Merchants Bank of Indiana Money Market Currently Offers Leading Rate


Deal Summary: Money Market Account, 1.00% APY on all balances up to $1 million, $50 minimum opening deposit.

Availability: Nationwide through online application.

I would like to thank DA reader, enelrad112, for the Forum post about Merchants Bank of Indiana’s (MBoI) nationally available Money Market Account (MMA), which currently earns 1.00% APY on balances up to $1 million. The MMA requires a $50 minimum opening deposit.

0.75%-$1mMerchants Bank of IndianaMoney Market Account
Rates as of January 28, 2022.

Added to MBoI’s product line in early 2019, the MMA’s initial rate was 1.75% APY, which remained in effect until March 2020. Following two rate drops in March, the MMA has been earning 1.00% APY. What was considered to be a mediocre rate not that long ago will be in the near the top in DA’s next Best Bank Account Rate Summary (unless Murphy’s Law/Curse of DA triggers an imminent rate cut).

MBoI’s website is light on documentation (no Truth-in-Savings disclosure available), so the following information comes from a CSR.

  • There is no monthly service fee or minimum monthly balance requirement.
  • There is unlimited checking writing and an ATM/debit card can be requested.
  • Funding is through ACH.
  • There are no daily/weekly dollar limits on ACH transfers initiated from MBoI.
  • If you exceed the standard six transactions per month, there is a $2 fee for that month. Exceeding the six transactions can be done three times in a year, but following the fourth time, the account will be converted to a regular checking account.


Headquartered in Carmel, Indiana, Merchants Bank of Indiana offers its Money Market Account to all U.S. citizens and resident aliens, 18-years or older, who have a valid Social Security number. While MBoI is a fairly large bank (almost $10 billion in assets), I am always cautious about labeling accounts “nationally available” when offered by a non-internet bank. As we have seen in the past, banks sometimes change their position on account availability if the demand is too great.

Opening a Money Market Account can be done online, or at any of six full-service Indiana branches located in Carmel (2), Indianapolis, Lynn (2), and Richmond.

Our branches will operate by drive-thru only where drive-thru service is available. For branches without a drive-thru, those lobbies will remain open with precautionary measures in place. With this in mind, to reduce in-person contact we are asking our customers to contact us via phone or email, and use online and mobile banking services. Where branch lobbies are closed, we are happy to schedule in-person meetings with customers by appointment.

Bank Overview

Merchants Bank of Indiana has an overall health grade of "A" at, with a Texas Ratio of 1.03% (excellent) based on June 30, 2020 data. In the past year, MBoI has increased its total non-brokered deposits by $1.87 billion, an excellent annual growth rate of 73.75%. Please refer to our financial overview of Merchants Bank of Indiana (FDIC Certificate # 8056) for more details.

Merchants Bank of Indiana was established in 1923 and was originally known as the Greensfork Township State Bank. In January 2009, Symphony Bank (Indianapolis) was acquired, with the Merchants Bank of Indiana rebrand occurring shortly thereafter. MBoI is a subsidiary of Merchants Bancorp, which has $9.5 billion in assets and $7.1 billion in deposits as of September 30, 2020. Other Merchants Bancorp direct and indirect subsidiaries include Merchants Capital Corp., Farmers-Merchants Bank of Illinois, and Merchants Mortgage, a division of Merchants Bank of Indiana.

How the Money Market Account Compares

When compared to the Money Market Accounts tracked by that are available nationwide, have a low minimum balance requirement, and are not limited by a small balance cap, Merchants Bank of Indiana’s Money Market Account APY currently ranks first.

The above rates are accurate as of 11/7/2020.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.

