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Marcus by Goldman Sachs High-Yield Certificates of Deposit

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at Marcus by Goldman Sachs

  • Our Rating 5/5 Read the review
  • Minimum
    Deposit Required
    $500
  • 1 Year APY4.40%
  • 3 Year APY4.00%
  • 18-month APY4.75%

Marcus by Goldman Sachs offers a wide variety of certificates of deposit, with high-yield CD terms ranging from six months to six years, as well as several no-penalty CDs that span seven to 13 months in length. Many of its rates are on par with the best online banks, and its $500 minimum opening deposit is lower than average.

Competitive Rates Backed by a 10-Day Guarantee

If you’re looking for certificates of deposits (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 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.

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 months (No-Penalty CD)

0.45%

11 months (No-Penalty CD)

0.35%

13 months (No-Penalty CD)

3.85%

6 months

3.75%

9 months

3.95%

12 months

4.40%

18 months

4.75%

24 months

4.35%

36 months

4.00%

48 months

4.00%

60 months

3.80%

72 months

3.70%

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 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 5.50% 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 provides 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 4.75% 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, 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 ensure you find the right CD for your needs.

Unlock High Interest Rates

Ready to open a Marcus by Goldman Sachs CD? Start here.

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Marcus CD FAQs

  • Marcus CD rates range between 0.35% APY to 4.75% APY. Its short-term CDs hover between 3.75% APY to 4.00% APY (with shorter, no-penalty CDs earning less). Marcus’s 12-month CD features 4.40% APY. The bank’s rates are comparable with other online banks, and they’re higher than national averages, according to the FDIC.

  • 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.

  • 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 1-855-730-7283.

RT

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.