Mercantile Bank of Michigan CD Rates
Who is not familiar with the name of Mercantile Bank in the horizon of financial stability? It allows the investors to go through deeper research and choose the CE option wisely for seeking long-term investments.
Moreover, Mercantile Bank of Michigan does not place special limitations on who can join their bank and take advantage of their current CD rate offers. The same goes for this bank’s IRA account offers.
Let’s have a more concise overview in depth;
Mercantile Bank of Michigan CD Rates Offers
The most authentic and precise to go cd offers by Mercantile Bank are as follows;
3-Month CD: Secure and Swift Earnings
- Minimum Opening Deposit: $500
- Interest Rate: 1.99%
- Annual Percentage Yield: 2.00%
Considerations
- Automatic Renewal for Convenience
- Early Withdrawal Penalty Applies
Pros & Cons
| Pros | Cons |
| Quick Earnings | Early Withdrawal Penalty Applies |
| Low Minimum Deposit | Automatic Renewal (consideration needed) |
6-Month CD: Maximize Returns in Half a Year
- Minimum Opening Deposit: $500
- Interest Rate: 4.67%
- Annual Percentage Yield: 4.75%
Considerations
- Flexible Maturity Period
- Subject to Early Withdrawal Penalty
Pros & Cons
| Pros | Cons |
| Competitive Returns | Withdrawal Penalty |
12-Month CD: A Year of Strong Financial Growth
- Minimum Opening Deposit: $500
- Interest Rate: 4.91%
- Annual Percentage Yield: 5.00%
Considerations
- Secure, Fixed-Term Investment
- Fees May Apply, Impacting Earnings
Pros & Cons
| Pros | Cons |
| Strong Financial Growth | |
| Fixed-Term Security | Potential Impact of Fees on Earnings |
24-Month CD: Balanced Returns for Mid-Term Goals
- Minimum Opening Deposit: $500
- Interest Rate: 3.21%
- Annual Percentage Yield: 3.25%
Considerations
- Considerable Flexibility with a 2-Year Horizon
- Potential Impact of Fees on Earnings
Pros & Cons
| Pros | Cons |
| Balanced Returns | – |
| 2-Year Flexibility | – |
11-Month Online CD: Swift Growth in the Digital Realm
- Minimum Opening Deposit: $500
- Interest Rate: 4.65%
- Annual Percentage Yield: 4.75%
Considerations
- Online Convenience with Attractive Returns
- Early Withdrawal Penalty Applies
Pros & Cons
| Pros | Cons |
| High Online Yield | – |
| Convenient Digital Access | – |
25-Month Online CD: Long-Term Stability in the Digital Space
- Minimum Opening Deposit: $500
- Interest Rate: 3.21%
- Annual Percentage Yield: 3.25%
Considerations
- Extended Online Term with Competitive Yields
- Mindful Consideration of Early Withdrawal Penalty
Pros & Cons
| Pros | Cons |
| Long-Term Stability | Early Withdrawal Penalty Applies |
How does Mercantile Bank of Michigan CD Rates Compare?
In comparison to similar CD terms offered by other banks, Mercantile Bank of Michigan’s CD rates demonstrate competitive and attractive yields across various durations. The bank’s 6-month and 12-month CDs, with rates at 4.75% and 5.00% respectively, stand out as particularly compelling options for those seeking relatively short-term investments with higher returns. The 11-month online CD, featuring a 4.75% APY, offers an appealing combination of online convenience and elevated yields.
However, it’s worth noting that the 3-month CD, with a 2.00% APY, and the 24-month CD, with a 3.25% APY, may be considered more moderate in comparison to other institutions. The 25-month online CD, with a 3.25% APY, provides a stable, longer-term option with a competitive yield in the online banking space.
Ultimately, the competitiveness of Mercantile Bank of Michigan’s CD rates depends on individual financial goals, risk tolerance, and preferences for term lengths. It is advisable to carefully consider the unique features and terms of each CD offering about personal financial objectives.
Overview Mercantile Bank of Michigan
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 among the very best in the nation. DepositAccounts.com recently rated it as one of the 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.
Locations Mercantile Bank of Michigan
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 the 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
Frequently Asked Questions
Competitive yields, flexible terms, and a low minimum opening deposit set us apart.
Automatic renewal is convenient but not mandatory; it ensures your CD continues earning interest seamlessly.
Early withdrawal is possible with a penalty; details depend on the specific CD term.
Rates are set on the day of deposit acceptance, offering transparency and stability throughout the CD term.
Yes, fees may apply, for which it is highly considerable to count their impact on your overall earnings.