![]() Additionally, since Merrick Bank does not have checking or savings accounts, you’ll need to transfer the funds from an external bank account, which may cause some delays and depending on your transfer method, you may incur fees from your current bank. However, this does come with the caveat that you need to deposit at least $25,000. ![]() In fact, Merrick Bank offers some of the highest CD rates on the market when it comes to 6 months CDs and 24 months. When compared to other online banks, the Merrick Bank CD rates stand up favorably. ![]() With the typical traditional bank, you are likely to find the CD rates are below the national average, whereas the Merrick Bank rates are several times higher than the national average. Merrick Bank CD rates are highly competitive, particularly when compared to traditional banks. You’ll need to speak to a Merrick Bank representative to opt for this as the standard practice is for the interest to be simply credited to your CD account, compounding for greater returns. However, interest is credited to your CD account on a monthly basis and you can arrange to withdraw the interest payments monthly via an ACH transfer. For CD terms of one to four years, the penalty increases to 180 days and it further increases to 270 days of interest for CD terms of four years or longer.If your CD has a term of less than one year, the early withdrawal penalty is 90 days of interest.The penalty is calculated according to the original term of your CD. Merrick Bank also has some hefty early withdrawal penalties if you need access to some or all of your funds before your CD matures. This may create a barrier for entry for many potential customers. Since Merrick Bank is an online financial institution, you’ll need to initiate a transfer from an external bank account to open your account. However, to access these products, you’ll need to deposit at least $25,000 in one transaction. You can select from a variety of terms from three months to five years, locking in your rate for the duration of the CD term. Merrick Bank offers one type of CD, which is a standard fixed term CD. All products are presented without warranty. Learn more about how we review products and read our advertiser disclosure for how we make money. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. ![]() This website does not include all card companies or all card offers available in the marketplace. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The product offers that appear on this site are from companies from which this website receives compensation. This website is an independent, advertising-supported comparison service.
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