Dedicated to Deposits: Deals, Data, and Discussion

5.50% 6-Month CD at Merrill Lynch Bank

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Merrill Lynch Bank is offering a special 5.50% APY 6-month certificate of deposit. The minimum is $25,000. There's also a 5.25% APY 3-month CD available. The funds must come from sources other than an existing Merrill Lynch relation. Offer expires March 9, 2007.

Another perk for this promotion is the 15,000 Merrill Points that can be earned for purchasing this CD and for applying for a new Merrill Visa credit card. Use the credit card for $25 in purchases within 90 days and you'll receive the 15,000 points. For 10,000 points you can get a $100 gift card at Home Depot, Barnes and Noble, or Macy's (see Merrill's card site.

Merrill Lynch seems to offer these special CD's every few months. Unfortunately, this rate is a little lower than what was offered in November when the 6-month yield was 5.65%.

Since these CDs are not being purchased directly from a bank, there are more details. Refer to the Merrill's small print for all the details. Here are some of the important ones: The CDs are sold by Merrill Lynch and held in brokerage accounts in which standard account fees may apply. The CDs are issued by Merrill Lynch Bank USA or Merrill Lynch Bank and Trust Co. Merrill Lynch limits the purchase amount of a single CD from any one Bank to $97K for six-month CDs and $98K for 3-month CDs. The limits for IRAs are $243K and $246K.

Both Merrill Lynch Bank USA (FDIC page) and Merrill Lynch Bank and Trust Co. (FDIC page) are FDIC insured.
  Tags: CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
I opened a CD with Merrill Lynch and their credit card to get the points and it turned out to be a bad deal. I used the credit card within 90 days and I called the customer service repeatedly to inquire about the points and they claimed that such promotion never existed and points would not be rewarded.

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