Mercantile Bank of Michigan currently offers some of the most productive CD rates in the Wolverine State. In fact, one of their most popular offers involves a 60-month CD that comes standard with a 0.70% APY. Though this type of account does require a $500 minimum deposit, it doesn’t incur any kind of monthly service charge. It also allows monthly interest to be withdrawn prior to maturation and for partial early withdrawals of the principle to be made under limited circumstances without penalty.

However, this isn’t Mercantile Bank of Michigan’s best CD offer currently on the line. In fact, public entities seeking a CD can obtain a 60-month account centered on a 0.90% APY. While this rate is far higher, it comes with one noteworthy tradeoff. Namely, this public entity CD requires a $250,000 (250k) minimum deposit at the time of the account’s opening.

For public entities, Mercantile Bank of Michigan also offers several shorter CD accounts that can help members maximize their savings in a concise time frame. For example, their 365-day public entity CD carries a 0.45% APY while still requiring a $250,000 (250k) minimum deposit. For that same deposit amount, a public entity can also take advantage of this bank’s 90-day CD at 0.25% APY.

Rates as of May 18, 2020
$500 minimum balance requirement
Add-To CD has a $25 minimum balance requirement
Fees could reduce earnings
Penalty for early withdrawal

As of now, Mercantile Bank of Michigan does not place special limitations on who can join their bank and take advantage of their current CD offers. The same goes for this bank’s IRA account offers, which include a 60-month IRA with a 0.70% APY. Even their 36-month IRA account offers a productive 0.50% APY. Both come with a $500 minimum deposit requirement, though.


As its name implies, Mercantile Bank of Michigan makes its financial services available throughout the state of Michigan, including the Upper Peninsula. However, Michigan residents can currently only begin the process of opening an account with them online or at one of their physical branches, located in these following cities:

  • Alma
  • Berlin
  • Cadillac
  • Canadian Lakes
  • Clare
  • Comstock
  • East Lansing
  • Fairview
  • Grand Rapids
  • Hastings
  • Holland
  • Howard City
  • Ionia
  • Ithaca
  • Kalamazoo
  • Lakeview
  • Lowell
  • Merrill
  • Mount Pleasant
  • Otisco
  • Paw Paw
  • Portage
  • Remus
  • Rose City
  • Saint Helen
  • Saint Johns
  • Shepherd
  • St. Charles
  • Troy
  • Vestaburg
  • West Branch
  • Wyoming

Bank Overview

Based out of Grand Rapids, Mercantile Bank of Michigan stands today as the 2nd largest bank in the entire state as well as the 293rd largest bank in the US at large. An FDIC member, this institution began in 1997 and has since grown to include some 600+ employees across 45 branches.

In terms of this bank’s health and prosperity, the Mercantile Bank of Michigan ranks as among the very best in the nation. In fact, recently rated it as one of their top 200 healthiest banks in America. This is likely a result of their top-tier “A+” ratings across their Texas Ratio, Deposit Growth, and Capitalization. 

Of note, this bank’s 0.80% Texas Rating speaks to its overall stability and long-term resilience. That being said, the Mercantile Bank of Michigan’s Texas Ratio Trend only earned a “B+” rating at 27.41%. While that may not be the absolute best, such a rating still puts it in the upper echelon of banks in all of Michigan.