Related Pages: Indianapolis money market accounts, money market accounts, nationwide deals

  |     |   Comment #1
Any reviews of this bank/account?
  |     |   Comment #2
Follow up: I applied online for the Merchants Money Market on Saturday morning, Monday Morning a rep called me, verified the information and stated to watch for the "deposits" to test my new account in 2 days or less. Great service so far! She mentioned I can always call with any concerns/specifics and there is no daily/monthly ACH limits in or out of the account and the 1% APY is correct. So far, so good, will report more later this week if/when the account is opened.
  |     |   Comment #3
I'm in shock that Merchants, thus far, has defied The DA Effect! That has NEVER happened before! I would think that with Customers Bank, Nat'l Cooperative Bank, and First Foundation all cutting their rates below 1% in the past couple months, that they would be deluged with millions in new deposits.
  |     |   Comment #4
i believe they have been at 1% for several months which makes me wonder if someone is asleep at the switch! shhhhhhhh
  |     |   Comment #22
Buckeyes Think your right that they are asleep at the wheel. If you references the asterisk after the 1% rate it says:

The Annual Percentage Yield (APY) is accurate as of 3/16/2020.
  |     |   Comment #5
....A day later got my "trial deposits" and followed the online link given me, next day I saw my $50 withdraw to open the account, so far a smooth process! Online worked, I got a call, online email links worked and deposit happened! Just awaiting my "paper contents" by mail and I'll make my xfers to have my emergency cash at 1% without "restrictions". 5 stars so far!
  |     |   Comment #6
Jeff, thus far, no one has posted a review of Merchants Bank. Maybe you should be the first! It sounds to me like the bank has earned every one of its five stars.
  |     |   Comment #9
I am posting in reviews now, TY! (So far, so good!) shhhhhh
  |     |   Comment #7
Just an F.Y.I. but, CSR @ the Carmel branch just stated to me that 1st order of checks are also FREE with this account (in case anyone's interested). However, it appears a few posting here in the reviews thread are having a bit of trouble with the online application.
  |     |   Comment #8
I am now to the screen where it wants the ACH transfer information. I made a mistake with the 3 identifier questions many banks do now before that and it locked me up, so i simply started a new application and answered the questions correctly the second time. I thought the application itself was pretty cut and dry. Also my application is a week old now and they didn't kill it yet. I have bank luck with banks dropping instantly and I don't want to rain on Jeff, but **** it's tempting. Maybe today.
  |     |   Comment #12
My application did not complete too. When I called, I learned that it was because my SSN issue date was much later than my date of birth. Once I explained why, they said they would manually generate an application and send it to me for signature through Docusign. I waited a few days and called them again and this time another rep said they would not accept an application if the "system" did not accept it.

Maybe I should try to call Madison! @Buckeyes, what branch is she in?
  |     |   Comment #13
Madison works in the Richmond branch. I doubt she can help you because she had to put me on hold a couple of times to talk to the "head teller". That sounds like the person you need. Only one somewhat weird thing happened in the application process. I am retired. I marked retired on the application. They insisted via email and now via a phone call to tell them what I retired from. I don't think it's any of their business. I'm giving them money, not asking for a loan. Another minor issue is the deposit limit is 5k a day, but I have been told they will raise that if you request it. A pretty smooth process overall, but their nosiness over what I retired from is a little weird to me.
  |     |   Comment #14
and yet another note, they did change my deposit limit to a substantially higher amount via email with no issues. So I am ready to roll after my trial deposits post. I give them an A- and not the full A because that what did you retire from question does both me somewhat. Oh well.
  |     |   Comment #23
I'm sure that's just to "verify" any credit files so as to market loan(s) to you. I'm retired 2x: military and self-employed, my app process went smooth and external ACH of $50K~ went perfect - in 1 day!
  |     |   Comment #15
How did you come to chose the Richmond branch?
I was told to call there by the Carmel branch, but I see others here are dealing with Carmel
  |     |   Comment #16
@desk They chose me. I filled out the application and they emailed and called me. . Ive never had this kind of personal attention from an online bank. Still not liking the retired from question, not that i have anything to hide, but it's been absolute aces so far. I should get the trial deposits tonight and then hopefully i can vomit a good chunk out of Ally to these guys tomorrow.
  |     |   Comment #17
I decided to reapply with my wife as primary account holder and the application went through. And I got a verification call from the aforementioned Madison!
  |     |   Comment #10
Jeff I am having the same experience as you. I just got the call to verify my account and I should be able to make a substantial transfer this afternoon. One thing I would like to add. I asked about a rate guarantee. There isn't one. But what she did tell me is they have had 4 rate reductions this year on mainly CD's (understandable) and in 3 of them they did not touch the 1 percent rate. The are actively trying to recruit savers aka folks like us. At the end of the call she cutely said "tell your friends!" I'm looking forward to nearly doubling my interest rate and giving them some business!
  |     |   Comment #11
Also the rep is VERY friendly. Kind of the anti customer service rep that we are used to nowadays. The one I am dealing with is named Madison. Super super friendly, even in emails. Kinda not sure what to make of it! I'm sure I'm old enough to be her father if not Grandpa lol.
  |     |   Comment #24
They must want to expand loaning, where THE profit is at and need deposits to do so. There CDs don't compete though so time will tell if the rate drops fast. This account "type" isn't that old in their product line and the drop in everyone else rates I'm sure have been a plus for them. My app process and internal AND external ACH ($50 to $50K went fine and all overnight) went perfect. Let's hope the word doesn't get to far, 1% is looking like good the original "Orange account" back in 01-02 (remember that?). I've had 3 calls answered first ring and once even a manager answered my questions and said "thank you!". Amazing, shouldn't be but, it was.
  |     |   Comment #18
One quirk I just ran into. You have to schedule a transfer by 4pm the day before you want to transfer. So for a transfer to hit tomorrow, it has to be done today by 4pm. I'm assuming any requests after 4pm today won't happen until Monday. I'm going to do a small transfer today to see when they recognize the transfer and see how long the whole process takes. I'm always afraid with transfers that I stop accruing temporarily interest at either bank, but for one percent it seems awfully silly sweating it out.
  |     |   Comment #19
4pm Indiana time?

