Merrick Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • Competitive interest rates on CDs
  • Credit cards available
  • Accounts are online
  • Interest credited monthly


  • High opening required amount
  • Not everyone qualifies for an account
  • Acceptance takes a long time
  • Limited accounts offered

What You Need to Know

Interest rates on Merrick Bank CDs offer competitive interest rates. The rates are competitive with other online CDs. They are much higher than other brick and mortar bank rates.

Merrick Bank offers personal credit cards. They offer a Secured Visa credit card specifically to build or rebuild customer’s credit. They also offer a Platinum Visa for customers who have better credit. Each credit card comes with Zero Liability for Unauthorized Use and account alerts.

Merrick Bank is an online account. Once you are approved to open a CD everything else for your account is online or on the mobile app. You can deposit or withdraw money from the CD during the grace period or at maturity.

The Merrick Bank 12-month CD term offers competitive interest rates. The interest you earn is credited to your account each month. You can watch your money grow. You can withdraw money from your CD during the grace period or once the CD reaches maturity.

To open a CD through Merrick Bank requires a large sum. The 12-month CD requires $25,000 to open the account. The opening deposit must be one transaction. Deposit money electronically through a linked bank account.

When applying for a CD with Merrick Bank, you must qualify. Each CD is carefully reviewed. Acceptance to open a CD is based on the person's credit. If you do not meet the set criteria, you cannot open an account with Merrick Bank. If you receive an offer in the mail, you are eligible to open a CD.

After you apply for an account with Merrick Bank, you will receive a letter in the mail. This will inform you if you qualified for an account or not. The letter takes two to three weeks to receive. If after the allotted time you have not heard from Merrick Bank, you can call customer service.

Merrick Bank offers a limited amount of personal deposit accounts. Only one 12-month CD is available. They do offer personal credit cards and lending options. This bank helps customers build or rebuild their credit. To open an account, you must qualify.

Cool Things

Financial Education

The Merrick Bank website offers a financial learning section. Here you can learn how to budget and how to keep good credit. You can get advice on financial matters in a marriage and a family. Some of those topics include retirement and planning for college. There are articles on how to talk to your kids about money. Learn basic financial terms with Merrick Bank’s word of the day.


Merrick Bank is not a typical personal deposit bank. This bank specializes in credit programs. They work to help people who need to build or rebuild their credit. Merrick Bank has around three million cardholders.

Merrick Bank is a national leader in providing boat and RV loans to those who have had credit problems in the past. They now offer horse trailer loans as well. Their assets exceed $2 billion. They work with people who have low credit scores or past bankruptcies. They also offer merchant acquiring services.

Awards and Recognition

  • Better Business Bureau Accredited Business

Frequently Asked Questions

Is Merrick Bank FDIC insured?

Yes. Merrick Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Through electronic transfers. Link your Merrick Bank CD to an external bank account. Once the accounts are linked, you can electronically transfer money between the accounts.

Does Merrick Bank offer mobile banking?

Yes. Merrick Bank offer a mobile app. With the app, you can make payments, view account balances, and view statements.

Is Merrick Bank free?

There are no monthly maintenance fees for the Merrick Bank CDs. The only fees are from withdrawing money before the maturity date. Withdraw money during the grace period to avoid fees.

Is Merrick Bank a good bank?

The interest rates for the CD is competitive. It does require $25,000 to open the CD. Merrick Bank only offers a 12-month CD term. They do offer credit cards and some lending options.

Is Merrick Bank secure online?

Merrick Bank encrypts personal information and has firewalls in place. Merrick Bank limits the personal information employees can see.

Does Merrick Bank offer competitive interest rates?

Yes. The Merrick Bank CD offers competitive interest rates. The CD rates are much higher than typical brick and mortar bank rates. Merrick CD rates are competitive with other online CDs.

Can I use Merrick Bank for my business accounts?

No. The only personal deposit account Merrick Bank offers a 12-month CD. Credit cards and some lending options are available. No specific business accounts are available.

How is Merrick Bank online banking different from the online banking my bank offers?

The interest rates for the Merrick Bank CD is much higher than typical bank rates.

Do Merrick Bank checking accounts pay interest?

Merrick Bank does not offer checking accounts. The only personal deposit account they offer is a 12-month CD. Personal credit cards and lending options are available.

How do I reach customer service?

By phone or email.

Does Merrick Bank offer bill pay?

No. Merrick Bank does not offer checking accounts. Since no checking accounts are available, no bill pay is available.

Can I deposit cash?

No. Make deposits through electronic transfers from a linked external account.

How long do transfers take?

Specific transfer times are not listed on the website.

Can I sign up for direct deposit to Merrick Bank accounts?

No. Deposit money during the grace period or after the maturity date of the CD. During those times, you can electronically transfer money into Merrick Bank CDs.

Bank Contact Information

Merrick Bank Deposit Services Customer Service
P.O. Box 4001
Springfield, MO 65808

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