Merrick Bank is headquartered in SOUTH JORDAN and is the 13th largest bank in the state of Utah. It is also the 177th largest bank in the nation. It was established in 1997 and as of March of 2025, it had grown to 500 employees at 1 location. Merrick Bank's CD rates are 5X the national average, and it has a B+ health rating.
Truly Great Service Bank
Just opened a CD online. Had a glitch and a wonderful rep helped me on the phone. They answer right away with a person!!! How many banks do that?
The rep was exceptional. Pleasant, courteous, patient, extremely competent. Great customer service.
The application was quick and simple. CD funded immediately by ACH. No extensive data gathering or hassles, just enough to prove you are who you are. The CD rate was close to the tops in the country.
No paper mailings of your account info. Just online and you print them out. Maybe you can get paper sent if you want. Not sure.
I highly recommend this bank.
As Good As It Gets
I've been moving money around to a lot of different banks the past several years, chasing rates because of the low rate environment we have been in. This bank is the best one I have found out of about a dozen I have used. Their process to open a CD is simple and 100% online, the website is very easy to use and navigate. When I do have a question, their online support via secure messaging has been perfect. Their representatives have all been very professional and super helpful. Outstanding experience !
Good CD Rate But Difficult To Open An CD Account
The good part is their 12month CD rate and their grade A safety rating. The bad part is the "online" application process which is really part online and part on the phone and will take a lot of your patience to get through the process and about 8 business days to get your account open and funded. Their headquarters is in Utah but you are not allowed to talk to anyone there. They have a call center in Missouri and the claim to be open till 6PM but they can't access any information from Utah after 5PM. You will need to unfreeze one of the credit bureau reports but they won't tell you this upfront--they will contact you later after the online application doesn't go through. After they get your credit report, they will contact you and ask you to call them so they can ask you "extra questions". After you jump through that hoop, they will then send the two microdeposits to the account you want to link to the Merrick CD account in order to fund the account. And on it goes for days and days on end, but if you want a good CD rate in a bank with a good safety rating, then this is the price you are going to pay. Good luck, John
CD Application Rejected
Applied for CD and was rejected, as my identity could not be verified. What nonsense, as I have be doing this on line for a few years now.
I called their customer reps to discuss rejection, they said they would need 24-48 hours to get back to me. I never heard back.
Spending my money, in this case $100,000, should not be difficult.
Consequently, another bank got my money.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34519 |
| Year Established | 1997 |
| Employees | 500 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.41% |
| Return on Equity - YTD | 12.12% |
| Annual Interest Income | $336.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $8.91B$5.98B |
| Loans | Q1 2025vs Q1 2024 | $5B$3.92B |
| Deposits | Q1 2025vs Q1 2024 | $6.97B$4.73B |
| Equity Capital | Q1 2025vs Q1 2024 | $1.85B$1.18B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $972.8MM$927.9MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $236.4MM$279MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |