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Merchants Bank (MN)


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/2/2025
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 7/2/2025
3.80%
Our Rating
4.2  / 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 7/2/2025
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 7/2/2025
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.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 448th largest bank in the nation. It was established in 1875 and as of March of 2025, it had grown to 380 employees at 23 locations. Merchants Bank (MN)'s money market rates are 8X 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 #8866
Year Established1875
Employees380
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.01%
Return on Equity - YTD9.16%
Annual Interest Income$35.1MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$2.81B$2.59B
LoansQ1 2025vs Q1 2024$2.05B$2.16B
DepositsQ1 2025vs Q1 2024$2.45B$2.23B
Equity CapitalQ1 2025vs Q1 2024$314.7MM$297.9MM
Loan Loss AllowanceQ1 2025vs Q1 2024$28.8MM$25.6MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$5.6MM$12.6MM
Real Estate OwnedQ1 2025vs Q1 2024$5.6MM$1.2MM
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/2/2025
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 7/2/2025
3.80%
Our Rating
4.2  / 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 7/2/2025
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 7/2/2025
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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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
Locations

Availability

La Crosse Area

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