Merchants Bank (MN/WI) Offers "Growth Spurt" CD Specials


Availability: Market area includes southeastern Minnesota and west-central Wisconsin.

Minnesota-based Merchants Bank, National Association (Merchants Bank) recently added four “Growth Spurt CD Specials,” (25- and 45-month terms) with tiered APYs.

These limited-time CD Specials require new money, with the lower APYs requiring a $10k minimum deposit, and a $25k minimum deposit for the higher APYs.

The fine print on the promotion page states,

The 25-month certificate of deposit will renew automatically at the 24-month CD rate after the initial term.
The 45-month certificate of deposit with renew automatically at the 36-month CD rate after the initial term.

According to CSR, the Early Withdrawal Penalty for any of these Specials is 180 days interest.

Thanks to DA reader, susanc, for her Forum post about the Growth Spurt CD Specials.


Headquartered in Winoa, Minnesota, Merchants Bank’s market area is southeastern Minnesota and west-central Wisconsin.

The promotion page for the Growth Spurt CD Specials has a “Apply For Growth Spurt CD Now” button, but it’s not an online application. The link takes you to a “Personal Deposit Account Application” (PDAA) that gathers general information so the Bank may contact you.

(Note: the first question asked on the PDAA is “What state do you currently reside in?” The default is Minnesota (naturally), but when I clicked on the drop-down menu, I was surprised to see all 50 states listed. When I spoke to CSR, I asked about the drop-down, hoping that these CDs were available nationwide. CSR confirmed that the Bank’s market area is limited to Minnesota and Wisconsin, and she wasn’t sure why all 50 states were listed.)

Opening a Growth Spurt CD Special must be done in-branch at any of 21 Minnesota branches located in Apple Valley, Caledonia, Canon Falls, Cottage Grove, Hampton, Hastings, La Crescent, Lakeville (2), Lanesboro, Red Wing, Rochester (2), Rosemount, Rushford, Spring Grove, St. Charles, and Winona (4). The two Wisconsin branches are located in Eau Claire and Onalaska.

Bank Overview

Merchants Bank, National Association (FDIC Certificate # 8866) has an overall health grade of "A" at, with a Texas ratio of 4.68% (excellent) based on March 31, 2016 data. In the past year, Merchants Bank has increased its total deposits by $44.33 million, an excellent annual growth rate of 3.46%. Please refer to our financial overview of Merchants Bank, National Association for more details.

The original Merchants National Bank of Winoa was established in 1875, about 25 years after “Yankee” immigrants from New England settled the area. The name was changed to Merchants Bank, National Association in 2001 and several years later, the Bank acquired four Minnesota banks. Merchants Bank is currently Minnesota’s 6th largest bank, with assets in excess of $1.5 billion.

We are proud to be locally owned by our employees through our Employees Stock
Ownership Program (ESOP) and approximately 450 individuals and families mostly
from communities in southeastern Minnesota and west-central Wisconsin.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by that require at least a $25k minimum deposit and are available to residents of eastern Minnesota and western Wisconsin, Merchants Bank’s 25-month Growth Spurt CD Special currently ranks second.

When compared to the similar length-of-term CDs tracked by that require at least a $25k minimum deposit and are available to residents of eastern Minnesota and western Wisconsin, Merchants Bank’s 45-month Growth Spurt CD Special currently shares the top spot with Alliant Credit Union’s 48-month Jumbo Share CD.

The above rates are accurate as of 7/23/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.

6.00% 7-Month CD at a Minnesota Bank (First National Bank)
First National Bank is offering a special 6.00% APY 7-month certificate of deposit. The minimum deposit is $1K, and the maximum is $50K. For new customers it requires a checking account with direct deposit. They do have a free checking account called the Step Up Checking that qualifies.

A branch visit is required to open an account. Branches are located in Cannon Falls and Red Wing, Minnesota which are located about 30 miles southwest of Minneapolis-Saint Paul. The bank has been FDIC insured since 1934 (FDIC Certificate # 5108).

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