Merrick Bank Review 2024 | Bankrate (2024)

On This Page

At a glance

Merrick Bank Review 2024 | Bankrate (1)

2.4

Rating: 2.4 stars out of 5

Bankrate Score

CDs

Rating: 3.8 stars out of 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.

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

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.

Merrick Bank Review 2024 | Bankrate (2)

Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 7/9/2024

Rating: 4.9 stars out of 5

Bankrate Savings rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer:

Merrick Bank Review 2024 | Bankrate (4)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 7/9/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

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

  • Merrick's CD yields are highly competitive.

  • 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.

Merrick Bank Review 2024 | Bankrate (10)

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

Rating: 3.8 stars out of 5

Bankrate Score

Compare top CD rates

Merrick Bank CD overview

CDs are Merrick Bank's primary 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

  • Merrick's CD yields are among the best available.

  • 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 last updated between 7/2 and 7/8.

    APY

    APY last updated between 7/2 and 7/8.

    National average APY

    How 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.

Compare more:Bankrate's best CD rates

Bank fees

CD TermEarly withdrawal penalty
Less than one year90 days’ interest
One year to four years180 days’ interest
More than four years270 days’ interest

Find out:Tips to avoid common bank fees

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 July 2, 2024 and July 8, 2024.

Selected bank

Merrick Bank CD

Merrick Bank Review 2024 | Bankrate (11)

Member FDIC

Bankrate score

Rating: 3.8 stars out of 5

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

Merrick Bank Review 2024 | Bankrate (12)

Member FDIC

Bankrate score

Rating: 4 stars out of 5

4.0

Bankrate CD rating = 4.0/5

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.

Read review

Search for or select a bank:

Merrick Bank Review 2024 | Bankrate (14)

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.

Read review

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 July 2, 2024 and July 8, 2024.

5.30%5.30%

Minimum deposit

$25,000.00$10,000.00

Term

9 mos1 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:

5.30% - 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:

5.30% - 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.

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.

Learn more:The best banks of 2024

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 Review 2024 | Bankrate (2024)

References

Top Articles
Latest Posts
Article information

Author: Sen. Ignacio Ratke

Last Updated:

Views: 5977

Rating: 4.6 / 5 (76 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Sen. Ignacio Ratke

Birthday: 1999-05-27

Address: Apt. 171 8116 Bailey Via, Roberthaven, GA 58289

Phone: +2585395768220

Job: Lead Liaison

Hobby: Lockpicking, LARPing, Lego building, Lapidary, Macrame, Book restoration, Bodybuilding

Introduction: My name is Sen. Ignacio Ratke, I am a adventurous, zealous, outstanding, agreeable, precious, excited, gifted person who loves writing and wants to share my knowledge and understanding with you.