Interested in Maximizing Your Savings?
Build Interest
with Great
Savings Opportunities
Achieving financial security can be as simple as
regularly placing funds in a savings account and
investment accounts. Our wide selection of
savings accounts and investment options allow
you to maximize your savings to ensure a
solid financial future.
Simple
Passbook Savings
Easily deposit and withdraw funds and maintain
an ongoing record of your transactions with a
traditional Mercantile Bank passbook savings
account. Accounts are assessed a $1.00
maintenance fee if daily balance falls
below $100.
Versatile
Statement Savings
Build your savings with the added benefit of
ATM transactions, fund transfers and 24-hour
banking with a Mercantile Bank statement
savings account.
Statement Savings and
Relationship Saving Benefits:
• Detailed monthly statement of transactions, interest
earned and up-to-date balances
• No monthly fee with low minimum monthly balance
• Easy transfers from savings to checking by ATM, phone or in person
• Free ATM card
• Free unlimited ATM transactions per month, anywhere, anytime +
• Fund access at ATMs around the corner and around the world
• Free 24-hour telephone banking
• Free online banking and bill pay (checking account required)
• Insured up to $100,000 per depositor by FDIC
+ Surcharge may be applied by the owner of a foreign ATM Machine.
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Effective: June 24, 2008
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| Statement Savings Rates | Minimum Balance Required |
Interest Rate |
APY* |
| Passbook and Statement | $10 |
1.00% |
1.01% |
| Holiday and All Purpose Club Accounts | $10 |
1.00% |
1.01% |
| * Annual Percentage
Yield Fees may reduce earnings on account. Need to maintain ($10) the minimum balance to obtain the APY. Interest rates may change after account is opened. All rates are subject to change based on market conditions. |
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Relationship Savings Account
Looking for a Savings Account that earns higher rates of interest on higher balance without having to tie your money up? The more you save the more we pay you.
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Effective: June 24, 2008 |
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Interest Rate |
APY* |
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| $10 - $9,999.99 | 1.00% |
1.01% |
| $10,000 - $24,999.99 | 1.98% |
2.00% |
| $25,000 - $49,999.99 | 2.23% |
2.25% |
| $50,000 - $74,999.99 | 2.47% |
2.50% |
| $75,000 or more | 2.77% |
2.80% |
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* Annual Percentage Yield |
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Holiday and
All Purpose Club Accounts
Saving for holiday gifts and vacations can be easy when you set up Mercantile
Bank club accounts. Make regular contributions to your accounts and receive
the funds plus interest when you are ready to spend. Holiday funds are disbursed
yearly on October 15. You select the month for disbursement of your all-purpose
club account funds.
Secure
Certificates of Deposits
With a multitude of investment opportunities and a sometimes volatile
stock market, the most secure way to save for your future may be a certificate
of deposit. Mercantile Bank CDs provide a secure investment option with a
track record of stability and growth.
Advantages to CD Investing:
• Minimum investment of $1,000, and only $500 for IRA accounts
• Highly competitive interest rates, varying with length of term
• Short-term and long-term programs, from seven days to five years
• Interest compounded and paid monthly by check or by crediting another
Mercantile Bank account
• Various payment options for larger investments
• Deposits insured up to $100,000 per depositor by FDIC
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Effective: June 24, 2008 |
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Certificate of Deposit Rates |
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| Terms | Minimum Balance Required to earn APY |
Interest Rate |
APY* |
| 31-181 Days | $1,000 | 2.50% | 2.50% |
| 6 Months | $1,000 |
2.80% |
2.80% |
| 12 Months (1 year) | $1,000 |
3.25% |
3.30% |
| 18 Months | $1,000 |
3.45% |
3.50% |
| 18 Month Bump-up | $1,000 |
3.35% |
3.40% |
| 24 Months (2 years) | $1,000 |
3.69% |
3.75% |
| 24 Month Bump-up | $1,000 |
3.59% |
3.65% |
36 Months (3 years) |
$1,000 |
3.93% |
4.00% |
| 36 Month Bump-up | $1,000 |
3.84% |
3.90% |
| 48 Months (4 years) | $1,000 |
4.17% |
4.25% |
| 60 Months (5 years) | $1,000 |
4.17% |
4.25% |
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* Annual
Percentage Yield. The annual Percentage Yield assumes principal and
interest remaining on deposit at the same rate for one year. Penalty
may be imposed |
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| **Annual Percentage Yield (APY) subject
to change. Offer maybe withdrawn at anytime. A penalty will be imposed for early withdrawal. The bump-up option is one time during the term. To exercise your option, you may come into or call the Bank. Your new rate will match your CD term at that time for the remaining months. At maturity, in the absence of instruction, your certificate will automatically renew. The account will renew as a fixed rate certificate of deposit without an option to bump-up the interest rate. Minimum balance require to open and earn APY is $1,000.00. |
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High-interest
Individual Retirement Accounts
Investing your funds in an individual retirement account can help
you securely save for the future and may also reduce your current taxes. Mercantile
Bank offers traditional and Roth IRAs with no annual fee.
