Merrick Bank: 2024 Banking Review (2024)

Money Banking

Article updated on Jan 17, 2023

This online bank's certificates of deposit boast competitive APYs -- but its list of offerings ends there.

Why You Can Trust CNET Money

Our mission is to help you make informed financial decisions, and we hold ourselves to strict. This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .

Our Experts

Merrick Bank: 2024 Banking Review (1)

Written by

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio

Edited by

Merrick Bank: 2024 Banking Review (2)

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

See full bio

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Reviews ethics statement

Our Experts

Merrick Bank: 2024 Banking Review (3)

Written by

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio

Edited by

Merrick Bank: 2024 Banking Review (4)

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

See full bio

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Reviews ethics statement

Why You Can Trust CNET Money

Our mission is to help you make informed financial decisions, and we hold ourselves to strict. This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .

Table of Contents

  • Who is Merrick Bank suited for?
  • The experience at Merrick Bank
  • Early withdrawal penalties
  • How to contact Merrick Bank’s customer service
  • About Merrick Bank

Merrick Bank: 2024 Banking Review (5)

Merrick Bank

Overview

Merrick Bank is an attractive option if you want to open a certificate of deposit and can meet the bank’s steep $25,000 minimum balance requirement. Right now, this bank’s CDs offer some of the best APYs on the market.

But if you’re searching for any other type of traditional banking service, look elsewhere. This bank doesn’t currently offer savings or checking accounts.

What we like

  • Competitive CD rates:Merrick Bank has some of the highest CD APYs available.
  • Wide range of CD terms:You can choose from a large selection of CD terms, ranging from three to 60 months.

What we don’t like

  • Large minimum deposit requirement:You’ll need at least $25,000 to invest in a CD.
  • No other banking products available:Aside from CDs, Merrick Bank does not offer other traditional banking services like checking and savings accounts.

Merrick Bank products

Compare top CD rates

Overview

Merrick Bank offers CDs with terms from three months to 60 months, and all of the bank’s CDs offer some of the best yields in the marketplace. You will need to deposit a minimum of $25,000 to get started though -- a steep requirement when compared to other banks. Early withdrawal fees also range from 90 to 270 days of interest, depending on your CD term.

CD Account Features

CD termAPY
3-month3.00%
6-month4.35%
9-month4.00%
12-month4.55%
18-month4.55%
24-month4.40%
36-month4.15%
48-month4.05%
60-month4.00%

*APY as of January 17, 2023

Pros

  • Some of the best rates available

  • Wide range of terms

  • Monthly interest payouts available

Cons

  • Large minimum balance requirement

  • Limited customer service hours

  • Only standard CD options

  • No other banking products

Who is Merrick Bank suited for?

Merrick Bank is a good choice for anyone who wants to grow their money byinvesting in a CD, and wants to choose from a wide range of CD options. But the list ends there -- if you’re looking to open acheckingorsavings account, you’ll need to find another bank.

The experience at Merrick Bank

Since you can’t open a checking or savings account at Merrick Bank, you’ll need to fund your CD by linking an outside financial account. Once you open a CD, you likely won’t need to contact customer service until you receive a notice about your maturity date. At that point, you’ll have a 10-day grace period to withdraw all your money or renew your CD for another term.

Note: Merrick Bank has received a large number of complaints from past customers, according to the Better Business Bureau. However, the majority of these complaints are due to the bank’s primary line of business –credit cards.

Early withdrawal penalties

Here’s a rundown of early withdrawal penalties at Merrick Bank:

  • CD terms that are 364 days or less:Early withdrawal penalty is 90 days of interest.
  • CDs terms that range between 365 days and 1,459 days:Early withdrawal penalty is 180 days of interest.
  • CDs terms that are 1,460 days (four years) or longer:Early withdrawal penalty is 270 days of interest.

Merrick Bank’s customer service team can be reached by phone or email Monday through Friday, 8 a.m. CT to 6 p.m. CT at 866-638-6851 anddeposits@merrickbank.com. There is only one physical branch location in South Jordan, Utah.

About Merrick Bank

Merrick Bank is one of the 20 largest credit card issuers in the United States. Founded in 1997 and headquartered in Utah, the company focuses on helping individuals with credit issues rebuild their credit profiles. When it comes to other banking services, Merrick only offers one product: certificates of deposit.

Written by

David McMillin

Read more from David

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

Merrick Bank: 2024 Banking Review (2024)

References

Top Articles
Latest Posts
Article information

Author: Gregorio Kreiger

Last Updated:

Views: 5979

Rating: 4.7 / 5 (77 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Gregorio Kreiger

Birthday: 1994-12-18

Address: 89212 Tracey Ramp, Sunside, MT 08453-0951

Phone: +9014805370218

Job: Customer Designer

Hobby: Mountain biking, Orienteering, Hiking, Sewing, Backpacking, Mushroom hunting, Backpacking

Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.