
Merrick Bank was founded in 1997 and has just one location in South Jordan, Utah – which also serves as their headquarters.
Their primary business focus is on credit cards and helping consumer’s rebuild their credit. They have been recognized as a top 20 credit card issuer in the United States and claim almost 3 million cardholders with a total of ~$6 billion in credit issued.
Although not their main business, Merrick Bank also offers several CDs (certificates of deposit) to consumers that currently feature some very competitive APYs (annual percentage yields).
Merrick Bank is federally insured by the FDIC and all consumer deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.
They currently offer seven CDs with terms from 6 to 60 months. To see if these deposit accounts are right for you, continue reading our review below.
Merrick Bank CD Rates + Account Details

Merrick Bank’s CDs come with a steep minimum deposit requirement of $25,000 to open. This is significantly higher than most online banks which tend to keep their minimums to $1,000 or less.
CD Rates
Term | APY |
3 months | 4.75% |
6 months | 5.35% |
9 months | 5.50% |
12 months | 5.50% |
18 months | 5.25% |
24 months | 5.15% |
36 months | 4.50% |
48 months | 4.30% |
60 months | 4.20% |
To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.76% APY and 1.41% APY, respectively, according to FDIC data.
That said, some of the top CD rates offered by online banks are now above the 5.50% and 4.50% APY mark for the same respective terms.
How Do Merrick’s CD Rates Compare?
To get a better idea of how Merrick Bank’s CD rates stack up against the competition, take a look at the table below. It compares the most competitive CD rate at Merrick Bank with other FDIC-insured institutions and their most competitive offer.
Bank | Best CD Rate (APY) |
Apple Bank | 4.50% |
Morgan Stanley | 5.32% |
Third Federal Savings and Loan | 5.00% |
U.S. Bank | 4.95% |
Merrick Bank | 5.50% |
How Much Can You Earn with a Merrick Bank CD?
How much money you can earn with a CD from Merrick Bank is going to depend on the term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with a few of Merrick Bank’s CDs assuming a one-time deposit of $50,000.
CD Term | APY | Earnings |
6 months | 5.35% | $1,320.07 |
1 year | 5.50% | $2,750.00 |
2 years | 5.15% | $5,282.61 |
5 years | 4.20% | $11,419.83 |
Compounding and Crediting Interest
Merrick Bank CDs feature daily compounding interest. They credit this interest to your account monthly on roughly the same day you opened the CD.
If you would like to have this interest paid out to an external bank account, you may contact them to set up a monthly ACH transfer at 1-866-638-6851.
Grace Period and Early Withdrawal Fees
You’ll have 10 calendar days upon your CDs maturity ‘the grace period’ in which you may add or withdraw any or all funds without incurring a penalty. If the 10th day falls on a non-business day, then the grace period will be extended to the next business day.
If you need any of your funds prior to your certificate’s maturity, then you will incur a penalty fee.
Early Withdrawal Fees
CD Term | Penalty |
Less than 1 year | 90 days’ interest |
1 – 3 years | 180 days’ interest |
4+ years | 270 days’ interest |
Opening and Funding your CD
Applying, opening and then funding your Merrick Bank CD can be done online and in a few short steps.
Here’s what you’ll need to start and finish the process:
- Email Address
- Social Security Number,
- Date of Birth (Account Owners must be at least 18 years old),
- valid U.S. street address. No P.O. Box addresses allowed.
Funding:
- Current bank account number where funds will be coming from
- Your bank or credit union’s routing number
Banking Experience and Consumer Sentiment
Although Merrick Bank’s CDs come with highly competitive rates, they do have low review ratings on the BBB (Better Business Bureau).
That said, nearly all the reviews have to deal with their credit card products and not with their certificates of deposit.
Regardless, they have just a 1.08 star rating out of 5 with over 289 reviews as of the time of this writing.
In terms of their mobile apps, Merrick Bank receives much higher marks.
Their IOS app has a 4.6 star rating out of 5 with over 6,300 consumer ratings and their Android app has a 4.6 star rating out of 5 with over 12,900 consumer reviews.
The only type of deposit accounts Merrick Bank offers are its CDs. They don’t currently offer checking accounts, savings accounts or money market accounts.
There are also no ATMs nor is Merrick Bank a member of any ATM network.
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