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Marcus by Goldman Sachs CD Rates: Earn Up to 4.25% APY on Deposits

Discover how Marcus’s rates compare with other banks’ and whether it has the ideal certificate of deposit for you.

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If you’re looking for certificates of deposit (CDs) issued by a reputable bank that also earn a higher interest rate than most — you may have a lot to like about Marcus by Goldman Sachs.

Marcus offers competitive CD rates and a variety of term lengths from which to choose. The bank also features no-penalty CDs that allow flexible access to your money without the worry of early withdrawal penalties. 

Marcus CD Rates

CD TermAPY
7-month No-Penalty CD0.45%
11-month No-Penalty CD0.35%
13-month No-Penalty CD3.05%
6-month CD3.25%
9-month CD3.30%
12-month CD4.00%
18-month CD4.15%
2-year CD4.25%
3-year CD4.00%
4-year CD4.00%
5-year CD3.80%
6-year CD3.70%
Annual percentage yields (APY) are accurate at time of writing and may change without notice before a CD account is opened and funded.

How Marcus CD Rates Compare

Marcus CD rates are often higher than what many Main Street banks offer and even some online competitors, including Discover, Capital One and Briodirect. Marcus’s rates are on par with those of Synchrony and Popular Direct, but fall behind leaders such as Bread Financial (formerly Comenity Direct).

Keep in mind that CD interest rates rise and fall with the market, and they can fluctuate quite frequently. Considering the length of time it takes for a CD to mature, look for well-established banks and trustworthy financial institutions to hold your money.

But if you are interested in even higher yields, Gainbridge offers deferred fixed annuities starting at 5.25% APY. Although CDs and annuities are similar savings vehicles, there are notable differences. So be sure to familiarize yourself with how an annuity works before making a commitment.

Bottom line, Marcus CD rates are competitive with many other online banks, and its selection of no-penalty CDs provide flexibility to those who may need access to their savings before maturity.

Nonetheless, be sure to compare rates with various banks and credit unions to find the right CD for your financial situation.

Marcus CD Overview

  • Minimum deposit: $500
  • Interest: Compounded daily and credited monthly
  • CD terms: 12 options that range between 6 months to 6 years
  • Monthly fees: None

Marcus by Goldman Sachs features an assortment of CD terms between 6 months to 6 years. Each term length offers a distinct interest rate that ranges from a sparse 0.35% APY to an ample 4.25% APY.

The minimum to open a Marcus CD is $500, which is on the low end compared to other banks. You’ll have 30 days after account opening to fully fund your account, but no additional deposits can be made afterwards.

10-Day CD Rate Guarantee

If interest rates change after you open your account, Marcus pledges to give you the highest published rate within 10 days of account opening. 

So if rates go up within the first 10 days, you’ll enjoy the higher APY. However, if Marcus CD rates drop, you’ll still benefit from the higher initial rate. The only provision to this guarantee is that you need to fund your account with the $500 minimum opening deposit within the first 10 days. Otherwise, you’re subject to the published rate on the day your Marcus CD reaches the $500 minimum.

Interest disbursement

Your simple interest will compound daily, and it will be automatically added to your principal balance each month. As another option, you can choose to withdraw your earned interest without penalty.

Early Withdrawal

CDs are intended to keep your savings out of reach. If you withdraw funds before your CD matures, then you’ll pay an early withdrawal penalty. This penalty is based on your term length and principal account balance at the time of withdrawal.

Early Withdrawal Penalties

  • Terms of 1 year or less: 3 months’ worth of interest
  • 1 to 5 years: 6 months’ worth of interest
  • More than 5 years: 9 months’ worth of interest

No-Penalty CDs

If you’re worried that you may need access to your money before a CD reaches maturity, consider a no-penalty CD with Marcus. Unlike their traditional counterparts, these accounts do not charge a fee for early withdrawal. 

The trade-off is that no-penalty CDs typically offer less interest earnings on your principal balance, but the flexibility is peace of mind for those who are uncertain about the future.

Marcus has three term lengths to choose from, but the rates are middle-of-the-road compared with other no-penalty CDs.

Bottom Line

Marcus by Goldman Sachs offers competitive rates on both its short-term and long-term CDs. What’s more, it’s no-penalty CDs could be ideal for those who may need access to their money early. 

Still, compare rates and terms with a variety of financial institutions to ensure that you find the right CD for your needs.

Frequently Asked Questions

What is the interest rate for a CD at Marcus? Marcus CD rates range between 0.35% APY to 4.25% APY. Its short-term CDs hover between 3.25% APY to 4.25% APY (with shorter, no-penalty CDs earning less). Marcus’s 12-month CD features 4.00% APY. The bank’s rates are comparable with other online banks, and they’re higher than national averages, according to the FDIC.

Are Marcus CDs FDIC insured? Yes, your Marcus CD enjoys FDIC insurance up to $250,000 per depositor, per ownership category. This is standard insurance for all Member FDIC financial institutions.

How do you open a Marcus CD? You can open a Marcus CD online. Simply choose a CD term and then enter your information, including name, address, date of birth and Social Security number. You’ll then transfer funds into your new CD by linking a deposit account from another bank. Should you have any questions, customer support is available via online chat or by phone at 1-885-730-7283.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ryan M Tronier
Ryan M Tronierhttps://ryantronier.com/
Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.

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