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Merrick Bank Review 2020
Published April 2020 by Adrian D. Garcia
Why trust us
Top CD rates
Merrick Bank offers some of the best CD rates nationwide. Unfortunately, this financial institution doesn't currently offer other deposit products.
Overall
2.9
Bankrate Score
If you have at least $25,000 you’d like to stash in a high-yield CD, Merrick Bank is a good fit for you. If you’re looking for a place to handle all your deposit needs — checking, savings, etc. — you will want to consider other options.
What we like
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Merrick's CD yields are among the best.
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Customers can access CD products nationwide.
What we don't
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The minimum deposit to open a CD is $25,000.
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The bank does not offer any deposit products other than CDs.
CD rates
2.9
Bankrate Score
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 relatively competitive yields.
Customers planning to withdraw their cash before their CD matures could forfeit a percentage of their account balance. For a 6-month CD, the early withdrawal penalty is equal to 1 percent of the balance or seven days' worth of interest, whichever is greater.
What we like
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Merrick's CD yields are among the best available.
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The bank’s CDs are available nationwide.
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Earned interest that is paid monthly can be transferred to a different bank.
What we don't
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The minimum deposit to open an account is $25,000.
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There are few CD terms available for customers interested in laddering.
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No special or non-traditional CDs are offered.
Bank experience
Merrick Bank offers a mobile app that has split reviews. On Google Play, reviews of the app are decent. On Apple’s App Store, the scores are lower. Regardless of what kind of smartphone you have, the bank app will let you take care of basics, such as review recent transactions, schedule payments and receive account alerts.
About Merrick Bank
Merrick Bank was founded in 1997. The Utah-based financial institution — a subsidiary of the New York-based financial services firm CardWorks — is a major provider of credit programs for those looking to build or rebuild their credit.
Adrian D. Garcia @ADRIANDGARCIA
Adrian D. Garcia joined Bankrate as a data reporter in 2018. Adrian previously spent four years covering business, trends and other news stories for Denverite.com, the Fort Collins Coloradoan and other news organizations in Colorado. He graduated with a journalism degree from the University of Colorado Boulder in 2014. He participated in ProPublica's inaugural summer data institute in 2016 and the SABEW Goldschmidt Data Immersion Training in 2019.