Certificates of Deposit

We offer Certificate of Deposit* (CD) accounts for regular savings, retirement accounts (IRAs), and Health Savings Accounts (HSAs):

  • Start saving today with a minimum deposit of $500.
  • Flexible terms starting from just three months.

To open a Certificate of Deposit, visit any Merchants Bank location or apply online.


Individual Retirement Accounts (IRA)

Our retirement accounts can help you meet your long-term goals. We offer Traditional and Roth IRA Savings and Certificate of Deposit* (CD) accounts.

Both Traditional and Roth IRAs allow you to contribute a limited amount of money each year towards retirement. The difference between the two accounts lies in when taxes are paid on the funds contributed. Roth IRA contributions are deposited after-tax, which means the money has been taxed before it is put into your account, while taxes on contributions to a Traditional IRA are paid upon your withdrawal after age 59 ½. Some tax restrictions may apply and it is best to consult your tax advisor to determine which type of IRA is best for you.

Both of our IRA Savings and CD accounts include:

  • Flexible, competitive rates.
  • No annual or reporting fees.
  • Interest compounded quarterly on Savings and on CD terms of 12 months or longer.
  • No minimum deposit on our Savings option and $500 minimum for our CD option.
  • FDIC insurance.

To open an IRA, contact a Customer Service Representative at any Merchants Bank location or apply online.


*Rates of return vary by term and penalties apply for early withdrawal.