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Merrick Bank Review 2024

Updated January 2, 2024
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At a glance

2.4
Rating: 2.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.8 stars out of 5

About Bankrate Score

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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/17/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/17/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 6/17/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Merrick Bank is an online bank that offers some of the best CD rates nationwide, but it doesn’t offer other deposit products. The bank also offers credit cards and loans.

Pros

  • Checkmark

    Merrick's CD yields are highly competitive.

  • 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.

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Merrick Bank banking products

3.8
Rating: 3.8 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 nine CDs in terms ranging from three months to five years, and they all earn competitive yields.

Each CD 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 ladder.

Cons

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

  • No specialty CDs are offered.

  • 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
    Info
    National average APY
    Caret Down
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
CD
5.10
%
APY
APY
Info
As of 6/17/2024
Rating: 4.9 stars out of 5
Info
$500
Min. deposit
6 mo
Term
Promoted offer:

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.

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 CDs.

How does Merrick Bank compare to other banks?

  • Compare different account types offered by Merrick Bank. Annual percentage yields (APYs) shown were updated between June 10, 2024 and June 16, 2024.
Selected bank
Merrick Bank CD
Merrick Bank Logo
Member FDIC
Bankrate score
Rating: 3.8 stars out of 5
3.8
Info
Most comparable
Popular Direct CD
Popular Direct Logo
Member FDIC
Bankrate score
Rating: 4 stars out of 5
4.0
Info
Read review
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Bankrate score
Info
Read review
APY
Info
5.35% 5.20%
Minimum deposit
$25,000.00 $10,000.00
Term
9 mos 1 yr
In order to open one of Merrick Bank’s nine terms of CDs, you’ll need at least $25,000. Terms range from a three-month CD all the way to a five-year CD – so savers have plenty of options to choose from. Popular Direct offers a solid array of CD terms with high yields, ranging from three months to five years. However, the $10,000 minimum deposit required to open one is prohibitively high.
  • Merrick Bank offers nine terms of CDs.
  • Merrick Bank’s CDs offer a competitive yield.
  • Available CDs earn very high yields.
  • Popular Direct offers terms shorter than a year.
    N/A
  • You need at least $25,000, as a lump-sum amount, to open a CD at Merrick Bank.
  • Merrick Bank doesn’t have weekend customer service hours.
  • The minimum deposit required to open a CD is extremely steep.
  • All CDs are standard; Popular Direct doesn’t offer bump-up or no-penalty CDs.
  • A harsh early withdrawal penalty applies for CD terms longer than one year.
    N/A
APY offering:
5.35% - 9 mos
5/5
Info
Minimum deposit:
$25,000.00
1/5
Info
Range of term lengths:
3 mos - 5 yrs
5/5
Info
Early withdrawal penalty:
Average
3/5
Info
Offer no-penalty or bump-up CDs:
No
0/5
Info
Offer IRA CDs:
No
0/5
Info
APY offering:
5.20% - 1 yr
5/5
Info
Minimum deposit:
$10,000.00
2/5
Info
Range of term lengths:
3 mos - 5 yrs
5/5
Info
Early withdrawal penalty:
Subpar
2/5
Info
Offer no-penalty or bump-up CDs:
No
0/5
Info
Offer IRA CDs:
No
0/5
Info
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

Merrick Bank vs. Credit One Bank

Both Merrick and Credit One offer a limited selection of deposit products. Each offers CDs with competitive yields, yet you’ll need a sizable minimum opening deposit of $25,000 with Merrick and $100,000 with Credit One. Credit One offers two bump-up CDs, while Merrick only offers standard CDs.

While CDs are Merrick’s only offerings, Credit One also offers a high-yield savings account (which also requires a $100,000 minimum deposit).

Neither bank offers a checking or money market account, so if you’re looking to consolidate your banking under one roof, these won’t likely be good choices for you.

Merrick Bank FAQs

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.