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Merrick Bank Review 2022
Top CD rates
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.
Member FDIC
MMA
Member FDIC
MMA
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Overall
2.3
Bankrate Score
Merrick Bank offers some of the best CD rates nationwide, but it doesn't offer other deposit products.
What we like
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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.
What we don't
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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.
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 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.
Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.
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