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Merrick Bank Review 2022

Updated November 15, 2022
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At a glance

2.3
Rating: 2.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.7 stars out of 5

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Overview

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

Highlights

  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 2.3 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.15
%
APY
Rating: 2.3 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
2.00
%
APY
Rating: 2.3 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Merrick Bank offers some of the best CD rates nationwide, but it doesn't offer other deposit products.

Pros

  • Checkmark

    Merrick's CD yields are among the best.

  • Checkmark

    Customers nationwide can access the bank's CD products.

Cons

  • The minimum deposit to open a CD is $25,000.

  • The bank offers no deposit products other than CDs.

Merrick Bank bank products

3.7
Rating: 3.7 stars out of 5
Bankrate Score

Merrick Bank CD overview

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.

Pros

  • Checkmark

    Merrick's CD yields are among the best available.

  • Checkmark

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

  • Checkmark

    The bank’s CDs are available nationwide.

Cons

  • The minimum deposit to open an account is $25,000.

  • No special or nontraditional CDs are offered.

Compare Offer
Bank logo
Member FDIC
CD
4.15
%
APY
Rating: 2.3 stars out of 5
InfoHover for more
$500
Min. deposit
1 yr
Term

Bank experience

Merrick Bank’s mobile app gets mixed reviews, with Android users offering a much more favorable overall rating than iOS users. Regardless of which kind of smartphone you have, the bank app allows users to take care of basics, such as reviewing recent transactions, scheduling payments and receiving account alerts.

Merrick Bank has no owned-and-operated ATMs nor is it part of an ATM network. Account holders do get access to bill pay and account alerts.

Merrick Bank provides a toll-free number to reach customer service, but the hours of availability aren’t posted on the bank’s website.

About Merrick Bank

Merrick Bank is a credit card issuer and a provider of cards geared toward consumers seeking to build or rebuild their credit histories. The South Jordan, Utah-based financial institution was founded in 1997 and is a subsidiary of New York-based financial-services firm CardWorks. The only deposit product Merrick offers, however, is a certificate of deposit.

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.