Municipal Deposit AccountsAccount solutions tailored for our community partners
Mercantile Bank can help local governments, school districts and publicly funded organizations streamline their banking.
Mercantile Municipal Deposit Account Options
An easy to understand account that provides liquidity, safety and interest by leveraging deposits already maintained at Mercantile.
- $50.00 minimum opening deposit
- $6.00 monthly maintenance fee is waived if you maintain a $35,000.00 average available balance per statement cycle or a combined average available balance greater than $50,000.00
- Combined average available balance in all deposit accounts held in the same legal name and Tax ID at Mercantile Bank of Michigan is greater than $50,000.00. Qualifying deposit account(s) include any combination of the following business deposit accounts: checking, money market, savings, and certificate of deposit accounts and must reside on the same customer portfolio.
- Unlimited monthly transactions
- Unlimited monthly cash deposit allowance
- Unlimited incoming and outgoing wire activity
- Tiered interest rate
Service charges are subject to change
Municipal Certificates of Deposit (CDs)
Competitive market rates with the ability to obtain a higher rate for maintaining additional deposits.
- $500.00 minimum opening deposit
- Automatic renewal standard for your convenience
- Flexible maturities range from 30 days to 60 months
- Subject to an early withdrawal penalty when principal is withdrawn prior to maturity
- Savings options that comply with Public Act 20 to ensure deposits are safe and secure
- The interest rate and annual percentage yield on the account will be determined on the day the deposit is accepted
Fees could reduce earnings on the account
Please visit the Treasury Management Services page for additional solutions for municipalities. Mercantile has a full suite of competitive cash flow options to meet your financial needs.