Marcus by Goldman Sachs offers a suite of CDs with terms from 6 to 72 months and a $500 minimum deposit, featuring competitive high-yield rates up to 4.05% APY. In addition to traditional CDs, the online bank provides a no-penalty option and a rate bump CD that lets customers upgrade once if rates rise. While rates are favorable on some terms, the online-only format means no in-person branch access. FDIC-insured up to $250,000 provides safety, but shoppers should compare across institutions for the best overall yield. The outlook emphasizes shopping around as rates and products remain fluid.
Dive Deeper:
High-yield CD overview: Marcus lists CD terms ranging from 6 to 72 months with APYs from 4.00% to 4.05% and requires a $500 minimum deposit.
No-penalty CD specifics: APYs are 3.75% for 7 months, 3.80% for 11 and 13 months, with a $500 minimum; withdrawals are penalty-free after opening and a seven-day waiting period.
Rate bump CD specifics: A 20-month CD at 3.75% APY with a $500 minimum; allows a one-time rate upgrade if Marcus raises rates during the term, subject to a grace period of 10 days and early withdrawal penalties tied to term length.
Early withdrawal penalties: 90 days of interest for terms under 1 year, 180 days for 1–5 years, and 270 days for more than 5 years.
Account safety and access: Marcus CDs are FDIC-insured up to $250,000, provided by Goldman Sachs Bank USA; the product is online-only with no physical branches.
Product scope and options: In addition to high-yield CDs, Marcus offers a high-yield savings account and several credit cards; the no-penalty and rate bump CDs add flexibility in uncertain rate environments.
Consumer guidance: The source advises comparing Marcus rates with other institutions and considering alternative vehicles like high-yield savings, money market accounts, or Treasury securities to optimize yield.