Merrick Bank review: is it trustworthy?
Merrick Bank is not a traditional bank, and you can find its products online. Learn everything about this online bank that helps people rebuild their credit and reestablish their finances.
Understanding Merrick Bank: credit cards and loans with online-banking
You can get a wide range of banking services with Merrick Bank, and we’ll show you everything in this review. Check if they offer some financial products that you need right now.
Merrick Bank is an online bank, but it’s legit, and FDIC insured. So you can get your loans and credit cards through their website and be sure to receive a good service.
- Financial products offered: Credit cards, loans, and CDs
- Fee: $75 set-up fee and $0 to $98 annual fee for the credit cards
- Minimum balance: $25,000 minimum deposit for the CDs
How is banking with Merrick Bank?
Merrick Bank is not like other banks that come to your mind. It is based in Utah but works online for the entire U.S. It doesn’t have any type of account for you to open, so you’ll have to find another bank to put your money.
But it does offer many types of loans. You can get a personal loan or a recreational loan. You can also ask for one of their credit cards. All of these services are targeted toward people with not-so-good credit scores, so don’t worry about that.
Merrick Bank also offers one of the best rates for Certificates of Deposit on the market, with outstanding APYs. However, you’ll have to place at least $25,000 in your CD to get it approved.
It does not provide a premium banking service, and its financial products don’t have many benefits, but you’ll get a decent credit line even if your credit score is not in its best shape.
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Merrick Bank: should you open an account?
A good review has to show you not only the benefits but some possible drawbacks you may find in Merrick Bank services. So, The Post New will highlight some pros and cons. But remember that every bank will work differently for each people. See if it fits you!
- Offer loans and credit cards for people with not-perfect credit scores
- The secured credit cards have good interest rates if compared with other credit cards in the same category
- Recreational loans to help you get your boat or your horse trailer to have fun with your family
- Merrick Bank offers no checking or savings account
- No physical branches for in-person attendance
- When you get a credit card, the annual fee is deducted from your credit limit on the first month
- The minimum deposit for the CD is extremally high, which makes it impracticable for most people.
Why should you choose Merrick Bank?
If you need a personal loan or a credit card, but your credit score is not that good, you have a good chance of being approved with Merrick Bank.
It is not a bank for those who are looking for a checking or savings account. The CDs are also not affordable for most people, so you’ll have better luck looking for it at some other bank.
How to start banking with Merrick Bank
Merrick Bank has no physical branches, so after reading this review, you can apply online for its products. We’ve made content explaining the eligibility requirements and the step-by-step to join this bank.
To get this information, read the following post, and go get your Merrick Bank financial product.
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