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Merchants Bank (MN)


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
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
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.20%
Our Rating
3.6  / 5
Jenius Bank
Jenius Savings Account
See Offer
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
3.80%
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.10%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.30%
Our Rating
4.1  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.36%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
3.60%
Our Rating
4.2  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
Bonus Amount
up to $300
Our Rating
4.3  / 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.merchantsbank.com
507-457-1100
102 East Third Street
Winona, MN 55987

Merchants Bank (MN) is headquartered in WINONA and is the 7th largest bank in the state of Minnesota. It is also the 451st largest bank in the nation. It was established in 1875 and as of December of 2024, it had grown to 387 employees at 23 locations. Merchants Bank (MN)'s money market rates are 8X the national average, and it has an A health rating.

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Health
A

Data as of Q4 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #8866
Year Established1875
Employees387
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.78%
Return on Equity - YTD6.87%
Annual Interest Income$133.3MM
Assets and Liabilities
AssetsQ4 2024vs Q4 2023$2.78B$2.6B
LoansQ4 2024vs Q4 2023$2.09B$2.14B
DepositsQ4 2024vs Q4 2023$2.43B$2.18B
Equity CapitalQ4 2024vs Q4 2023$302.9MM$291.7MM
Loan Loss AllowanceQ4 2024vs Q4 2023$28.5MM$25MM
Unbacked Noncurrent LoansQ4 2024vs Q4 2023$5.2MM$9.4MM
Real Estate OwnedQ4 2024vs Q4 2023$6.5MM$1MM
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
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
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.20%
Our Rating
3.6  / 5
Jenius Bank
Jenius Savings Account
See Offer
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
3.80%
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.10%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.30%
Our Rating
4.1  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
4.36%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/20/2025
3.60%
Our Rating
4.2  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
Bonus Amount
up to $300
Our Rating
4.3  / 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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Always verify rates and promotions with the bank or credit union. We are not Merchants Bank (MN); 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.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Merchants Bank (MN) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.09%*†$0$2kMy Future Fund
OTHER TIERS: 1.75% → $2k+
0.35%*†$25k*-HSA Checking
OTHER TIERS: 0.20% → $0 - $5k | 0.25% → $5k - $10k | 0.30% → $10k - $15k | 0.32% → $15k - $25k
0.35%*†$2.5k*-Advantage Savings
OTHER TIERS: 0.25% → $0 - $2.5k
0.35%*†$2.5k*-Business Advantage Savings
OTHER TIERS: 0.25% → $0 - $2.5k
0.18%†$0-Basic Savings
0.18%†$0-Business Basic Savings

Merchants Bank (MN) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.71%*†$1m*-Diamond Money Market
OTHER TIERS: 0.35% → $0 - $5k | 0.90% → $5k - $25k | 1.51% → $25k - $50k | 1.76% → $50k - $100k | 2.38% → $100k - $200k | 3.04% → $200k - $1m
3.71%*†$1m*-Business Diamond Money Market
OTHER TIERS: 0.35% → $0 - $5k | 0.90% → $5k - $25k | 1.51% → $25k - $50k | 1.76% → $50k - $100k | 2.38% → $100k - $200k | 3.04% → $200k - $1m
3.35%*†$15m*-ICS Money Market
OTHER TIERS: 2.58% → $0 - $1m | 3.09% → $1m - $15m

Merchants Bank (MN) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.71%*†$1m*-Non Profit Checking
OTHER TIERS: 0.35% → $0 - $5k | 0.90% → $5k - $25k | 1.51% → $25k - $50k | 1.76% → $50k - $100k | 2.38% → $100k - $200k | 3.04% → $200k - $1m
2.63%*†$15m*-ICS Demand Deposit
OTHER TIERS: 1.92% → $0 - $1m | 2.38% → $1m - $15m
0.40%*†$50k*-Partnership Banking
OTHER TIERS: 0.20% → $0 - $2.5k | 0.25% → $2.5k - $5k | 0.30% → $5k - $50k
0.40%*†$50k*-Relationship Checking
OTHER TIERS: 0.20% → $0 - $2.5k | 0.25% → $2.5k - $5k | 0.30% → $5k - $50k
0.40%*†$50k*-Military Banking
OTHER TIERS: 0.20% → $0 - $2.5k | 0.25% → $2.5k - $5k | 0.30% → $5k - $50k
0.25%†$0-Interest Bearing Business Checking

Merchants Bank (MN) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%†$500-6 Month CD
4.00%†$500-Business 6 Month CD
3.65%†$500-3 Month CD
3.65%†$500-Business 3 Month CD
3.55%†$500-12 Month CD
3.55%†$500-Business 12 Month CD
3.44%†$500-24 Month CD
3.44%†$500-Business 24 Month CD
2.98%†$500-36 Month CD
2.98%†$500-Business 36 Month CD
2.83%†$500-30 Month CD
2.83%†$500-Business 30 Month CD

Merchants Bank (MN) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.55%†$500-12 Month IRA
3.44%†$500-24 Month IRA
2.98%†$500-36 Month IRA
2.83%†$500-30 Month IRA
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