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If you want to open a certificate of deposit, Merrick Bank is an attractive option and can meet the bank’s steep $25,000 minimum balance requirement. Currently, this bank’s CD offers the best APY on the market.
But if you’re looking for other types of traditional banking services, look elsewhere. This bank does not currently offer savings or checking accounts.
what we like
- Competitive CD Rates: Merrick Bank has some of the best CD APYs available.
- Broad CD Terminology: Choose from a wide range of CD durations from 3 months to 60 months.
dislike
- High Minimum Deposit: You need at least $25,000 to invest in CD.
- No other banking products available: Aside from CD, Merrick Bank does not offer traditional banking services such as checking or savings accounts.
Who is Merrick Bank suitable for?
Merrick Bank is perfect for those who want to grow their money. invest in CDsand want to choose from a wide range of CD options. But that’s the end of the list. Checking Also savings accountyou need to find another bank.
Merrick Bank CD Account Review
Merrick Bank offers CDs with terms ranging from 3 months to 60 months and all of the bank’s CDs offer the highest yields on the market. However, you need to deposit a minimum of $25,000 to get started. This is a strict requirement compared to other banks. Early withdrawal fees also range from 90 days to 270 days worth of interest, depending on the term of the CD.
Features of CD accounts
CD term | APY |
---|---|
Three months |
3.00% |
6 months |
4.35% |
9 Months |
4.00% |
12 months |
4.55% |
18 months |
4.55% |
24 months |
4.40% |
36 months |
4.15% |
48 months |
4.05% |
60 months |
4.00% |
*APY as of January 17, 2023
what we like
- Some of the Best Rates Available
- broad term
- Monthly interest payments available
dislike
- large minimum balance requirements
- limited customer service hours
- Standard CD option only
- No other banking products
Experience at Merrick Bank
Merrick Bank cannot open checking or savings accounts, so you must link an external financial account to fund your CD. Once you open the CD, there is little need to contact customer service until you receive notification of the expiration date. At that point, you will be given a 10-day grace period to withdraw all your money or renew your CD for another period.
Note: According to the Better Business Bureau, Merrick Bank has received numerous complaints from past customers. However, the majority of these complaints concern credit cards, which are the bank’s main line of business.
Penalty for early withdrawal
Here is a summary of Merrick Bank early withdrawal penalties:
- CD requirements within 364 days: The early withdrawal penalty is 90 days of interest.
- CD duration from 365 days to 1,459 days: The penalty for early withdrawal is 180 days interest.
- 1,460 days (4 years) or more CD term: The penalty for early withdrawal is 270 days of interest.
How to contact Merrick Bank customer service
Merrick Bank’s customer service team can be reached by phone or email Monday through Friday from 8:00 am to 6:00 pm. We only have one physical store 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 is focused on helping individuals with credit problems rebuild their credit profile. When it comes to other banking services, Merrick offers only one product. It’s a certificate of deposit.
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