Merrick Bank Review 2022
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At a glance
CDs
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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
Overall
Merrick Bank offers some of the best CD rates nationwide, but it doesn't offer other deposit products.
Pros
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Merrick's CD yields are among the best.
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Customers nationwide can access the bank's CD products.
Cons
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The minimum deposit to open a CD is $25,000.
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The bank offers no deposit products other than CDs.
Merrick Bank bank products
Merrick Bank CD overview
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
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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.
Cons
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The minimum deposit to open an account is $25,000.
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No special or nontraditional CDs are offered.
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
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.
