Merrick Bank is Offering a 4.75% Return CD

Posted on Nov 19th 2022

554

Link

Merrick Bank is Offering a 4.75% Return CD

By Jennifer Miller

Merrick Bank and several banks are raising savings and CD interest rates. If you don't mind keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate and rates will not change for that time period.

The only catch is that, there is a minimum of $25,000 you need to deposit and it will be locked during the period.

Merrick Bank is a member of FDIC so up to $250,000 is guaranteed to be safe

Rates keep going up!

6 Month - 4.2% ($1050/year)
12 Month - 4.6% ($1150/year)
48 Month - 4.65% ($1162/year)
60 Month - 4.75% ($1186/year)

(return based on $25k deposit)

Link to Merrick Bank Certificate of Deposit Offer

Comment on this deal

tacoma99 - 2 years ago

Get treasury I bonds that pay 9.62%.
Do not lock money in for more than 6 mos.
Rates are guaranteed to be higher then.

Spoofee - 2 years ago

Spoofee.com!

Rates have gone from 3 to 3.25%.

That's still an extra $62.50 difference per year on the minimum $25k deposit.

Argument would be that it seems like inflation is going to continue to get worse so it's silly to lock in for such a long time.