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Merrick Bank Review 2021
Top CD rates
If you have at least $25,000 you’d like to stash in a high-yield CD, Merrick Bank is a good fit for you.
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
Checking account
Overall
2.3
Bankrate Score
Merrick Bank offers some of the best CD rates nationwide. Unfortunately, this financial institution doesn't currently offer other deposit products.
What we like
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Merrick's CD yields are among the best.
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Customers can access CD products nationwide.
What we don't
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The minimum deposit to open a CD is $25,000.
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The bank does not offer any deposit products other than CDs.
CD rates
3.7
Bankrate Score
Member FDIC
CD
CDs are Merrick Bank's primary product offering for customers who want a place to store their cash. The bank offers a handful of CDs across different terms with competitive yields, and they’re available nationwide. The CD terms are six, 12, 18 and 24 months, giving customers the option to build a short-term CD ladder.
Each requires a sizable minimum deposit of $25,000 to open. The bank doesn’t offer any specialty CDs, such as a no-penalty CD.
What we like
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Merrick's CD yields are among the best available.
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The bank offers enough CD terms for customers to build a short-term ladder.
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The bank’s CDs are available nationwide.
What we don't
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The minimum deposit to open an account is $25,000.
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No special or non-traditional CDs are offered.
Bank experience
Merrick Bank offers a mobile app that has split reviews. On Google Play, reviews of the app are strong; on Apple’s App Store, the scores are lower. Regardless of what kind of smartphone you have, the bank app will let you take care of basics, such as review recent transactions, schedule payments and receive account alerts.
Merrick Bank doesn’t have any owned-and-operated ATMs, nor is it part of an ATM network. Account holders do get access to bill pay and account alerts.
Customers can reach a representative for help at 1 (866) 638-6851. However, representative hours aren’t made available on the bank’s website.
About Merrick Bank
Merrick Bank was founded in 1997. The Utah-based financial institution — a subsidiary of the New York-based financial services firm CardWorks — is a major provider of credit programs for those looking to build or rebuild their credit. However, the only deposit product offered by the bank is a certificate of deposit.
Lance Davis is the editorial director for Bankrate. Lance sets the vision and strategy for the editorial team to ensure Bankrate helps its readers make smarter personal finance decisions. Previously, he worked as the optimization editor, as well as the social media and newsletter editor. He joined Bankrate as a copy editor in November 2013. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.
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