By Melissa Grant, consumer deposit-products analyst with 12 years of experience reviewing savings fees, CD maturity terms and account disclosures
Last reviewed: July 20, 2026
First Merchants offers personal savings accounts, money market accounts and certificates of deposit for customers who want to separate cash from everyday checking. The right product depends on when the money may be needed, the balance that can remain in the account and whether the customer can accept an early-withdrawal penalty. This independent guide is not affiliated with First Merchants Bank.
For most searchers, the immediate job is to choose between flexible access and a fixed term. Savings and money market accounts allow continuing access, while a CD generally holds the deposit until maturity in exchange for a fixed rate during its term.
What Savings Options Does First Merchants Offer?
First Merchants currently presents several personal deposit choices:
| Product | Main use |
|---|---|
| Personal Savings | Basic savings with a comparatively low balance threshold |
| Money Market Savings | Tiered interest with check and debit-card access |
| Promotional Money Market | Temporary promotional rate subject to offer terms |
| Traditional CD | Fixed-rate deposit held for a chosen term |
| Smart Saver CD | One-year savings product with recurring deposit requirements |
| Promotional CD | Limited-term offer with published maturity and renewal rules |
These products do not solve the same problem.
A regular savings account may fit emergency cash or smaller balances. A money market account can provide broader access but currently carries a larger opening-deposit and fee-waiver threshold. A CD fits money that can remain untouched until its maturity date.
Choose the access requirement first. Skip comparing annual percentage yields until the customer knows whether the money may be needed next month.
How Does First Merchants Personal Savings Work?
The First Merchants Personal Savings account currently lists a $5 monthly service fee, waived when the customer maintains at least $300, receives eStatements or is under age 19. Interest is tiered by account balance, accrued daily and credited quarterly.
The product page also says no deposit is required at the moment of opening, but a deposit must be made within 60 days to avoid account closure or maintenance consequences.
That wording can confuse applicants.
“No opening deposit” means the online or branch application may be completed without funding the account immediately. It does not mean the account can remain empty indefinitely.
Do this first: choose eStatements during setup when paper delivery is unnecessary. Skip leaving the account unfunded while assuming the absence of an opening requirement removes every later funding condition.
The $300 balance route and eStatement route are alternatives under the current published terms. A customer who uses eStatements may therefore avoid the monthly service fee without keeping $300 in the account, although other service charges can still apply.
What Is the First Merchants Money Market Account?
First Merchants Money Market Savings combines interest with access through checks, an eligible debit card, mobile banking, telephone banking and MoneyPass ATMs. Rates are tiered according to balance, interest accrues daily and it is credited monthly.
The current standard product terms list:
- $1,000 minimum opening deposit
- $10 monthly maintenance fee
- fee waiver with a $10,000 minimum balance
- eStatement, combined-statement and paper-statement options
This creates a concrete decision point. A customer with $2,000 may meet the opening requirement but not the $10,000 fee-waiver threshold.
Compare the expected interest with the possible annual fee. A $10 monthly maintenance fee totals $120 over twelve months when no waiver applies. That calculation does not include other service charges or interest earnings.
Priority statement: confirm the expected average balance first. Skip opening a money market account solely because its rate is higher than a basic savings account.
How Do Promotional Money Market Rates Work?
First Merchants periodically advertises promotional money market rates. The current offer page says balances below $10,000 earn 0.01% APY under the displayed promotion, while qualifying higher balances receive the advertised promotional treatment. Fees may reduce earnings, public funds are excluded and the rate changes to the standard tiered money market rate after the promotional period.
Promotional rates are temporary.
The customer should verify:
- minimum qualifying balance
- promotional term
- what rate applies after the promotion
- monthly service-fee requirements
- whether new money or another condition is required
- the ZIP code or region used to display the offer
Rates are time-sensitive and may differ by location. The live offer page and account disclosure should control the decision.
A headline APY does not necessarily apply to the entire balance or every applicant. Read the balance tiers before transferring funds.
What Is a First Merchants CD?
A certificate of deposit holds money for a set term at a fixed rate. First Merchants offers traditional CDs and currently allows selected 12-month and 24-month CDs to be opened online, with other terms available through its rate and branch process.
CD interest is generally more predictable than the variable rate on a standard savings or money market account. In exchange, access is restricted.
First Merchants says early withdrawal can result in a penalty. Its promotional CD materials also warn of a substantial early-withdrawal penalty and state that interest is accrued daily and credited quarterly.
Do not place emergency funds in a CD simply to obtain a higher rate.
A car repair, medical expense or job interruption can force an early withdrawal. The penalty reduces earnings and, depending on the account terms and timing, can affect more than the interest already credited.
Keep liquid savings separate.
What Happens When a CD Matures?
First Merchants promotional CD disclosures currently state that the certificate automatically renews into the corresponding current term at the standard rate in effect at maturity.
