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Marcus by Goldman Sachs High-Yield Certificates of Deposit
- Our Rating 5/5 How our ratings work
- Minimum
Deposit Required$500 - 1 Year APY4.90%
- 3 Year APY4.15%
Marcus by Goldman Sachs offers some of the strongest CD rates currently available, as well as an impressive array of term lengths. With maturities ranging from six months to six years, as well as three no-penalty options, most people should be able to find a CD that works for their individual needs. Marcus CDs also feature a relatively low minimum opening deposit of $500, and once funded, new CDs are backed by a 10-Day Rate Guarantee.
Competitive Rates on a Wide a Variety of CD Terms
If you’re looking for a certificate of deposit (CD) issued by a reputable bank that also earns a higher interest rate than many others—you may have a lot to like about Marcus by Goldman Sachs. The bank offers competitive CD rates and a variety of term lengths, including a great 4.90% APY on its 12-month CD. As with other Marcus CDs, a $500 minimum is required and the CD is backed by the 10-day CD rate guarantee.
Pros
- Strong interest rates
- New deposits backed by 10-Day CD Rate Guarantee
Cons
- Minimum opening deposit required
Marcus CD Rates
| CD Term | APY |
|---|---|
|
7-month No-Penalty CD |
4.70% |
|
11-month No-Penalty CD |
4.70% |
|
13-month No-Penalty CD |
4.70% |
|
6 months |
4.80% |
|
9 months |
4.90% |
|
12 months |
4.90% |
|
18 months |
4.60% |
|
24 months |
4.20% |
|
36 months |
4.15% |
|
48 months |
4.05% |
|
60 months |
4.00% |
|
72 months |
3.90% |
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 range up to an ample 4.90% APY.
The $500 minimum to open a Marcus CD 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 afterward.
Recommended High-Yield Savings Accounts
| Bank Account | APY | Features | Learn More |
|---|---|---|---|
|
|
5.25%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
No minimum deposit |
Open Account |
|
|
0.50% - 4.60%
Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY |
No minimum deposit |
Open Account |
|
|
5.05%
Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
|
|
4.65%
Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
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
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No-Penalty CDs
If you’re worried 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.
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How Marcus CD Rates Compare
Several 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 some of its rates 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 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.
Bottom line, Marcus CD rates are competitive with many other online banks, and its selection of no-penalty CDs provides flexibility to those who may need access to their savings before maturity. Be sure to compare rates with various banks and credit unions to find the best CD accounts for your financial situation.
Alternatives to Marcus CDs
If you're looking for other CD products with comparable rates, here are a few options to consider from other banks.
Recommended CD Accounts
| Account | 1-Year APY | 3-Year APY | 5-Year APY | Learn More |
|---|---|---|---|---|
|
|
0.30%
Annual Percentage Yield is accurate as of April 2, 2024. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice |
0.40%
Annual Percentage Yield is accurate as of April 2, 2024. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice |
0.50%
Annual Percentage Yield is accurate as of April 2, 2024. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice |
Open CD |
|
|
4.80% | 4.00% | 3.90% | Open CD |
|
|
4.90% | 4.15% | 4.00% | Open CD |
|
|
4.70% | 3.75% | 3.75% | Open CD |
|
|
4.50% | 4.40% | 4.30% | Learn More |
Should You Open a Marcus CD?
Marcus by Goldman Sachs offers competitive rates on both its short-term and long-term CDs. What’s more, its 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 find the right CD for your needs.
Alternatively, a high-yield savings account might be a better choice for those who prefer liquidity and easier access to funds. Many banks offer sign-up bonuses when you open a new account and meet certain requirements.
Ready to open a Marcus by Goldman Sachs CD? Start here.
Marcus CD FAQs
-
Marcus CD rates go up to 4.90% APY. Its short-term CDs hover between 4.70% APY and 4.90% APY. Marcus’ 12-month CD features 4.90% APY. The bank’s rates are comparable with other online banks, and they’re higher than national averages, according to the FDIC.
-
The bank's highest rate right now is 4.90% APY on its 12-month CD, which is among the highest out there for CD accounts.
-
Yes, your Marcus CD has FDIC insurance up to $250,000 per depositor, per ownership category. This is standard insurance for all Member FDIC financial institutions.
-
You can open a Marcus CD online. 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 1-855-730-7283.
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Marcus CDs are a good choice for those who are looking for a competitive interest rate and can afford to lock up their funds for at least a year. But if you want to avoid early withdrawal penalties, Marcus does have a no-penalty CD with a competitive rate.
Ryan Tronier
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.
