Merchants Bank of Indiana Money Market Review: 4.50% APY (Nationwide)

Available nationwide, Merchants Bank of Indiana is offering a Money Market Account with 4.50% APY for all balances. 

There is no monthly service fee or minimum monthly balance requirement.

Update 11/11/24: The rate has decreased to 4.50% APY from 4.75%.

About Merchants Bank of Indiana Money Market

Established in 1923, Merchants Bank of Indiana is headquartered in Carmel, Indiana with 6 locations. Currently the third largest bank in Indiana, Merchants Bank of Indiana has assets in excess of $9.3 billion and nearly 19,000 customer accounts.

Availability: Merchants Bank of Indiana offers its Money Market Account to all U.S. citizens and resident aliens (18-years or older with a valid Social Security number). Opening the Money Market Account can be done online, or at any of six full-service Indiana branches located in Carmel, Indianapolis, Lynn, and Richmond.

Merchants Bank of Indiana Money Market Rate

To earn Merchants Bank of Indiana competitive rate, simply open the account with a $50 minimum deposit. Interest compounds daily and credited monthly on the last day of the monthly statement cycle.

• Account Type: Money Market Account
• Interest Rate: 4.50% APY
• Minimum Balance: None
• Maximum Balance: None
• Availability: Nationwide
• Credit Inquiry: Soft Pull, only ChexSystems for opening a money market account
  
• Opening Deposit: $50
• Monthly Fee: None
  
• Early Termination Fee: Account will close 30 days after opening if not funded
  

(FDIC Insured)

Important Details for Merchants Bank of Indiana

• Checking writing is available, subject to the six per month withdrawal limit.
• There is a $2 fee for each transaction beyond the standard six transactions allowed per month.
• There are no ATM/debit card, online bill-pay services, or online banking transfers.
• Personal phone call from a CSR to confirm information in online application.
• No issue with a joint account initiated online.
• The account has no ACH transfer capabilities. The initial funding can only be done by wire transfer.
• The $15 incoming wire fee is reimbursed the next business day.

Merchants Bank of Indiana Has NO ACH Capabilities & Limits

Checking writing is available, subject to the six per month withdrawal limit.

Initial funding can only be done by wire transfer. The $15 wire fee will be reimbursed.

Editor’s Note:  There is no limit for incoming/outgoing ACHs initiated by an external financial institution. I highly recommend to use SoFi or CIT Bank Savings as your HUB account for all ACH transfers.

How to Earn Merchants Bank of Indiana Rates

1. Open a Money Market Savings account from Merchants Bank of Indiana.
2. Minimum balance to open account is $50
3. Earn the 4.50% APY rate.

Why You Should Sign Up For This Account

• Dividends are compounded daily and paid monthly
• Online banking services
• FDIC Insured

Bottom Line

Check out this offer from Merchants Bank of Indiana and open an Money Market Account to earn a competitive rate today! It’s easy to sign up so hurry before this offer expires!

Want to earn big bonuses? See our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.

For more bank offers, see the complete list of Best Bank Rates!

Check back often to see the latest info on Merchants Bank of Indiana Money Market Account.