Mercantile Bank of Michigan
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 2.40% | 5-year CD | 60 Month CD 3.00% - Barclays 60 Month Online CD |
| 1.00% | 1-year CD | 12 Month CD 2.40% - Ally Bank High Yield 12-Month CD |
| 0.10% | Savings | Community Savings |
Mercantile Bank of Michigan is headquartered in Grand Rapids and is the 3rd largest bank in the state of Michigan. It is also the 296th largest bank in the nation. It was established in 1997 and as of March of 2018, it had grown to 640 employees at 51 locations. Mercantile Bank of Michigan's money market rates are 36% higher than the national average, and it boasts an A+ health rating.
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A nice small bank with personal service
Not only are the workers in this bank very friendly to me but they remember me, even though I don't come in frequently.
One time I had an issue with a large check that I needed to deposit and things got off to a rough start when they refused to take the check because the amount was so large. After speaking with the branch manager she was willing to work with me and deposit the check. I did have to wait seven days for my funds to become fully available but the process was clearly explained to me and everything was resolved to my satisfaction. I do admit that when things became difficult at the initial refusal that I was fairly irritated by it. I was concerned how a bank could refuse to take a check that was good. There was a hang up between the bank that the check was written on and my bank with some finger pointing as to whether the other bank was providing sufficient information to my bank to deposit the check but since it all worked out in the end I am willing to look past that. I have been a customer of this bank for over three years now and am very happy with their service outside of this one incident. I really feel like they care about me as a customer.
Data as of Q1 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34598 |
| Year Established | 1997 |
| Employees | 640 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.5% |
| Return on Equity - YTD | 12.7% |
| Annual Interest Income | $35.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2018vs Q1 2017 | $3.27B$3.00B |
| Loans | Q1 2018vs Q1 2017 | $2.53B$2.42B |
| Deposits | Q1 2018vs Q1 2017 | $2.55B$2.28B |
| Equity Capital | Q1 2018vs Q1 2017 | $386.5MM$370.5MM |
| Loan Loss Allowance | Q1 2018vs Q1 2017 | $20.0MM$18.3MM |
| Unbacked Noncurrent Loans | Q1 2018vs Q1 2017 | $5.8MM$7.8MM |
| Real Estate Owned | Q1 2018vs Q1 2017 | $2.4MM$495.00K |
Always verify rates and promotions with the bank or credit union. We are not Mercantile Bank of Michigan; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Mercantile Bank of Michigan Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.60%* | $100k* | - | IRA Saving | ||
| OTHER TIERS: 0.35% → Up to $25k | 0.45% → $25k - $100k | |||||
| 0.20%* | $15k* | - | HSA Checking | ||
| OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $15k | |||||
| 0.15% | - | - | MercClub Savings | ||
| 0.10% | - | - | Community Savings | ||
| 0.10% | - | - | Student Savings | ||
| 0.10% | - | - | CDARS Insured Cash Sweep Savings | ||
Mercantile Bank of Michigan Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.60%* | $100k* | - | Personal Money Market | ||
| OTHER TIERS: 0.35% → Up to $25k | 0.45% → $25k - $100k | |||||
Mercantile Bank of Michigan Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.30%* | $250k* | - | Municipal Checking | ||
| OTHER TIERS: 0.10% → Up to $50k | 0.20% → $50k - $250k | |||||
| 0.10%* | $25k* | - | High Yield Checking | ||
| OTHER TIERS: 0.05% → $2,500 - $25k | |||||
Mercantile Bank of Michigan CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 3.00% | $500 | - | 59 Month CD Special | ||
| 2.50% | $500 | - | 28 Month Flex CD | ||
| 2.45%* | $250k* | - | 60 Month Public Entity CD | ||
| OTHER TIERS: 2.40% → $500 - $250k | |||||
| 2.40% | $500 | - | 60 Month CD | ||
| 2.40% | $500 | - | 60 Month HSA CD | ||
| 2.40% | $500 | - | Business 60 Month CD | ||
| 2.25%* | $250k* | - | 48 Month Public Entity CD | ||
| OTHER TIERS: 2.20% → $500 - $250k | |||||
| 2.00% | $500 | - | 48 Month CD | ||
| 2.00% | $500 | - | 48 Month HSA CD | ||
| 2.00% | $500 | - | Business 48 Month CD | ||
| 1.95%* | $250k* | - | 36 Month Public Entity CD | ||
| OTHER TIERS: 1.90% → $500 - $250k | |||||
| 1.85% | $500 | - | 15 Month CD Special - New Money | ||
| 1.80% | $500 | - | 36 Month CD | ||
| 1.80% | $500 | - | 36 Month HSA CD | ||
| 1.80% | $25 | $95k | 35 Month Add-To CD | ||
| 1.80% | $500 | - | Business 36 Month CD | ||
| 1.75%* | $250k* | - | 24 Month Public Entity CD | ||
| OTHER TIERS: 1.70% → $500 - $250k | |||||
| 1.60% | $500 | - | 24 Month CD | ||
| 1.60% | $500 | - | 24 Month HSA CD | ||
| 1.60% | $500 | - | Business 24 Month CD | ||
| 1.60%* | $250k* | - | 18 Month Public Entity CD | ||
| OTHER TIERS: 1.55% → $500 - $250k | |||||
| 1.55%* | $250k* | - | 365 Day Public Entity CD | ||
| OTHER TIERS: 1.50% → $500 - $250k | |||||
| 1.35%* | $250k* | - | 180 Day Public Entity CD | ||
| OTHER TIERS: 1.30% → $500 - $250k | |||||
| 1.30% | $500 | - | 18 Month CD | ||
| 1.30% | $500 | - | 18 Month HSA CD | ||
| 1.30% | $500 | - | Business 18 Month CD | ||
| 1.25%* | $250k* | - | 90 Day Public Entity CD | ||
| OTHER TIERS: 1.20% → $500 - $250k | |||||
| 1.00% | $500 | - | 12 Month CD | ||
| 1.00% | $500 | - | 12 Month HSA CD | ||
| 1.00% | $500 | - | Business 12 Month CD | ||
| 0.80%* | $250k* | - | 30 Day Public Entity CD | ||
| OTHER TIERS: 0.75% → $500 - $250k | |||||
| 0.50% | $500 | - | 6 Month CD | ||
| 0.50% | $500 | - | 6 Month HSA CD | ||
| 0.50% | $500 | - | Business 6 Month CD | ||
| 0.30% | $500 | - | 3 Month CD | ||
| 0.30% | $500 | - | 3 Month HSA CD | ||
| 0.30% | $500 | - | Business 3 Month CD | ||
| 0.20% | $500 | - | 1 Month CD | ||
| 0.20% | $500 | - | 1 Month HSA CD | ||
| 0.20% | $500 | - | Business 1 Month CD | ||
Mercantile Bank of Michigan IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.00% | $500 | - | 59 Month IRA Special | |
| 2.40% | $500 | - | 60 Month IRA | |
| 2.00% | $500 | - | 48 Month IRA | |
| 1.85% | $500 | - | 15 Month IRA Special - New Money | |
| 1.80% | $500 | - | 36 Month IRA | |
| 1.60% | $500 | - | 24 Month IRA | |
| 1.30% | $500 | - | 18 Month IRA | |
| 1.00% | $500 | - | 12 Month IRA | |
| 0.50% | $500 | - | 6 Month IRA | |
| 0.30% | $500 | - | 3 Month IRA | |
| 0.20% | $500 | - | 1 Month IRA |
