Online banking with competitive CD rates

Summary: Founded in 1997, Merrick Bank is one of the top 20 credit card issuers, serving nearly 3 million cardholders. It also offers certificates of deposit (CDs) and a range of vehicle financing options.

Merrick Bank offers two credit cards.

The Merrick Bank® Credit Card requires no security deposit, features automatic credit line reviews, and comes with Mastercard® Benefits.

The Classic Secured Card allows you to choose a security deposit of $200 to $3,000, which serves as the credit line. This card offers the lowest APRs.

Recreational and personal loans

Merrick Bank partners with dealers to provide loans for recreational vehicles such as RVs, boats, trailers, and powersports vehicles. The bank also offers personal loans.

Merrick Bank’s CD terms range from three months to five years with rates as high as 4.1% APY. The minimum deposit required to open an account is $25,000, which must be deposited in a single transaction.

Merrick Bank doesn’t charge many fees. However, you could incur certain fees for specific services.

Some of the pros and cons you’ll want to consider before banking with Merrick include:

Pros:

• Access to credit scores and credit improvement tools: Merrick Bank customers can see their FICO scores for free in the mobile app and receive personalized information to better understand the key factors impacting scores.

• Competitive CD rates: Merrick Bank offers CD rates that are much higher than national averages. For example, its 3-month CD currently boasts 4.1% APY.

Cons:

• No checking or savings accounts: Merrick Bank’s deposit account options are limited. It does not offer a checking or savings account, which may be a drawback if you prefer to hold all of your accounts with one bank.

• High minimum opening deposit for CDs: Customers must have at least $25,000 to open a new CD at Merrick Bank, which is a relatively high amount compared to CDs offered by other banks and credit unions.

The Merrick Bank mobile application is available on the App Store and Google Play and has a rating of 4.7 and 4.6 stars, respectively. Customers can use the app to access their FICO score, make payments, check balances and available credit, set up account notifications, and more.

Read more: 10 best mobile banking apps of 2025

Yes. Merrick Bank is an FDIC-insured bank. This means that your deposits are federally insured up to $250,000 per depositor, per ownership category.

Merrick Bank’s routing number is 124384602.

As an online bank, Merrick Bank does not have physical banking branches for customers to visit.