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Marcus by Goldman Sachs CDs review

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Open a CD with a competitive APY and low minimum deposit.

If you’re looking to grow your savings faster, consider a certificate of deposit from Marcus by Goldman Sachs. It’s an online bank that offers strong APYs on its 1- to 6-year CDs. And you can open an account for as little as $500. But if you’re looking for a short-term CD, you’ll find better rates elsewhere.

1.3%

1-year APY

1.3%

3-year APY

1.35%

5-year APY

Details

Minimum deposit to open$500
Interest compoundingDaily
6-month APY0.6%
9-month APY0.7%
1-year APY1.3%
18-month APY1.3%
2-year APY1.3%
3-year APY1.3%
4-year APY1.3%
5-year APY1.35%
Early withdrawal penalty90 days interest for terms of 1 to 12 months
270 days interest for terms of 13 to 60 months
365 days interest for terms of 61 + months

Expert review

Kevin Joey Chen

Review by


Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.

Expert review

Marcus by Goldman Sachs is an online-only bank offering attractive rates on longer-term CDs. You can open a CD with a $500 minimum deposit, which is relatively low compared to other banks.

Avoid the 6- and 9-month CDs, which have mediocre 0.6% and 0.7% APYs, respectively. Instead, consider CDs with term lengths of one year or more. You’ll find strong rates competitive with the top products on the market, up to an impressive 2.2% APY.

Benefits of a Marcus by Goldman Sachs CD

With a quick online application, you can open a CD at this FDIC-insured bank. You’ll find the following advantages:

  • High rates. CDs with term lengths of one year or more have competitive rates up to 1.35% APY.
  • Compound interest. Funds are compounded daily, so you’ll earn a faster return.
  • 10-day CD rate guarantee. If your CD term’s APY increases within 10 days of opening and funding your account, you’ll automatically receive the new rate.
  • Relatively low minimum deposit. While you’ll find CDs with no minimum deposits, Marcus by Goldman Sachs’ minimum of $500 is relatively low compared to other CDs.
  • No-penalty CDs available. You can open 7- to 13-month CDs that allow early withdrawals after seven days of funding with no penalties. You’ll also keep the interest you’ve earned.

What to watch out for

Similar to other CDs, Marcus by Goldman Sachs will automatically renew your CD for an additional term if the account is not closed within 10 days after its maturity rate. Other drawbacks include:

  • Low APYs on short-term CDs.You’ll receive 0.6% APY for a 6-month CD and 0.7% APY for a 9-month CD. You can find APYs upward of 2.0% from other banks.
  • No branches. Marcus by Goldman Sachs is an online-exclusive bank, so there’s no in-person assistance.
  • No partial withdrawals. You must withdraw your full balance if you make a withdrawal prior to maturity.

But if you’re looking for a short-term CD with a higher interest rate, compare other CDs with potentially stronger yields.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
0.35%
0.35%
0.4%
0.4%
0.5%
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
BBVA CD
0.15%
0.15%
0.2%
Discover CDs
0.6%
0.6%
0.65%
0.7%
0.8%
Discover IRA CDs
0.6%
0.6%
0.65%
0.7%
0.8%
Barclays Online CDs
0.4%
0.4%
0.4%
0.4%
0.4%
Ally High Yield CDs
0.75%
0.75%
0.75%
1%
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Compare up to 4 providers

How do I open a CD?

  1. Navigate to the Marcus by Goldman Sachs CD website.
  2. Click Open an Account.
  3. Complete the form by selecting your desired CD term, personal information, contact details and employment status.
  4. Select whether you’d like to add a joint account owner, and check the box indicating you agree with the bank’s site Terms and Privacy policy. Then click Continue.
  5. Enter a password of your choice and a password hint to create your account.
  6. Read the eSign Agreement, then check the box to indicate you agree to the terms.
  7. Read the Deposit Account Agreement, Privacy Notice and Electronic Signature Card. Then check the boxes to indicate you agree to the terms.
  8. Answer the tax certification questions and click Continue.
  9. Fund your CD through your external bank account, Marcus by Goldman Sach’s savings account or another method.

Eligibility

To open a CD with Marcus by Goldman Sachs, you’ll need to meet the following requirements:

  • At least 18 years old
  • US citizen or permanent resident
  • Social Security number
  • US mailing address

Required information

Have the following information on hand when submitting your application:

  • Full name, date of birth, country of citizenship and Social Security number.
  • Physical address, email address and primary phone number.
  • Your employment status, occupation and annual income.

Funding options

There are four ways you can fund your CD:

  • External bank account linked to your Marcus by Goldman Sachs account
  • Your Marcus by Goldman Sachs savings account
  • Check
  • Domestic wire transfer

How do I cash in a CD?

After your CD matures, Marcus by Goldman Sachs will offer you a 10-day grace period to decide what you’d like to do with your funds. You’ll have three options:

  1. Withdraw the principal
  2. Renew the CD for the same term
  3. Close the CD and open a new one

If you don’t contact Marcus by Goldman Sachs by the end of the 10-day grace period, the bank will renew your CD for the same term.

What other savings products does Marcus by Goldman Sachs offer?

The bank offers an online savings account with 0.8% APY, no fees and no minimum deposit.

Frequently asked questions

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