Marcus by Goldman Sachs has some of the highest rates for certificates of deposit among online banks and a low minimum opening requirement of $500. It also offers competitive yields for no-penalty CDs.
Marcus CD rates
Marcus offers two types of CDs:
- Standard CDs (or what it calls “High-Yield CD”): These CDs have fixed rates and are subject to early withdrawal penalties.
- No-penalty CDs: These CDs also have fixed rates as well as the added benefit of no early withdrawal penalty, meaning you can withdraw the full amount any time after the first seven days without cost.
|6-month CD||0.60% APY|
|7-month no-penalty CD||1.90% APY|
|9-month CD||0.70% APY|
|11-month no-penalty CD||2.00% APY|
|1-year CD||2.15% APY|
|13-month no-penalty CD||1.65% APY|
|18-month CD||2.05% APY|
|2-year CD||2.10% APY|
|3-year CD||2.10% APY|
|4-year CD||2.10% APY|
|5-year CD||2.25% APY|
|6-year CD||2.30% APY|
» Want more options? See the best CD rates
How Marcus CD rates compare
Marcus by Goldman Sachs competes well with online bank CDs. Let’s compare:
» Learn more about accounts on our Marcus by Goldman Sachs review
More details about Marcus CDs
|Monthly fee||None, which is common for CDs|
|Range of CD terms||6 months to 6 years|
|Early withdrawal penalty||
*The penalty can include more than actual interest earned if the withdrawal occurs early enough.
|Bonus rate feature||10-Day Best Rate Guarantee. If you fund your CD within the first 10 days (opening day plus 10 days), you receive the best rate offered during that time. For example, if Marcus drops its five-year CD rate three days after you fund a five-year CD, you get to keep the higher rate. This feature also applies to the first 10 days after a CD renews.|
|Compounding period||Daily. (This detail helps you estimate what you can earn using a CD calculator.)|
|Grace period||10 days after the CD's maturity date.
Marcus CDs automatically renew, so this 10-day window is the only time to withdraw without getting hit by a penalty (except for no-penalty CDs).
|Marcus IRA CD available?||No; see other banks' options on our list of the best IRA CD rates.|
What to consider when opening CDs
- Interest rates are fixed. If you open a Marcus CD today, its annual percentage yield will stay the same until the CD expires. This benefits you if you lock in a CD before rates start dropping, but on the flip side, you’ll earn less on a CD if rates keep rising. It’s hard to know when CD rates will go up, since it depends on the Fed rate and other factors.
- You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a standard Marcus CD before it expires, there’s an early withdrawal penalty, which means losing some or all of the interest you earned. There is an exception: a Marcus no-penalty CD (compare with other no-penalty CDs).
» On the fence about a CD? If there’s a chance you’ll need easier access to your money, look into the best high-yield savings accounts instead.
High rates, plus no-penalty CD options
Marcus by Goldman Sachs CDs are top of the line thanks to competitive rates, low minimums and multiple CD types and terms. You can choose between standard and no-penalty CDs. If you want to compare more options, check out our list of best CD rates this month.