Merchants Bank
Quick Summary
- Community bank
- Investment options
- FDIC insured
- 5 interest rate tiers
The Verdict
Merchants Bank provides essential HSA features with zero monthly maintenance fees and self-directed brokerage access, CD options, earning a 2.4/5.0 rating from HSA Orbit.
We're here to be a trusted financial partner for you, supporting the communities we serve not just as a bank but a neighbor as well. We are committed to building strong communities together, because when the community thrives, we do too.
As your local bank, it's our responsibility to give back to the communities we serve. We take pride in our community involvement and aim to give back in every way we can, including thousands of staff volunteer hours each year and monetary contributions to local organizations. When you bank with Merchants, you are a part of more than a bank, you are a part of our community.
Key Features
Banking & Access
Includes debit card and check-writing.
Investment Options
Offers self-directed brokerage and CDs.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance* | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $0.00 | $1.95 | EXCELLENT |
* No monthly maintenance fees
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Brokerage Access
Merchants Bank provides a self-directed brokerage window for investing your HSA funds in the broader market.
Interest Rates
Standard Rates
| Balance Range | APY |
|---|---|
| $0 - $5,000 | 0.20% |
| $5,000 - $10,000 | 0.25% |
| $10,000 - $15,000 | 0.30% |
| $15,000 - $25,000 | 0.32% |
| $25,000+ | 0.35% |
Last updated: 08-21-2024
Contact Information
Address
102 East Third Street Winona, MN 55987 Customer Service
Customer Service
800-944-6285
102 East Third Street Winona, MN 55987 Customer Service
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •No account opening or closing fees
- •Self-directed brokerage access
- •FDIC/NCUA insured deposits
The Bad
- •No online banking
User Sentiment
Based on community feedback
Sentiment data coming soon
Compare with Related Providers
Equity Bank
Equity Bank, a division of Equity Bancshares, Inc., offers healthcare payment solutions including custodial and administration services for health savings accounts (HSAs), flexible spending accounts (FSAs), and Health Reimbursement Arrangements (HRAs) to employers and consumers. Equity Bank offers a full range of financial solutions, including commercial loans, consumer banking, and treasury management services. Headquartered in Wichita, Kansas and having approximately $5 billion in assets, Equity Bank provides an enhanced banking experience for customers through a suite of sophisticated banking products and services tailored to their needs, while delivering the high-quality, relationship-based customer services of a community bank. These foundational elements position Equity Bank perfectly to provide businesses and individuals with robust and integrated consumer-directed healthcare multi-account payment and administration solutions.
Read Review →Avidia Bank | HSA Search
Avidia Health is an HSA marketplace leader, offering a No Fee product that combines services traditionally seen in big-bank financial services with the personal attention provided by smaller financial institutions. Headquartered in Massachusetts, Avidia is an FDIC insured bank with accounts in all 50 states and over one billion dollars in assets and accounts. Avidia offers private label banking and affinity programs, employing a partnership approach to creating HSA solutions with clients’ needs in mind. Avidia Bank has made a significant commitment to provide outstanding service along with the products that will help our customers invest and save for their future. Health Savings Accounts from Avidia Bank can be the key to protecting yourself and your family. A Health Savings Account from Avidia Bank is easy to open and easy to manage. And with Internet Banking and Bill Pay, our customers are in total and secure control at all times.
Read Review →NBT Bank
NBT Bank is an independent, community bank based in Norwich, N.Y. We trace our roots back to 1856 when a group of business leaders in Norwich saw a need for additional banking resources in the community and came together to form a bank. We have a proud heritage of building long-term financial relationships with individuals, businesses and organizations, agricultural operations and local governments.
Read Review →Latest HSA Strategies
View all articlesIneligible HSA Contribution? How to Fix It and Avoid Penalties
Made an ineligible HSA contribution? Learn how to fix excess contributions, avoid the 6% penalty, and handle Form 8889 before the tax deadline.
Why Does Tax Software Say My HSA Contribution Is Taxable?
Your tax software shows HSA contributions as taxable income? Learn why it happens, how to fix it in TurboTax and FreeTaxUSA, and avoid penalties.