Also, it appears that the increase of the ACH limit beyond 5K is done one at a time for a specific combination of financial institution, date and amount
  |     |   Comment #20
@unmesh- their online note on bank transfers is completely inaccurate and/or misleading. I did a test transfer at 1pm yesterday, it processed overnight clearing my Ally account and is actually showing as available in my Merchants account this morning. This is flat out remarkable when other banks sit on it for days. As far as the bigger limits yes Madison did say they won't allow a big limit forever. I'm sure it's simply a precaution. They will change it via email without hassle, but I am not sure how they handle multiple institutions like in your case.
  |     |   Comment #21
They sent me an ACH authorization form that I could fill in for any amount and send back to them during working hours.
  |     |   Comment #25
Is that a "good anytime" or one time ACH authorization form? I have external ACH set up but, it's nice to also have internal limits higher as well. BTW: I got a PoD emailed to me in 2 minutes and hard copied back to them yesterday as well, service has been A++. I wrote a full review in the reviews section of this site.
  |     |   Comment #26
This form is a one time ACH authorization form.
  |     |   Comment #27
Are checks forthcoming automatically? OR must they be ordered? I've seen the first set are "free" ??
  |     |   Comment #28
Jeff I briefly talked to Madison about this and no checks do not get sent out automatically. Since I am not looking to use this as anything but a savings accounts I didn't ask anything further.
  |     |   Comment #29
I asked for checks during the application process. Let's see if they send them.
  |     |   Comment #30
@unmesh. I emailed Madison earlier and was told checks are free and she would send them out right away. So there's the fall back plan for you. She can probably even confirm if they went out for you. Side note, I also asked for a debit card and I have to wait for a form from her to electronically sign this afternoon. If you need her email I will PM it to you upon request.
  |     |   Comment #31

Thanks for your offer but I have several email addresses at Merchants' :-)
  |     |   Comment #32
@unmesh oh ok. off topic but is it just me or is this site dead lately? Im wondering if crappy savings opportunities is the culprit. I haven't been here long but it sure does seem slower than normal.
  |     |   Comment #33
I've been reading this site for a long time and it definitely seems much slower. As you surmise, rates are low and there aren't clever deals like the GTE Financial add-on CDs with which some of us were able to buy a ladder of maturities that now represent a windfall of sorts.

Maybe the yield chasers are hanging out in the stock market!
  |     |   Comment #35
It was more of an observation than a point. I have some CD's maturing very soon and I've been hoping to read about some exciting offers that users have stumbled upon, but the best I can find right now that even remotely meets what I'm looking for is a bank in Indiana that I know nothing about. I simply refuse to lock my money up for 5 years with the garbage rates currently being offered. I'd rather have my mattress eat it.
  |     |   Comment #36
oh and yes i know what the current market is. just hoping for a killer introductory offer or something. a big fat Christmas miracle perhaps :)

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