M

Merchants Bank

Best ForActive Investors & Savers
FeesNone ($0 Maintenance)

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 TypeThis ProviderIndustry AverageVerdict
Monthly Maintenance*$0.00$0.69EXCELLENT
Account Opening$0.00$1.88EXCELLENT
Account Closing$0.00$1.95EXCELLENT

* 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.

StocksETFsCDs

Interest Rates

Standard Rates

Balance RangeAPY
$0 - $5,0000.20%
$5,000 - $10,0000.25%
$10,000 - $15,0000.30%
$15,000 - $25,0000.32%
$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

Monthly Fee$0
Investment Threshold$0
Interest Rate (Cash)~0.35%
Debit CardIncluded
FDIC InsuredYes

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

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NegativeNeutralPositive

Sentiment data coming soon

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