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On This Page
- At a glance
- Overall
- Merrick Bank bank products
- Bank fees
- Customer experience
- About Merrick Bank
- How Merrick Bank compares to other banks
- FAQs
- Review Methodology
At a glance
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.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
About our Sponsored Offers
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Member FDIC
Savings Account
4.25
%
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 9/2/2024
Rating: 4.4 stars out of 5
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.
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.
$0
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$0
Min balance for APY
Offer rate as of9/2/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.50
%
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 9/2/2024
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.
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
Promoted offer:
Barclays
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of9/2/2024
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
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 9/2/2024
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.
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
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of9/2/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
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.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.4
Rating: 4.4 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.
Bankrate Score
4.25
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 9/2/2024
$0
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$0
Min balance for APY
Offer rate as of9/2/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.9
Rating: 4.9 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.
Bankrate Score
4.50
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 9/2/2024
$0
Min. balance for APY
Promoted offer
Barclays
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of9/2/2024
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingYes
Member FDIC
Checking Account
4.9
Rating: 4.9 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.
Bankrate Score
0.50
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 9/2/2024
$0
Min. balance for APY
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of9/2/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Want to see more rates?
Take a look at our list of other banks that may be offering the rate you're looking for.
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.
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
FEATURES
3.70% – 4.85% APY
APY last updated between 8/26 and 9/1.
$25,000 minimum balance for APY
$25,000 minimum deposit to open
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
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 8/26 and 9/1.
APY
APY last updated between 8/26 and 9/1.
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.
Merrick Bank CD rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Merrick Bank
APY
APY last updated between 8/26 and 9/1.
APY
APY last updated between 8/26 and 9/1
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
08/27/2024 3.85% 1.44% 08/19/2024 3.70% 1.44% 08/12/2024 3.80% 1.44% 08/05/2024 3.60% 1.44% 07/29/2024 4.10% 1.42% 07/02/2024 4.25% 1.42% 06/04/2024 4.25% 1.43% 04/02/2024 4.05% 1.42% 03/12/2024 4.05% 1.43% 02/06/2024 4.05% 1.42% 01/23/2024 4.05% 1.43% 01/09/2024 4.10% 1.43% 01/02/2024 4.25% 1.43% 12/26/2023 4.30% 1.43% 12/12/2023 4.60% 1.43% 12/05/2023 4.65% 1.43% 11/14/2023 4.65% 1.45% 11/07/2023 4.70% 1.45% 10/31/2023 4.70% 1.46% 10/10/2023 4.85% 1.46% 10/03/2023 4.80% 1.46% 09/26/2023 4.80% 1.43% 09/12/2023 4.60% 1.43% 09/05/2023 4.20% 1.43%
Compare more:Bankrate's best CD rates
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 |
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 Aug. 26, 2024 and Sept. 1, 2024.
Selected bank Merrick Bank CD
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
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: No banks found
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. |
|---|---|---|
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 Aug. 26, 2024 and Sept. 1, 2024. | ||
| 4.50% | 4.80% | |
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. | |
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| N/A |
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| N/A |
Bankrate does not currently track additional product details for this bank. | Bankrate does not currently track additional product details for this bank. | 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.
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