Merrick Bank CD Rates and Review
Merrick Bank CD rates, which were already one of the highest CD rates available, were increased overnight. 1 year CD rates at Merrick Bank are now at 2.80 percent with an APY of 2.84 percent. The old 1 year CD rate from Merrick Bank was 2.77 percent with an APY of 2.80 percent. This increase puts Merrick Bank 1 year CD rates in forth place on our rate list. The minimum opening deposit for a CD account at Merrick Bank is $10,000.
Merrick Bank CD Account Benefits
- Very competitive CD rates
- FDIC insured up to the maximum allowed by law
- Anywhere account access 24/7
- No Hidden fees
Merrick Bank currently credits interest to your CD account on a monthly basis on the same date each month as the date on which the account was opened. You can also arrange to have CD interest paid to you monthly, via ACH transfer, by contacting Merrick Bank at 1-866-638-6851.
Info Needed to Open a CD at Merrick Bank
- Social Security Number
- Date of birth (Account Owners must be at least 18 years old)
- Email address
- Valid U.S. street address (no P.O. Box)
- To fund your Merrick Bank CD Account, you will also need your funding bank account and routing number.
- Be enrolled in NetTeller
Merrick Bank CD Account Fine Print
- The maximum account balance is limited to a balance of $250,000. Any interest accrued and paid to the account is exempt from this maximum balance limit
- The CD account is considered open when we receive funds via ACH transfer
- The initial funding of the CD account must be made via Automated Clearing House (ACH) transfer, and must be made in U.S. Dollars from an account owned by the Account owner(s)
- Do not accept cash, checks, money orders, wire transfers or international wire transfers for deposit
- In order to ensure that Merrick Bank has properly verified your identity, the bank will place a temporary hold on the Account until they have completed our verification procedures
- After your initial deposit, you may not make additional deposits into or withdrawals from the Account until the Maturity Date
- The Account will automatically renew at Maturity. You will have ten calendar days after the Maturity Date to withdraw funds without penalty
Merrick CD Early Withdrawal Penalty
- Account terms 364 days or less, the early withdrawal penalty is equal to 1% of the Account balance, or 7 days’ interest, whichever is greater.
- Account terms between 365 and 729 days, the early withdrawal penalty is equal to 2% of the Account balance, or 7 days’ interest, whichever is greater.
- Account terms of 730 days or more, the early withdrawal penalty is equal to 3% of the Account balance, or 7 days’ interest, whichever is greater.
Compare other CD rates at banks to Merrick Bank CD rates to get the best deal today.