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
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
We want to know what you think about Merrick Bank
Do you have experience with Merrick Bank? Let us know your thoughts.
Merrick Bank banking products
APY last updated between 11/14 and 11/20.
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 BankAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing 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?
- Compare different account types offered by Merrick Bank. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.
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Selected bank
Merrick Bank CD
Bankrate score
3.8
Bankrate CD rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
Most comparable
Popular Direct CD
Bankrate score
3.5
Bankrate CD rating = 3.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
Search for or select a bank:
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Bankrate score
Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
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| 4.30% | 4.25% | |
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Minimum deposit
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| $25,000.00 | $10,000.00 | |
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Term
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| 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. | |
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APY offering:
4.30% - 9 mos
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.
Minimum deposit:
$25,000.00
1/5
The minimum deposit amount a financial institution requires in order to open a CD.
Range of term lengths:
3 mos - 5 yrs
5/5
A designated amount of time that funds must be held within a CD.
Early withdrawal penalty:
Average
3/5
A penalty incurred when funds have been withdrawn from a CD before its maturity date.
Offer no-penalty or bump-up CDs:
No
0/5
A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.
Offer IRA CDs:
No
0/5
An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.
|
APY offering:
4.25% - 1 yr
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.
Minimum deposit:
$10,000.00
2/5
The minimum deposit amount a financial institution requires in order to open a CD.
Range of term lengths:
3 mos - 5 yrs
5/5
A designated amount of time that funds must be held within a CD.
Early withdrawal penalty:
Subpar
2/5
A penalty incurred when funds have been withdrawn from a CD before its maturity date.
Offer no-penalty or bump-up CDs:
No
0/5
A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.
Offer IRA CDs:
No
0/5
An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.
The minimum deposit amount a financial institution requires in order to open a CD.
A designated amount of time that funds must be held within a CD.
A penalty incurred when funds have been withdrawn from a CD before its maturity date.
A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.
An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.
Bankrate does not currently track additional product details for this bank.
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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.
Merrick Bank customer reviews
Merrick Bank has 22 reviews
Dive into community reviews below and see what others think about Merrick Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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