Merrick Bank Review 2024
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At a glance
CDs
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
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
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Merrick's CD yields are highly competitive.
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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 banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 3/28/2024
Merrick Bank CD overview
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
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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 ladder.
Cons
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The minimum deposit to open an account is $25,000.
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No specialty CDs are offered.
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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 BankAPYAPYNational average APYHow do we get this data?
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?
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
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.
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