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Mercantile Bank (MI)


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: +0.20% boost to 4.00% for up to 6 months on new accounts with eligible direct deposit. Terms apply.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Overview / Commentary
www.mercbank.com
616-242-7760
310 Leonard Street Nw
Grand Rapids, MI 49504

Mercantile Bank (MI) is headquartered in GRAND RAPIDS and is the 2nd largest bank in the state of Michigan. It is also the 245th largest bank in the nation. It was established in 1997 and as of March of 2025, it had grown to 662 employees at 43 locations. Mercantile Bank (MI)'s money market rates are 9X the national average, and it boasts an A+ health rating.

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Health
A+

Data as of Q1 2025

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34598
Year Established1997
Employees662
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.48%
Return on Equity - YTD12.87%
Annual Interest Income$80.3MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$6.07B$5.42B
LoansQ1 2025vs Q1 2024$4.6B$4.28B
DepositsQ1 2025vs Q1 2024$4.7B$4.02B
Equity CapitalQ1 2025vs Q1 2024$696.7MM$639.4MM
Loan Loss AllowanceQ1 2025vs Q1 2024$56.7MM$51.6MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$5.4MM$6MM
Real Estate OwnedQ1 2025vs Q1 2024$0$200K
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: +0.20% boost to 4.00% for up to 6 months on new accounts with eligible direct deposit. Terms apply.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/12/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Mercantile Bank (MI) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*$0$1kStudent Savings
OTHER TIERS: 0.15% → $1k+
0.30%*$15k*-HSA Checking - Individual
OTHER TIERS: 0.10% → $0 - $5k | 0.20% → $5k - $15k
0.30%*$15k*-HSA Checking - Family
OTHER TIERS: 0.10% → $0 - $5k | 0.20% → $5k - $15k
0.15%$0-Community Savings

Mercantile Bank (MI) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.75%*$5m*-Personal Money Market w/MercPerks Plus
OTHER TIERS: 1.00% → $0 - $25k | 2.51% → $25k - $100k | 2.75% → $100k - $1m | 3.26% → $1m - $5m
3.50%*$5m*-Personal Money Market
OTHER TIERS: 0.75% → $0 - $25k | 2.25% → $25k - $100k | 2.50% → $100k - $1m | 3.00% → $1m - $5m

Mercantile Bank (MI) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.03%*$0$15kMercPerks Plus Checking w/deposit balance More Than $100,000.00
OTHER TIERS: 1.00% → $15k+
3.00%*$0$15kMercPerks Plus Checking w/deposit balance Less Than $100,000.00
OTHER TIERS: 0.45% → $15k+

Mercantile Bank (MI) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$500-6 Month CD
4.00%$500-6 Month HSA CD
4.00%$500-Online 11 Month CD
4.00%$500-Business 6 Month CD
3.79%$500-12 Month CD
3.79%$500-12 Month HSA CD
3.79%$500-Business 12 Month CD
3.75%$500-24 Month CD
3.75%$500-24 Month HSA CD
3.75%$500-Online 25 Month CD
3.75%$500-Business 24 Month CD
3.60%$500-28 Month Flex CD
3.60%$500-Online 28 Month Flex CD
3.55%$500-18 Month CD
3.55%$500-18 Month HSA CD
3.55%$500-Business 18 Month CD
3.03%$500-36 Month CD
3.03%$500-48 Month CD
3.03%$500-60 Month CD
3.03%$500-36 Month HSA CD
3.03%$500-48 Month HSA CD
3.03%$500-60 Month HSA CD
3.03%$500-Business 36 Month CD
3.03%$500-Business 48 Month CD
3.03%$500-Business 60 Month CD
2.75%$25$95k35 Month Add-To CD
2.01%$500-3 Month CD
2.01%$500-3 Month HSA CD
2.01%$500-Business 3 Month CD
0.50%$500-1 Month CD
0.50%$500-1 Month HSA CD
0.50%$500-Business 1 Month CD
Locations

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