Hampton Branch Temporarily Closed
Our branch in Hampton is temporarily closed due to smoke damage. For service, please contact us or visit another nearby Merchants Bank location in Cannon Falls, Hastings or Northfield. Thank you.
Savings Account Options
Save the way you want with a convenient savings account for every lifestyle.
A savings account is a financial account that earns interest to help your grow your money with parameters that encourage you to keep money in the account. For example, you’ll find most savings accounts have minimum balances to maintain, a certain number of withdrawals allowed and do not come with a debit card.
This type of account is meant to help you build your savings by making it easy to add money and grow it by keeping it in the account, unlike a checking account where you likely have money going in and out every day. Commonly individuals use savings accounts to put away money for a specific goal like an emergency fund, wedding or vacation, house down payment. Businesses may want to save for things like tax planning, business expansion a new piece of equipment and more.
Advantage Savings Account Features
- $1,000 minimum opening deposit and daily balance required
- $8 quarterly fee, if minimum balance not maintained
- 12 withdrawals allowed per quarter ($2 per withdrawal over 12)
- Earns interest
- Online & Mobile Banking
- Fee-free cash at ATMs
Basic Savings Account Features
- $50 minimum opening deposit and daily balance required
- $8 quarterly fee, if minimum balance not maintained
- 12 withdrawals allowed per quarter ($2 per withdrawal over 12)
- Earns interest
- Online & Mobile Banking
- Fee-free cash at ATMs
Summer and Winter FUNd Features
- No minimum deposit required
- Automatic deposit of $25 or more per month required from a Merchants Bank checking or savings account or payroll direct deposit
- Automated deposits are made to:
Summer Fund from August-May
Winter Fund from January-October - Withdrawals are not permitted prior to disbursement or accrued interest is forfeited and account is closed
- Funds are disbursed and accrued interest is paid on balances the first business day of:
June (Summer Fund)
November (Winter Fund) - Fund payments automatically resume two months after disbursement date
Compare Savings Accounts
| Diamond Money Market | Advantage Savings | Basic Savings | |
|---|---|---|---|
| Minimum Opening Deposit and Daily Balance to Avoid Fee | $5,000 | $1,000 | $50 |
| Fee, if Minimum not Maintained | $10 monthly | $8 quarterly | $8 quarterly |
| Withdrawal Limit | 6 per month | 12 per quarter | 12 per quarter |
| Fee per Withdrawal Over Limit | $10 | $2 | $2 |
| Earns Interest | |||
| Fee Free Cash at ATMs | |||
| Online & Mobile Banking | |||
| Apply Now | Apply Now | Apply Now |
Recommended Resources
Wealth
As your dedicated financial partner, we offer Wealth Management resources to help you plan for the future. Put our expertise to work for you.
Spend
Choose from a variety of flexible and convenient checking accounts that let you spend the way you want.
Online & Mobile Banking
Take advantage of our Online & Mobile Banking tools, giving you the freedom to do more with your money.