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.
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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.
Edited by 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.
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 statementOur Experts
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.
Edited by 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.
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 statementWhy 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
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 term | APY |
|---|---|
| 3-month | 3.00% |
| 6-month | 4.35% |
| 9-month | 4.00% |
| 12-month | 4.55% |
| 18-month | 4.55% |
| 24-month | 4.40% |
| 36-month | 4.15% |
| 48-month | 4.05% |
| 60-month | 4.00% |
*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.
