Merchants Bank of Indiana Money Market Account: 4.25% APY [Nationwide]

Take advantage of Merchants Bank of Indiana Money Market today to earn the attractive 4.25% APY rate!

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

Merchants Bank of Indiana Money Market

Their personal banking services are safe, reliable, and tailored to you. At Merchants Bank, relationships with their customers are top priority. Getting to know you is important to them. The more they understand your needs, the more they can help you succeed.

Here is your opportunity to earn a high interest rate with a minimum opening deposit of $50.

• Rate Offer: 4.25% APY Rate
• Availability: Nationwide
• Credit Inquiry: Soft Pull
• Minimum Balance: No minimum
• Maximum Balance: No maximum
• Monthly Fee: None
• Early Termination Fees: None

Application Link

Merchants Bank of Indiana Money Market Checking Account: Apply today and start earning interest on your funds!

Account Rates

How To Open Account

• Open a Money Market Checking Account with a minimum opening deposit of $50
• You may apply for a Money Market Account online or in person

Merchants Bank of Indiana Account Benefits

• Minimum balance to open account is $50
• No minimum balance to earn APY
• APY may change after account opening
• Fees may reduce earnings on account
• Limited to 6 preauthorized transfers or withdrawals per monthly statement cycle

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.

Author’s Verdict

This is a great opportunity to earn a decent APY rate on balances up to $1 million! All you need is a minimum deposit of $50 and you can take advantage of this rate and no monthly fees.

In addition to the current promotion from Merchants Bank of Indiana, you can also take advantage of a range of great promotions from banks such as HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.

Lastly, let us know about your thoughts and experience with this account! Be sure to check back on BankDealGuy for more rewards checking or bank rates!