Marcus by Goldman Sachs CDs review
Open a CD with a competitive APY and low minimum deposit.
finder.com’s rating: 4.0 / 5.0
Marcus CD rates range from 0.15% on six-month terms to 0.6% on six-year terms, including a 7-month no-penalty CD that earns 0.45%. You only need $500 to open an account, which is lower than other banks. But watch out for early withdrawals. Marcus doesn’t allow for partial withdrawals as some banks do. If you need to tap into funds, you’ll have to withdraw the full balance.
|Minimum deposit to open||$500|
|Early withdrawal penalty||90 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
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.
Marcus offers attractive CD rates across all terms, with the Marcus 12-month CD having one of the most competitive rates at 0.55%. You can open any CD with a $500 minimum deposit, which is relatively low compared to other banks.
Marcus is also a stellar choice for no-penalty CDs, which let you withdraw your entire balance starting seven days after you fund your account. Its 7-month no-penalty CD has a low $500 minimum deposit and a competitive 0.45% APY. This combination of low deposits and high rates makes Marcus by Goldman Sachs one of the top providers of no-penalty CDs.
But watch out for early withdrawals. Marcus doesn’t allow partial withdrawals, so you’ll have to withdraw your entire balance if you need to access your money before maturity. If you’re worried about having your money locked in for too long, consider a Marcus no-penalty CD.
How do I open a Marcus CD?
Open a Marcus by Goldman Sachs CD using these steps.
- Go to the provider’s site and follow the steps to apply.
- From the Marcus by Goldman Sachs CD website, hover over the Savings tab and click High-Yield CDs.
- Select Click Here to Begin.
- Select your account type and CD term length, then enter your name, email address and password.
- Review the terms and conditions and click Continue.
- Follow the prompts to enter your personal information, verify your identity and open your account.
- Fund your new CD through your external bank account, Marcus by Goldman Sach’s savings account or another method.
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
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.
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
- Domestic wire transfer
Benefits of a Marcus 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 range from six months to six years and have competitive rates up to 0.6% APY that compound daily.
- 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 CD available. Open a Marcus no-penalty CD and enjoy early withdrawals after seven days of funding with no penalties. You’ll also keep the interest you’ve earned. It has a 7-month term and a competitive 0.45% APY.
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:
- 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 Marcus CDs with other certificates of deposit
Use this table to see how Marcus CD rates compare to those from other top banks. Sort the table by 1-year APYs, 18-month APYs and more to find the highest CD rate for your term.
How do I cash in my Marcus 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:
- Withdraw the principal
- Renew the CD for the same term
- 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 0.5% APY, no fees and no minimum deposit.
Marcus CDs reviews and complaints
Marcus by Goldman Sachs earns an A+ rating from the Better Business Bureau (BBB). It’s only received 218 complaints over the past three years — a low number for a large national bank.
On the BBB, it has a 1.54 out of 5-star customer rating based on 92 reviews. It has a higher, 3.6 out of 5-star rating on Trustpilot based on 122 reviews. Of the reviews about Marcus CDs, the most common complaint was from customers who didn’t know their CD had matured, so Marcus automatically renewed it for them after the 10-day grace period.
Frequently asked questions
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.