Bank · FDIC insured
Merchants Bank CD Rates
Top CarrotMerchants Bank’s best CD rate is 4.08% APY on a 1-year CD. Terms run from 1 month to 3 years. Rates checked October 15, 2026.
How Merchants Bank’s CD rates compare
Compared with banks and credit unions near Indianapolis, IN, where Merchants Bank has the most branches. $10,000, best rate first.
This bank’s best
Merchants Bank
4.08%APY
- Term
- 12 months
- Minimum
- $1,000
- Earns on $10,000
- $408
Flex Index CD
Top rate
IU Credit Union
4.50%APY
- Term
- 6 months
- Minimum
- $2,000
- Earns on $10,000
- $223
2nd-highest rate
Elements Financial
4.50%APY
- Term
- 8 months
- Minimum
- $1,000
- Earns on $10,000
- $298
Merchants Bank CD score
84
CD score
Higher than 67% of U.S. banks and credit unions
- 3–8 months3–8 mo3.82%
- 9–15 months9–15 mo4.08%
- 16–30 months16–30 mo2.90%
- 31–60 months31–60 mo2.95%
- QualifiedQualified4.08%
Each track runs from the lowest to the highest rate among U.S. banks and credit unions; the dot is this rate.Qualified: needs another account or monthly activity.
Where Merchants Bank ranks
By CD score, in each area where it has branches
Every rate
Current CD rates
Rates from the bank’s website. Earnings assume the rate doesn’t change.
Flex Index CD
4.08%APY · 1 term
Must maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal. Interest rate is based on a Prime Rate index minus a margin of 3.00%, with a floor of 0%. Interest rate may change at any time based on changes in the index.
| Term | APY | Earns on $10,000Earns |
|---|---|---|
| 12 monthsMust maintain minimum balance of $1000 every day to earn APY. Interest rate is based on a Prime Rate index minus a margin of 3.00%, with a floor of 0%. Interest rate may change at any time based on changes in the index. Penalty may be imposed for early withdrawal | 4.08% | $408 |
Sources (1)
- bankmerchants.com/certificates-of-deposit · captured Sep 26, 2026
Fixed Rate CD
Up to 3.82%APY · 8 terms
Must maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal.
| Term | APY | Earns on $10,000Earns |
|---|---|---|
| 1 monthMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 3.15% | $26 |
| 3 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 3.82% | $94 |
| 6 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 3.82% | $189 |
| 12 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 3.25% | $325 |
| 18 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 2.80% | $423 |
| 24 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 2.85% | $578 |
| 30 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 2.90% | $741 |
| 36 monthsMust maintain minimum balance of $1000 every day to earn APY. Penalty may be imposed for early withdrawal | 2.95% | $911 |
Sources (1)
- bankmerchants.com/certificates-of-deposit · captured Sep 26, 2026
Opening an account
Confirm the bank’s opening requirements and whether the account is available where you live. A nearby branch does not establish eligibility for every rate.