• Higher interest rates
• Tax-deductible interest, in most cases*
• Fixed and variable rate CD accounts
• Periodic or lump sum contributions
• Insured up to $250,000 per depositor by FDIC
* Please consult your tax advisor
before making any tax-related decisions
High-interest
Money Market Accounts
Receive very competitive interest rates and have full-time access
to your money with a Mercantile Bank money market account.
• Deposit balances earn variable interest rates related to current
market conditions and balances
• Three third party checks allowed per month
• Unlimited withdrawals and deposits at branch offices
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Effective: June 24, 2008 |
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| Money Market Rates | ||
| Personal | Interest Rate |
APY* |
| $10 - $2,499.99 | 0.50% |
0.50% |
| $2,500 - $49,999.99 | 1.98% |
2.00% |
| $50,000 - $99,999.99 | 2.47% |
2.50% |
| $100,000.00 or more | 2.77% |
2.80% |
| Commercial | Interest Rate |
APY* |
| $10 - $2,499.99 | 0.50% |
0.50% |
| $2,500 - $49,999.99 | 1.98% |
2.00% |
| $50,000 - $99,999.99 | 2.47% |
2.50% |
| $100,000.00 or more | 2.77% |
2.80% |
| * Annual Percentage
Yield Fees may reduce earnings on account. Need to maintain the minimum balance to obtain the APY. Interest rates may change after account is opened. All rates are subject to change based on market conditions |
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When you're too busy to get to the bank or want to check your account status, Mercantile Bank's online banking services allow you to access your accounts any time of day. Your secure access allows you to:
• Check account balances
• See which checks have cleared
• Transfer funds between accounts
• Schedule future fund transfers
• View recent transactions
• Make bill payments
Online banking services are free. Online bill payment has a small monthly fee.
Telephone banking is a call away
Access and manage your accounts with a toll-free call from any touch-tone telephone — anytime, anywhere. With this easy-to-use service, you can:
• Check your checking, savings or loan balances
• Find out if a check has cleared
• Hear a list of recent deposits and withdrawals
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Transfer funds between accounts
Once you register for our funds transfer feature, you can use telephone
banking to transfer money to or from your checking, statement savings or money
market accounts, or make a payment to your Mercantile Bank loan
or mortgage.
To try telephone banking, call toll-free at 1.877.799.6282
(MBTC).
Other Mercantile
Bank Services
With Mercantile Bank savings and investment accounts, you may also want to
consider the benefits of our other financial services:
• Personal checking
• Consumer loans
• Home financing
18/65 Rule waives
fees and charges
If you are under 19 or over age 65, you are eligible for an account on which
most fees and charges are waived or reduced. Please inform the bank if you
are in one of these age groups.
Personalized
Savings and Investment Opportunities
To open an account or learn more about Mercantile Bank savings and
investment services, stop by one of our neighborhood offices, contact
us or call 617.247.2800 to talk with one of our friendly banking
specialists.
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