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Merrick Bank Review 2024

Updated July 19, 2024
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At a glance

2.4
Rating: 2.4 stars out of 5
Bankrate Score
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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
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 11/21/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info Icon
As of 11/21/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Checking Account
0.00
%
APY
APY
Info Icon
As of 11/21/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon

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 Icon

    Merrick's CD yields are highly competitive.

  • Checkmark Icon

    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.

CTA We want to know what you think about Merrick Bank

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

3.8
/5
Rating: 3.8 stars out of 5
SCORE BREAKDOWN
APY offering:
4.30%
Rating: 5 stars out of 5
5/5
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Minimum deposit:
$25,000.00
Rating: 1 stars out of 5
1/5
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Range of term lengths:
3 mos – 5 yrs
Rating: 5 stars out of 5
5/5
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Early withdrawal penalty:
Average
Rating: 3 stars out of 5
3/5
Info Icon
Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
Info Icon
Offer IRA CDs:
No
Rating: 0 stars out of 5
0/5
Info Icon
FEATURES
Invest Rate Icon
3.95% – 4.50% APY
Info Icon
Savings Icon
$25,000 minimum balance for APY
Loan Icon
$25,000 minimum deposit to open
Calendar Icon
3 months – 5 years

Merrick Bank CD overview

CDs are Merrick Bank's sole 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 Icon

    Merrick's CD yields are among the best available.

  • Checkmark Icon

    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 Icon
    National average APY
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    How do we get this data?
    Info Icon

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.
Selected bank
Merrick Bank CD
Merrick Bank Logo
Member FDIC
Bankrate score
Rating: 3.8 stars out of 5
3.8
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Most comparable
Popular Direct CD
Popular Direct Logo
Member FDIC
Bankrate score
Rating: 3.5 stars out of 5
3.5
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
Info Icon
4.30% 4.25%
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:
4.30% - 9 mos
5/5
Info Icon
Minimum deposit:
$25,000.00
1/5
Info Icon
Range of term lengths:
3 mos - 5 yrs
5/5
Info Icon
Early withdrawal penalty:
Average
3/5
Info Icon
Offer no-penalty or bump-up CDs:
No
0/5
Info Icon
Offer IRA CDs:
No
0/5
Info Icon
APY offering:
4.25% - 1 yr
5/5
Info Icon
Minimum deposit:
$10,000.00
2/5
Info Icon
Range of term lengths:
3 mos - 5 yrs
5/5
Info Icon
Early withdrawal penalty:
Subpar
2/5
Info Icon
Offer no-penalty or bump-up CDs:
No
0/5
Info Icon
Offer IRA CDs:
No
0/5
Info Icon
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Info Icon
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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.

Merrick Bank customer reviews

CTA Merrick Bank has 22 reviews

Merrick Bank has 22 reviews

Dive into community reviews below and see what others think about Merrick Bank.

4.5 Star Icon
22 ratings
Info Icon
Score breakdown
5 stars
59%
4 stars
27%
3 stars
14%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.5 / 5
Competitiveness of APY 4.1 / 5
Amount of fees 4.1 / 5
Customer support 4.4 / 5
Website / Mobile app 4.3 / 5
Verified Badge Icon Bankrate methodology disclosure

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

See what users like you are saying about Merrick Bank.
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Anonymous account holder
September 13, 2024
The bank is so nice and friendly. Customer service is always there to help you in person on the phone. They really go above and beyond their job duties to make sure you’re comfortable. They’re upfront they’re caring and help you in any kind away that’s needed.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The monthly fees are avoidable. it's a decent bank in terms of products and general standard account usage. however, the staff isn't the best when it comes to helping to resolve issues. It was convenient at the time.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
It’s very safe and has great potential and customer service. I was informed by friends or family.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 2 / 5
Anonymous account holder
September 13, 2024
It's a good bank, but you will need to keep a minimum balance at all times to make sure there isn't a fee that comes out. I needed something new and different from the other banks that I had been using at the time.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Checking the interest rate with the bank. they are a good bank with a lot of financial stability to help get you started. It's a great bank for all banking needs. Customer service has always been excellent. There website is easy to use and easy to understand. There hours are good for when I get off work there still open.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
It is an awesome bank. Chose it because of the name, reputation, and insured.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
It's very good. I love it.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
They're very helpful in working with my buisness. They have good program.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Merrick Bank could use more product availability, and in my personal opinion more knowledgeable, better trained staff. They may need a new financial advisor that helps them manage their assets, so their prices for fees are not ridiculous. It was recommended to me by a colleague who is also a customer. When I first opened my account, the fees were reasonable. There was a local branch in my area.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
I have had an overall good experience dealing with Merrick. Their fees are high like any bank, but they are worth it. The minimum deposit is lower than any other. Their customer service is better then most, and the mobile app is the best.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5