add money, requires a minimum balance, and caps the number of monthly withdrawals you can make.
People typically use savings accounts to put away money for goals like an emergency fund, wedding, vacation, or down payment on a home. Businesses save for things like tax planning, business expansion, or a new piece of equipment.
Advantage Savings Account Features
- $1,000 minimum opening deposit and daily balance required
- $8 quarterly fee, if minimum balance not maintained
- 12 withdrawals allowed per quarter ($2 per withdrawal over 12)
- Earns interest
- Online & Mobile Banking
- Fee-free cash at ATMs
Basic Savings Account Features
- $50 minimum opening deposit and daily balance required
- $8 quarterly fee, if minimum balance not maintained
- 12 withdrawals allowed per quarter ($2 per withdrawal over 12)
- Earns interest
- Online & Mobile Banking
- Fee-free cash at ATMs
Summer and Winter FUNd Features
- 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 - Withdrawals are not permitted prior to disbursement or accrued interest is forfeited and account is closed
- Funds are disbursed and accrued interest is paid on balances the first business day of:
June (Summer Fund)
November (Winter Fund) - Fund payments automatically resume two months after disbursement date
How safe is my checking or savings account?
Keeping your personal information safe is a top priority. Learn how we protect you and what you can do to protect yourself from fraud.
Interested in learning more about how FDIC insurance protects your deposits up to $250,000? Read more from the FDIC. If you have deposits with us that far exceed the $250,000 FDIC insurance threshold and would like to consider other options, ask us about ICS/CDARS.
What do I need to know when setting up a direct deposit to or automatic payment from my Merchants Bank checking or savings account?
Businesses that originate a direct deposit into your bank account, such as your employer, financial advisor or Social Security office, or pull automatic payments, such as your utility company, fitness center or clinic/hospital, will provide you with an authorization form that asks for your account information. If any information is incorrect, it will delay the transaction in your account.
- The Merchants Bank routing number is: 091900193
- Identify your account type correctly. If it’s incorrect, the deposit will not reach your account. Select Checking for these account types: Diamond Money Market, Health Savings Account, Personal Checking Accounts, Business Checking Accounts
- Select Savings for these account types: Basic Savings, Advantage Savings, Kids Savers Club, My Future Fund, Summer or Winter Fund.
- Provide your full account number. For security reasons, we only display a partial account number in Merchants Online Banking and on account statements. If you need assistance confirming your full account number, please contact your local branch.
What information must I have to open a new checking or savings account?
You may open an account online, stop by your local branch, or call to schedule an appointment. Here's what you'll need to have on hand to apply.
- Social Security Number of all account owners
- Driver’s license or State ID card
- Home address and phone number
When will I receive my tax forms?
All tax forms, including 1099, will be sent to the mailing address on file with Merchants Bank by January 31 each year. Please note that tax forms are not available through Online & Mobile Banking.
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.
Can I open my account online?
Yes! Use the Open Online button above to open your new account today.
Compare Savings Accounts
| Diamond Money Market | Advantage Savings | Basic Savings | |
|---|---|---|---|
| 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 |
| Earns Interest | |||
| Fee Free Cash at ATMs | |||
| Online & Mobile Banking | |||
| Learn More about Diamond Money Market accounts Open Account for Diamond Money Market | Learn More about Advantage Savings accounts Open Account for Advantage Savings | Learn More about Basic Savings accounts Open Account for Basic Savings |
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Online & Mobile Banking
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