Merchants Bank of Indiana Money Market Review: 4.25% APY (Nationwide)

Available for residents Nationwide, Merchants Bank of Indiana Money Market Account is offering a 4.25% APY.

Update 12/23/24: The rate has decreased to 4.25% APY from 4.50%.

Merchants Bank of Indiana Money Market Review

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business, including multi-family housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending and traditional community banking.

I’ll review Merchants Bank of Indiana Money Market below.

Merchants Bank of Indiana Money Market Rate

To earn Merchants Bank of Indiana’s competitive rate, simply complete all the requirements. That’s all it takes and you’ll get to enjoy earning the high rate APY.

• What you’ll get: 4.25% APY
• Eligible account: Money Market
• Credit inquiry: Unknown
• Where it’s available: Nationwide
• Opening Deposit: $50
• Monthly fee: None
• Early Termination Fee: None listed, check with CSR

(FDIC Insured)

Merchants Bank of Indiana Money Market Rates

1. Open a Money Market account with an opening deposit of just $50
2. Earn the 4.25% APY rate on all balances up to $1,000,000

Merchants Bank of Indiana Money Market Features

• Earn an industry-leading rate with absolutely no commitment.
• There is unlimited checking writing and an ATM/debit card can be requested.
• Funding is through ACH.
• No monthly fees
• FDIC Insured to protect your entire balance

Notes:

• Interest compounds daily and credited monthly on the last day of the monthly statement cycle.
• There is no monthly service fee or minimum monthly balance requirement.
• 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. According to CSR, MBoI has chosen to enforce the six-transaction rule, even though the Federal Reserve continues to pause Reg D.
• There are no ATM/debit card, online bill-pay services, or online banking transfers.
• They require a wire transfer from another bank as the initial funding source. Once you do this, you can then use another bank to link to this account for ACH transfers in and out. Good thing I get free domestic wires from one of my banks. They also offer free checks for this account. It actually shows up as a checking account in my online banking.

Conclusion

Because this is a web account, you can manage everything online which is very convenient. Additionally you can earn the high rate APY with just a $50 minimum opening deposit. You won’t have to worry about monthly fees either. In my opinion, this account is pretty nice however, you should check to see if it triggers a hard pull.

In addition to the rate from Merchants Bank of Indiana, check out our list of best rates Savings, Money Market, and CD accounts.

• Best Savings/Money Market rates
• Best CD Account rates

If you are interested in expanding your financial future, definitely use our bank bonuses page to find other offers. Some popular bank offers include Chase Bank, Discover Bank, TD Bank, Huntington Bank, HSBC Bank and many more.

However, if you’re not interested in this offer check out our Best Bank Rates for savings accounts and more!