Reviews

Marcus CD Rates 2024: A Competitive Review

Marcus CDs offer flexibility, low entry, and competitive rates for savvy savers.

Rickie C. Keys, Ph.D., MPH

Mar 17, 2024 — 1 min read

Marcus by Goldman Sachs stands out in the digital banking landscape with its array of high-yield Certificates of Deposit (CDs). It offers savers a blend of competitive interest rates, low entry points, and unique CD options like no-penalty and bump-up CDs.

Features:

Variety of CD Options: Offers traditional high-yield CDs, no-penalty CDs for flexibility, and bump-up CDs to capitalize on rising rates.
Competitive APYs: Rates range from 4.90% for a 6-month CD to 5.25% for a 1-year CD, making Marcus CDs highly competitive.
Low Minimum Deposit: Just $500 to start, accessible for many savers.
No Monthly Fees: Keeping costs low for account holders.

Benefits:

Flexibility and Security: No-penalty CDs allow for early withdrawal without fees, providing a flexible option for savers unwilling to commit long-term.
Rate Bump CDs: The possibility of increasing your rate once during the term if rates go up, providing a hedge against rising interest environments.
10-Day Best Rate Guarantee: Ensures savers get the highest rate offered within 10 days of opening or renewing a CD.
Ease of Use: A simple online application process, coupled with the backing of Goldman Sachs, offers peace of mind and convenience.

Product Summary:

Marcus by Goldman Sachs addresses the needs of savers at every level with its diverse CD offerings. From short-term savers seeking quick, competitive gains to long-term investors looking for secure, higher-yield opportunities, Marcus provides options. The low minimum deposit makes these high-yield opportunities accessible, while the no-penalty and bump-up CDs offer unique benefits that are hard to find elsewhere. Although Marcus CDs impose penalties for early withdrawal (outside of the no-penalty CDs), the bank's 10-Day Best Rate Guarantee and daily interest compounding make these products even more attractive. However, savers should be mindful that there are no options for IRAs and the lack of physical branches might not suit everyone's preferences.

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