Military Banking

A special checking account for those who are serving or have served in the military. We are humbled by your willingness to sacrifice and honored to offer this account as a small thank you for your service.


  • No minimum balance or monthly service charge
  • Interest paid on the entire account balance 
  • Free debit card
  • Free Merchants' Signature Style duplicate custom checks
  • Free Cashier’s Checks and Money Orders
  • Fee-free cash at 800+ ATM locations
  • Fee waived on first-year rental of Safe Deposit box1
  • Payroll direct deposit required
  • Online & Mobile Banking

Savings Account bonuses available:

Credit and Loan account discounts available:

Great local bank that provides wonderful service to its customers and the community.


Cottage Grove

How can I add or remove someone from my Checking account?

Once your checking account is open, you may decide you'd like to add someone - by making them a joint-owner - or remove someone from your account.
  • To add an owner: You can add an owner to an existing account anytime by visiting your local branch with the additional owner.
  • To remove an owner: To remove someone from your Checking account, you'll need to close your current account and open a new one with your new ownership preferences. In special circumstances, such as a child turning 18 or trust accounts, opening a new account may not be necessary.
A Customer Service Representative at your local branch can assist with any account ownership questions you may have.

Is Merchants Bank Free Checking really free?

Yes, our Free Checking offers free: If you'd like to order checks or use any additional services, please contact us about fees associated with those services.

How safe is my checking or savings account?

Keeping your personal information safe is a top priority. Learn how we protect you and what you can do to protect yourself from fraud. Interested in learning more about how FDIC insurance protects your deposits up to $250,000? Read more from the FDIC.

How do I switch my checking account to Merchants Bank?

It's easy - just use our guide to switching your checking account.

Can I open my account online?

When you select the "apply now" button above, you can begin the account opening process online.

Once you submit your application, a Merchants Bank Customer Service Representative will prepare your account documents and follow up with you to schedule a time to meet at your local branch. At that appointment, you'll be asked to sign your account agreement, your debit card will be ordered and any other services needed can also be completed.

† Merchants Mobile Banking is free, however, text or data charges may be imposed by your mobile provider. Check your plan for details. Your carrier may limit access outside the U.S.

1. Rental of smallest size box available or the value of the smallest size box may be discounted from the annual fee of a large size box.

2. $50 minimum deposit required for Basic Savings Account. $1,000 minimum deposit required for Advantage Savings Account. Owner of Military Banking Account must also be named an owner on this account. $10 limit per customer.

3. Owner of Military Banking Account must also be named an owner on this account. $5 limit per child.

4. Owner of Military Banking Account must also be named an owner on this account. $10 limit per customer.

5. Offer available on new purchase residential mortgage loans or residential construction loans only. One coupon offer available per loan.

6. Subject to credit approval. As of July 28, 2022, the Annual Percentage Rate on a home equity line of credit with an 80% or less loan-to-value and a credit score greater than or equal to 700 was 5.25%. This special offer has fixed-rate pricing as low as 2.9% APR for the first six months, based on relationship reward discounts. Following that six-month period, the rate will become variable, subject to change, based on U.S. Bank, N.A., prime rate plus a margin that is determined based on the loan-to-value in your home and your credit score at the time of application. Current rates vary from 5.25% to 8.00% APR. Maximum possible APR is 18%. Minimum possible APR is 4.00%. An origination fee may apply, in addition, you are responsible for certain fees to third parties, such as appraisers, credit reporting firms and government agencies, which are generally from $100–$1,000. Following the first year, there will be an annual fee of $25. Offer available on new home equity lines of $10,000 or more only or on existing lines of credit with an increase of at least $10,000. Consult your tax advisor regarding the deductibility of interest expense. Property insurance will be required. Limited time offer. 

7. Subject to credit approval.

8. 15.59% Annual Percentage Rate. Following the first year, there will be an annual fee of $30.


As your dedicated financial partner, we offer Wealth Management resources to help you plan for the future. Put our expertise to work for you. 

Diamond Money Market

The savings account that helps you earn more while you save more.

Credit Cards

Earn rewards at competitive rates when you borrow with a Merchants Visa® Credit Card.

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