Want to open a high-yield CD? Merrick Bank could be a good choice (2024)

Merrick Bank is a Utah-based bank founded in 1997. It’s most well-known for its credit card offerings—it currently services 3 million cardholders with a combined $6 billion in credit. However, it also provides deposit accounts in the form of certificates of deposit (CDs).

Merrick’s high-yield CDs offer above-average annual percentage yields (APYs) with low fees. In this Merrick Bank review, we’ll discuss the pros and cons of these CD accounts so you can decide if they’re right for you.

All rates and fees are current as of July 2, 2024, and are subject to change.

Merrick Bank

CD rates:Earn up to 5.40% APY

Want to open a high-yield CD? Merrick Bank could be a good choice (1)


  • High APYs on CDs: CDs at Merrick Bank earn some of the highest yields on the market.
  • Customer service is available five days a week: Monday through Friday, you have 10 hours a day when you can speak to a representative for assistance.
  • Federal Deposit Insurance Corp. (FDIC) insurance up to $250,000: CD deposits you make are insured up to the maximum allowed by law.


  • CDs are the only account option: Merrick doesn’t offer savings accounts, checking accounts, or MMAs.
  • High minimum deposit: Casual savers might not be able to meet the steep $25,000 minimum deposit for CDs.
  • Only one location: Merrick Bank only has one branch location in Utah. If you live outside that area, you’ll need to rely on its digital banking services.

Merrick Bank is good for the saver who has a fair amount of money they won’t need to touch for a few months or years. You’ll earn an APY above 5% for all terms a year and less, and longer terms are still in the mid-to-upper 4% range. It could be a good option for someone who wants to buy a house or new car in a year and is looking for a place to park their down payment to earn some interest.

Merrick’s minimum CD deposit of $25,000is rather steep, so individuals without a large savings fund might not be able to meet the requirement to open an account. For example, if you’re starting up your emergency fund, you’ll want to save with another bank.Another downside is the fact that it only has CDs—you can’t open up a savings, checking, or money market account (MMA) here, which is quite limiting. You shouldn’t use Merrick if you’re looking for an all-in-one banking solution. Finally, the only in-person Merrick Bank branch is in South Jordan, Utah, so if you don’t live in the area that could be a hindrance.

Merrick Bank rates and products

Merrick Bank’s only deposit account is a CD. These accounts offer a fixed, competitive rate of return and are FDIC-insured for the maximum amount

CDsUp to 5.40% APY

Certificates of deposit

Merrick Bank offers some of the best CD rates on the market, with its three-month, six-month, nine-month, and 12-month terms all exceeding 5% APY. You can access your Merrick Bank CD anytime with 24/7 online account access. There are also no hidden fees to worry about—only an early withdrawal penalty if you take out your funds before the term ends.

Merrick Bank CD features

Minimum opening deposit$25,000
Maximum account balance$250,000
Available term lengths3–60 months
APY range4.20% to 5.40%
Early withdrawal penaltyTerm of 364 days or less: 90 days’ interest
Term between 365 and 1,459 days: 180 days’ interest
Term 1,460 or longer: 270 days’ interest
Interest compounding
Daily (credited monthly)
Interest withdrawableYes
Maturity grace period10 days

You cannot deposit money for your CD in the form of cash, checks, money orders, or wire transfers. Merrick requires you to make your initial deposit via automated clearing house (ACH) transfer. When you want to withdraw your money, an ACH transfer out is your only free option. Otherwise, you’ll pay $25 for a wire transfer or $25 for a check disbursem*nt.

Interest is paid out monthly into your CD, but you can elect to have it paid into an external account instead. This doesn’t count as an early withdrawal.

When your term ends, you’ll have 10 days to decide whether or not you want to renew the CD. If you don’t do anything, the bank will renew your CD automatically at the same term at whatever the current rate is.

Other services Merrick Bank offers

Merrick Bank is more well-known for its other services. It's a top 200 credit card issuer in the United States:

  • Credit cards: All Merrick Bank credit cards come with a free monthly FICO Score check, zero liability for unauthorized use, and flexible payment options.
  • Recreation loans: Merrick provides financing for RVs, boats, trailers, and power sports vehicles to consumers who might otherwise have trouble getting a loan, such as those with discharged bankruptcies, charge-offs, collections, or judgments.
  • Personal loans: Merrick's personal loans have no early payoff penalties and allow you to change your default payment preference as many times as you wish.
  • Acquiring services: Businesses can take advantage of wholesale incentive stock options (ISOs), retail ISOs, and PayFacs offered by Merrick.
  • Online education tools: For consumers who need help increasing their financial knowledge, Merrick Bank offers the Money Sense education module.

Online banking

While Merrick technically isn't an online-only bank because it has one location, most customers rely on its online banking platform to access their accounts. Merrick Bank uses Banno, a digital banking platform designed for community and regional banks, as the base for its online account access.

The Merrick Bank platform and customer support

Merrick Bank calls its collection of online banking services goServices. These include:

  • goPaperless, which allows you to receive electronic account statements
  • goMobile, the bank's mobile app
  • goScore, a credit score monitoring tool
  • goLearn, a financial knowledge education tool
  • goSpecialOffers, which are deals available specifically to Merrick Bank customers

The Merrick Bank goMobile app is rated 4.6 stars on both Google Play and the App Store, but it's primarily set up for credit card users. It allows you to check your credit score and view your monthly statements.

If you need help when using Merrick Bank, you can call the U.S.-based customer service team Monday through Friday from 8 a.m. to 6 p.m. Central time or send an email to deposits@merrickbank.com. There is no weekend customer service.

Is Merrick Bank secure?

In 2009, Merrick Bank lost $16 million in a hacking event that compromised 40 million credit card accounts. It blamed its processor, CardSystems Solutions, for not complying with Visa and Mastercard's security regulations. Another incident happened in 2019 when hackers fraudulently used mobile app credential information to access cardholders' names, email addresses, account balances, credit limits, the last four digits of card numbers, and transaction histories.

That said, all of these incidents revolved around credit cards. Merrick Bank hasn't had any security breaches for its CD accounts. It uses transport layer security (TSL) to protect digital information, as well as authentication techniques, firewalls, and intrusion detection systems.

Merrick Bank user reviews

User reviews for Merrick Bank are relatively positive, with the bank scoring 4.5 stars on Trustpilot, 3.6 stars on WalletHub, and 4.2 stars on ConsumerAffairs. It also has an A+ rating from the Better Business Bureau (BBB).

Reviews note how applying for a CD online is quick and simple, with the funding process going smoothly. Others praise how easy the website is to navigate. On the negative side, some customers ran into issues wiring money from their CD account or experiencing bad customer service.

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Is Merrick Bank right for you?

As long as you can meet the $25,000 minimum deposit requirement, Merrick Bank is a good place to park your money for a set amount of time in a CD. However, if you'd like withdrawal flexibility, other account types, in-person branches, or a lower deposit requirement, you should consider another bank.

Frequently asked questions

Is Merrick Bank a legitimate bank?

Merrick Bank is a legitimate bank chartered by the Utah Department of Financial Institutions and insured by the FDIC.

Is Merrick Bank financially stable?

As of the first quarter of 2024, Merrick Bank had more assets than liabilities, making it financially stable. It had slightly less than $6 billion in total assets compared to slightly less than $5 billion in total liabilities.

What bank owns Merrick Bank?

CardWorks, Inc. owns Merrick Bank. This financial serving company has been around since 1987.

Want to open a high-yield CD? Merrick Bank could be a good choice (2024)


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