Table Of Content
Marcus by Goldman Sachs has a varied product line including CDs with numerous terms. You can open a CD in a matter of minutes and the Marcus customer contact team is available seven days a week if you run into any problems.
Among the numerous online banks, Marcus offers some of the best CD rates. So, here we’ll explore the Marcus CD product line and CD rates in more detail.
Marcus CDs
APY Range
Minimum Deposit
Terms
Our Rating
Marcus CDs
APY Range
Minimum Deposit
Terms
Our Rating
How Do Marcus CDs Work?
Marcus requires a minimum deposit of $500 to open a CD, which is low compared to the average CD minimum deposit.
After you’ve opened a CD, you’ll have up to 30 days to fully fund your CD. After the initial 30 days, you cannot add more funds to your CD account. You can select a CD term of six months to six years. The interest you earn on your CD will be added automatically to your principal balance each month.
You can withdraw the earned interest without any penalty and transfer it to your Marcus savings account or a linked bank account. However, if you do withdraw interest during the term, it will lower the overall amount you will earn on the CD.
What Are The Marcus CDs Rates?
Marcus offers a variety of options and terms. You can choose from 6 months to 72 months, and the total APY range is 3.90% – 4.80%.
Overall, the rates are quite high. For example, if you're looking for the 2-year CD, Marcus offers 4.00% APY, a very competitive rate compared to other banks 2-year CD rates.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 4.75% | 90 days interest |
9 Months | 4.80% | 90 days interest |
12 Months | 4.70% | 180 days interest |
13 Months – No Penalty | 4.50% | / |
18 Months | 4.25% | 180 days interest |
24 Months | 4.00% | 180 days interest |
36 Months | 4.15% | 180 days interest |
48 Months | 4.00% | 180 days interest |
60 Months | 4.00% | 180 days interest |
72 Months | 3.90% | 270 days interest |
Renewals and Withdrawals
Marcus CDs will automatically renew after the CD matures unless you contact the support team and choose another option. You will have a 10 day grace period after the maturity date to withdraw your funds or close your CD and open another with a different term.
You may incur an early withdrawal penalty if you want to withdraw your funds before the maturity date. Marcus does have no penalty CDs which offer lower rates, but allow you to withdraw your balance seven days or longer after you fund your CD.
No penalty CDs are available with 7, 11 and 13 month terms. However, if you have not opened a no penalty CD, you could end up with a penalty of up to 365 days of interest.
Top Offers From Our Partners
How Much Can You Earn If You Deposit $100,000 Today?
In case you deposit $100,00, here are the expected earning (before tax) if the interest is compounded daily:
CD Term | APY | Interest Earned |
|---|---|---|
6 Months | 4.75% | $2,370 |
9 Months | 4.80% | $3,614 |
12 Months | 4.70% | $4,744 |
13 Months – No Penalty | 4.50% | $4,925 |
18 Months | 4.25% | $6,489 |
24 Months | 4.00% | $8,210 |
36 Months | 4.15% | $13,064 |
48 Months | 4.00% | $17,093 |
60 Months | 4.00% | $21,805 |
72 Months | 3.90% | $25,958 |
Are Marcus CD Rates Competitive?
Compared to traditional banks, Marcus’ CD rates are extremely competitive. Even if you opt for the lower rate no penalty CDs, you can expect higher rates than you would get with a traditional bank. When you look at Marcus’ standard CDs, there really is no comparison.
When you compare Marcus CD rates with online banks, the differences become more difficult to spot. In the online bank niche, Marcus remains competitive, but there may be a possibility of finding better rates, depending on the term.
However, you may need to pay a higher minimum deposit and opt for a longer term to receive a higher rate. So, Marcus remains a competitive option.
Financial Institution | CD Range |
|---|---|
Chase Bank | 3.25% – 4.75% |
Citi Bank | 0.05% – 4.51% |
Discover Bank | 2.00% – 5.10% |
Synchrony Bank | UP TO 4.85 % |
American Express National Bank | Up to 4.25% |
Marcus | 3.90% – 4.80% |
Capital One | 3.90% – 4.50% |
Wells Fargo | 4.25%- 4.50% |
Bank Of America | 0.05% – 4.80% |
Ally Bank | 3.75% – 4.90% |
CIT Bank | 0.30% – 3.50% |
Marcus CD Rates vs Marcus Savings Rates
Marcus also offers a high-yield savings account, which may provide an alternative to Marcus CDs.
The key difference between Marcus Savings and Marcus CDs is the withdrawal terms. The Marcus savings account is a high yield account, which means that you are not tied to a specific maturity term to withdraw your funds. You are limited to a number of withdrawals per month, but if you choose to withdraw your entire balance, there is no penalty involved.
Another key difference between Marcus savings and Marcus CDs is that there is no minimum deposit requirement for the savings account. You can open the account with any amount and you can add funds as and when you please.
However, there is a cost for this flexibility, as the Marcus Savings rate is lower than the CD rates, even if you choose a short six month CD. So, you will need to assess which is the better option for you.
About Marcus
Marcus is a branch of Goldman Sachs and offers a variety of savings accounts and investment options along with some lending products. Marcus is one of our top-rated online banks.
Since it is tied to Goldman Sachs, Marcus is tailored towards those who are interested in investing. While it does have some strong account offerings, it lacks a checking account in its product line up so it is not a replacement for a standard or online bank.
Marcus is an online institution with no branches, but you can access the customer support team online, via the app or by phone. The online platform and app are designed to be highly functional to provide a great user experience. Marcus has a comprehensive website with a FAQ section and you can access live chat via the Marcus website. Here's our Marcus rating for 2024.
FAQs
Does Marcus Offer No Penalty CD Rates?
Yes, Marcus offer 13-month no, penalty CD, but the rates are lower than the standard Marcus CDs. Still, Marcus is one of the best places for no-penalty CDs.
Does Marcus offer promotions on CDs?
Yes, Marcus has a 10 day rate guarantee. If you open a CD and the rate goes up within 10 days, you will automatically qualify for the higher rate.
You may also notice that periodically, Marcus offers promotional rates on specific term CD products.
Do Marcus CDs come with a grace period? How does it work?
Marcus has a 10 day grace period for its CDs. Unless you previously stipulated, your CD will auto renew, but you have 10 days to withdraw the funds or close your CD and transfer the balance to a new CD to access a preferential rate.
How are Marcus CDs interest calculated?
The Marcus CD interest is compounded daily and added to your CD each month. You can withdraw the interest you’ve earned with no penalty, but this will impact the overall return on your CD.
How does Marcus early withdrawal penalties work?
The early withdrawal penalty for CDs depends on the term. If the CD term is less than 12 months, the penalty is 90 days of simple interest.
If the term is one to five years, the penalty is 270 days of simple interest and for terms of five years plus, the penalty for early withdrawal is 365 days of simple interest.
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Compare Marcus Certificate Of Deposit (CDs)
Marcus CDs vs Discover CDs
Discover the best CD rates Marcus and Discover offers with our comprehensive comparison, including early withdrawal penalty.
Synchrony CDs vs Marcus CDs
Synchrony and Marcus offer high CD rates, including no penalty CD. How do they compare when it comes to terms and early withdrawal penalty?
Capital One CDs vs. Marcus CDs
Marcus offers higher CD rates than Capital One on most terms but not all of them. Compare CD rates, min deposit, and early withdrawal fees.
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
-
CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
-
CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
-
Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
-
Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
