Merrick Bank Certificate of Deposit
Savers with $25K+ who want a locked-in, FDIC-insured rate above 4%.
Anyone without $25,000 to commit or who needs liquidity before maturity.
Merrick Bank's CD lineup is straightforward and genuinely competitive. With the Fed Funds Rate sitting at 3.63%, every term on this ladder clears that benchmark — the 60-month term at 4.15% APY runs 0.52 percentage points above the policy rate, a meaningful real-yield cushion for long-term savers. The 12-month CD at 4.00% APY is the sweet spot for most: it beats the national average for 1-year CDs by a solid margin, landing Merrick Bank near the top quartile in our database for this category. Shorter terms (3- and 6-month) at 3.90% are still above-average but less differentiated from the pack. The upward-sloping rate curve rewards commitment — savers who can lock in 24 to 60 months pick up an additional 10 to 25 basis points over the 12-month rate, which is worth considering if you believe rates will drift lower as the Fed continues its easing cycle. The non-negotiable hurdle here is the $25,000 minimum, which filters out most casual savers. Those who can meet it get daily compounding, FDIC insurance, and a clean online experience through Banno. Early withdrawal penalty terms are not disclosed on the page — review the Terms & Conditions before committing to a longer term.
Confirm the rate and term are still available. Review the early-withdrawal penalty in the fee schedule — it can erase months of interest.
Jun 14, 2026
SwitchWize Research Desk · methodology
- FDIC insured up to $250,000
- Monthly fee: Not mentioned
- Opening deposit required: $25,000
| Term | APY |
|---|---|
| 3 months | 3.95% |
| 6 months | 3.95% |
| 1 year | 4.10% |
| 1.5 years | 4.10% |
| 2 years | 4.20% |
| 3 years | 4.20% |
| 5 years | 4.20% |
Apply online at merrickbank.com with your SSN, date of birth, email, U.S. street address, and external bank account details for ACH funding. You must be at least 18 and deposit the full $25,000 minimum in one transaction. Call (866) 638-6851 for support.
Merrick Bank's CD lineup is straightforward and genuinely competitive. With the Fed Funds Rate sitting at 3.63%, every term on this ladder clears that benchmark — the 60-month term at 4.15% APY runs 0.52 percentage points above the policy rate, a meaningful real-yield cushion for long-term savers. The 12-month CD at 4.00% APY is the sweet spot for most: it beats the national average for 1-year CDs by a solid margin, landing Merrick Bank near the top quartile in our database for this category. Shorter terms (3- and 6-month) at 3.90% are still above-average but less differentiated from the pack. The upward-sloping rate curve rewards commitment — savers who can lock in 24 to 60 months pick up an additional 10 to 25 basis points over the 12-month rate, which is worth considering if you believe rates will drift lower as the Fed continues its easing cycle. The non-negotiable hurdle here is the $25,000 minimum, which filters out most casual savers. Those who can meet it get daily compounding, FDIC insurance, and a clean online experience through Banno. Early withdrawal penalty terms are not disclosed on the page — review the Terms & Conditions before committing to a longer term.
What happens if I withdraw from a CD early?
Most CDs charge an early-withdrawal penalty — typically 60 to 150 days of interest depending on the term. Breaking a 12-month CD at month 3 with a 90-day penalty can reduce your effective yield to near zero. Always read the fee schedule before opening.
Is a CD FDIC insured?
Yes. Certificates of deposit at FDIC-member banks are insured up to $250,000 per depositor. The fixed rate and FDIC coverage make CDs one of the safest places to hold cash you can afford to leave untouched for the full term.
What is a CD ladder?
A CD ladder splits your savings across multiple CDs with staggered maturities — for example, 3-month, 6-month, and 12-month terms. As each CD matures, you reinvest at the current rate, giving you the higher rates of longer terms and regular access to a portion of your cash.
Can the CD rate change after I open it?
No. The APY on a standard CD is locked at the opening rate for the full term. This is the main advantage over a high-yield savings account: you know exactly what you will earn, regardless of future Fed rate cuts.
Rates are sourced from Bankrate and verified by SwitchWize. SwitchWize may earn a referral fee when you click through to a partner. Content is for informational purposes only and does not constitute financial advice. Verify current rates directly with the institution before opening an account.