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Merrick Bank Review 2025

Updated April 1, 2025
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At a glance

Overview

Consumers who have at least $25,000 and are looking to stash cash in a high-yield certificate of deposit (CD) may find that Merrick Bank is a good fit.

Highlights:

Top CD Rates
2.1
Rating: 2.1 stars out of 5
Bankrate Score
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CDs

Rating: 3.3 stars out of 5
3.3 /5
4.3
Rating: 4.3 stars out of 5
Customer Score
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See all 47 consumer reviews Arrow Right Icon
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 7/10/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
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Promoted offer:
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Member FDIC
Savings Account
4.30
%
APY
APY
Info Icon
As of 7/10/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
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Banking services provided by Sutton Bank, Member FDIC*
Checking Account
3.75
%
APY
APY
Info Icon
As of 7/10/2025
$0
Min. balance for APY
View offer Arrow Right Icon

Overall

Established in 1997, Merrick Bank is an online bank headquartered in Draper, Utah, that currently serves nearly three million customers. It offers some of the best CD rates nationwide, but it doesn’t provide other deposit products. Merrick Bank also offers credit cards for customers looking to build or improve their credit health, along with recreation loans and personal loans.

Pros

  • Checkmark Icon

    Merrick's CD yields are highly competitive compared to other online banks.

  • Checkmark Icon

    Customers nationwide can access the bank's CD products and choose from nine terms.

Cons

  • A steep deposit of at least $25,000 is required to open a CD.

  • Its credit card products come with low limits, steep APRs, and annual fees.

CTA We want to know what you think about Merrick Bank

We want to know what you think about Merrick Bank

Do you have experience with Merrick Bank? Let us know your thoughts.

Merrick Bank banking products

Merrick Bank CD overview

3.3
/5
Rating: 3.3 stars out of 5
SCORE BREAKDOWN
APY offering:
4.15%
Rating: 4 stars out of 5
4/5
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Minimum deposit:
$25,000.00
Rating: 1 stars out of 5
1/5
Info Icon
Range of term lengths:
3 mos – 5 yrs
Rating: 5 stars out of 5
5/5
Info Icon
Early withdrawal penalty:
Average
Rating: 3 stars out of 5
3/5
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Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
Info Icon
Offer IRA CDs:
No
Rating: 0 stars out of 5
0/5
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Pros

  • Checkmark Icon

    Merrick's CD yields are among the best available among online banks.

  • Checkmark Icon

    The bank offers enough CD terms for customers to build a ladder.

Cons

  • The $25,000 minimum deposit is much higher than you’ll find with other online banks.

  • The bank doesn’t offer any specialty CDs, such as a no-penalty CD.

Rate history for Merrick Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Merrick Bank
APY
APY
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National average APY
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How do we get this data?
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Bank fees

CD Term Early withdrawal penalty
Less than one year 90 days’ interest
One year to four years 180 days’ interest
More than four years 270 days’ interest

Customer experience

Customer support

Branch availability: Merrick Bank does not offer any branches. It does not own or operate ATMs; nor is it part of an ATM network.

Customer service: Customer service is available through a toll-free number, but the hours of availability aren’t posted on the bank’s website.

Digital experience

Merrick Bank’s mobile app gets favorable ratings from both Android and Apple iOS users. It allows customers to take care of the basics, such as reviewing recent transactions, scheduling payments and receiving account alerts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Merrick Bank customer reviews

CTA Merrick Bank has 47 reviews

Merrick Bank has 47 reviews

Dive into community reviews below and see what others think about Merrick Bank.

4.3 Star Icon
47 ratings
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Score breakdown
5 stars
49%
4 stars
36%
3 stars
15%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.3 / 5
Competitiveness of APY 4.2 / 5
Amount of fees 4.3 / 5
Customer support 4.5 / 5
Website / Mobile app 4.4 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Merrick Bank.
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Anonymous account holder
March 25, 2025
I like the deposit features of this bank, as I use the deposit a check by phone feature in the app, which is great.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 7, 2025
They have met all my needs sufficiently over the years.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 7, 2025
Love the amazing benefits and promotions they have.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 7, 2025
Their Customer support chat feature on their website is extremely responsive.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 3 / 5
Anonymous account holder
March 6, 2025
I appreciate their commitment to data security.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 6, 2025
Very satisfied with their products and services.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 6, 2025
Their online banking platform is the best I've used.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 6, 2025
The ability to categorize expenses helps me stay on budget.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 6, 2025
I like how easy it is to apply for a new financial product.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 6, 2025
The reward redemption process is fast and easy.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5