The Smart Saver CD page similarly says that at maturity, funds may be withdrawn or renewed for another one-year term at the rate then available.
That makes the maturity date operationally important.
A customer who does nothing may move into a renewed CD with a different rate from the original promotional rate. The renewal rate is based on the terms available at that time, not the rate advertised when the original certificate was opened.
Record:
- opening date
- maturity date
- original term
- current balance
- renewal instructions
- contact method for maturity notices
Do not wait until several weeks after maturity to decide what to do. Review the certificate agreement for the applicable grace period and withdrawal rules because those terms can vary by CD and offer.
How Does the Smart Saver CD Work?
The First Merchants Smart Saver CD is a one-year fixed-rate product designed for regular saving. The bank says interest accrues daily and is credited quarterly, and the funds may be withdrawn or renewed when the term matures. An early-withdrawal penalty may apply.
The account differs from a traditional lump-sum CD because its conditions are tied to continuing deposits. The live product terms should be reviewed before opening because failure to meet the stated requirements may affect the account’s treatment.
This product may suit someone who wants a structured deposit habit and can leave the accumulated balance untouched for one year.
It is less suitable when monthly cash flow is unpredictable or the customer may need to remove funds before maturity.
Check the recurring contribution requirement first. Skip assuming the product behaves like an ordinary savings account with unrestricted withdrawals.
Can I Deposit a Check Directly Into Savings?
First Merchants’ mobile-deposit FAQ says savings accounts are not eligible for its Mobile Deposit service. Eligible accounts are normally enabled automatically, but a savings account cannot be selected as the direct destination under that service.
That is a useful hands-on detail.
A customer may open the mobile deposit screen, fail to see the savings account and assume the account is missing or restricted. The actual issue is product eligibility.
A practical alternative may be to deposit the check into an eligible checking account and then transfer cleared funds into savings. The customer should wait until the deposit is available before moving or spending it.
Do not submit the same check again because savings was absent from the account list.
Are First Merchants Savings Deposits FDIC-Insured?
First Merchants Bank identifies itself as a Member FDIC institution. Eligible deposits, including savings, money market accounts and CDs, are insured within applicable FDIC ownership categories and limits.
FDIC coverage is not calculated simply by counting account names.
Coverage depends on the depositor, ownership category and total deposits held at the same insured bank. Checking, savings, money market accounts and CDs owned in the same category can be combined when coverage is calculated.
The Federal Deposit Insurance Corporation is the relevant federal regulator and insurer for these deposit rules.
Customers holding larger balances or accounts with different ownership arrangements should use current FDIC guidance or speak with the bank before assuming that every dollar is separately insured.
How Do I Open or Manage a Savings Account?
First Merchants offers online account opening for selected personal savings and CD products. The application process may require identification information and a funding source, while certain products or terms require a branch appointment.
Once the account is active, customers can use First Merchants online or mobile banking to review balances, transactions and eligible transfers.
Use the bank’s website to enter digital banking. Skip searching for a separate “savings login,” because checking and savings accounts are generally viewed through the same personal online-banking profile.
Contact First Merchants when:
- the savings account does not appear after login
- a promotional rate differs from the application disclosure
- the money market fee waiver appears incorrect
- a CD maturity instruction is unclear
- an early withdrawal is being considered
- Mobile Deposit does not show an otherwise eligible account
- ownership or FDIC coverage needs clarification
Have the product name and a concise description of the issue ready. Do not provide confidential login or authentication information through ordinary email.
Frequently Asked Questions
Does First Merchants have a savings account?
Yes. It offers personal savings, money market accounts and CDs.
What is the Personal Savings monthly fee?
The current fee is $5 unless the customer maintains at least $300, uses eStatements or is under 19. Other charges may apply.
What is required to open a money market account?
First Merchants currently lists a $1,000 minimum opening deposit. The $10 monthly fee is waived with a $10,000 minimum balance.
Can I use a debit card with Money Market Savings?
Yes. The current product page lists a Mastercard debit card, checks, mobile banking and MoneyPass ATM access.
Can I withdraw a CD early?
Usually, but a penalty may apply. The exact penalty depends on the certificate agreement and term, so verify the specific CD disclosure before requesting the withdrawal.
Does a promotional CD keep the same rate after renewal?
Not necessarily. First Merchants says promotional certificates automatically renew into the current corresponding term at the standard rate available at maturity. That renewal rate may differ from the original promotional APY.
Can I make a mobile check deposit into savings?
No. First Merchants currently says savings accounts are not eligible for Mobile Deposit.
Which account is best for emergency savings?
A flexible savings or money market account is generally easier to access than a CD, but fees, balance requirements and withdrawal needs should be compared. A CD is less suitable when the funds may be needed before maturity because an early-withdrawal penalty can apply.
