Merrick Bank Review 2025
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At a glance
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 RatesHighlights:
CDs
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Established in 1997, Merrick Bank is an online bank headquartered in Draper, Utah, that currently serves nearly three million customers. It offers some of the best CD rates nationwide, but it doesn’t provide other deposit products. Merrick Bank also offers credit cards for customers looking to build or improve their credit health, along with recreation loans and personal loans.
Pros
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Merrick's CD yields are highly competitive compared to other online banks.
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Customers nationwide can access the bank's CD products and choose from nine terms.
Cons
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A steep deposit of at least $25,000 is required to open a CD.
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Its credit card products come with low limits, steep APRs, and annual fees.
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Merrick Bank banking products
Merrick Bank CD overview
Pros
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Merrick's CD yields are among the best available among online banks.
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The bank offers enough CD terms for customers to build a ladder.
Cons
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The $25,000 minimum deposit is much higher than you’ll find with other online banks.
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The bank doesn’t offer any specialty CDs, such as a no-penalty CD.
Rate history for Merrick Bank's CD accounts
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.
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.
Review methodology
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.
