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Marcus by Goldman Sachs CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon

Pros:

  • Low opening amount & competitive rate
  • Ten-day CD rate guarantee
  • Options on how to receive interest
  • No-Penalty CDs offered

Cons:

  • Full principal withdrawals only
  • Shorter terms not as competitive rates
  • Limited terms for No-Penalty CDs
  • Electronic transfers need linked account

What You Need to Know

The set amount required to open Marcus CDs is low. Each CD term only requires $500 to open. Marcus CD offers competitive interest rates. The rates are competitive with other online CDs and much higher than typical bank rates. To earn interest on your Marcus CDs, you must keep $500 in the account. You will not earn interest until your CD has a balance over the $500 minimum.

Marcus offers a ten-day interest rate guarantee. Once you fund your account with the minimum deposit, you have ten days to watch the rates. If the rates increase in those ten days, Marcus locks in the highest interest rate.

Interest earned on Marcus CDs is automatically added to the principal amount of your CD. There are other options if you wish to receive interest in another way. You can have the monthly interest transferred to a Marcus online savings account. You can also transfer the money to an external linked account. You can withdraw the earned interest anytime during the CD term without a penalty.

Marcus offers a No-Penalty CD. This CD requires $500 to open. Once the account has been opened for seven days, you can withdraw your money at any time during the CD term. You will not be charged a fee for withdrawing your money before it reaches maturity. You cannot add additional funds to the No-Penalty CD.

You can withdraw money from the No-Penalty CD without a fee, but you cannot make a partial withdrawal. If you want to withdraw the money, you must withdraw the entire balance. This includes all the interest you have earned. You can withdraw the money after the account is open for seven days. You can only make a withdrawal one time during the term life of the CD. Once you withdraw your money, the account will close.

Marcus CDs terms less than 12-months do not offer as competitive of rates as the other CDs. The six-month and nine-month terms still offer competitive rates. Their rates are just not as competitive as the other CD term rates. These rates are still much higher than typical bank rates of the same terms.

The No-Penalty CDs offered through Marcus comes in limited term lengths. There are only three terms offered for the No-Penalty CDs. Those terms are a seven-month term, an 11-month term, and a 13-month term.

To make electronic transfers into your Marcus CDs requires linking another account. You can link a Marcus CD to a Marcus online savings account. You can also link your Marcus CD to an external account. Once you link the accounts you can transfer money electronically to fund the account. You can also have the earned interest transferred into the linked account.

Cool Things

Extra Deposit Option

Once you open a CD, you have 30 days to fund the CD fully. You can continue to make deposits into your Marcus CD for those 30 days. Once your CD has been open for 30 days, you can no longer add money to the CD until after it reaches maturity. This is only offered for the Marcus high yield CDs. The No-Penalty CD does not allow you to deposit money for those 30 days.

CD Calculator

The Marcus website offers a CD calculator as a tool to help calculate your interest. Input your initial deposit amount and choose a CD term. The calculator calculates interest your Marcus CD earns compared to the national average. Marcus also offers savings, personal loan, and home addition calculator.

History

Marcus Goldman first started helping clients with his financial advice in 1869. In 2016, Goldman Sachs announced Marcus. This was an online division of Goldman Sachs. Its name comes from one of the first founders, Marcus Goldman.

The Marcus team listened to consumers and their experiences with debt. They started making Marcus loans and savings products to better help people pay off their debt. Marcus does not have any fees. Loans offer fixed rates for the term of the loan.

Marcus offers personal loans and online accounts. Those accounts include an online savings account and online CDs. The rates for the savings account and CDs are competitive with other online accounts.

Awards and Recognition

  • Best-of-Award for top Savings Account by NerdWallet in 2018
  • Best Personal Loans for Good Credit and Debt Consolidation by NerdWallet in 2018
  • Ranked #5 by Bank Innovation: 12 Coolest Banking Brands in 2017

Giving Back

Goldman Sachs Gives is an organization that gives to nonprofits around the world. Since this started, they have given almost $1.5 billion in grants. They partner with over 6,000 nonprofits. These organizations are in 90 countries across the world. This organization serves bread to children in South Korea through “Breaking Bread Together.” They provide freshly baked bread to children and low-income families.

In 2017, Goldman Sachs hosted their second annual Goldman Sachs-DREAM Wiffle Ball Tournament. This year they raised more than $150,000. The money helps the East Harlem nonprofit DREAM. This organization helps inner-city youth play, learn, and grow. This year, more than 700 Goldman Sachs employees participated in the tournament.

Frequently Asked Questions

Is Marcus FDIC insured?

Yes. Marcus is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Marcus offer?

Marcus offers 12 different CD terms. They offer nine high yield terms and three No-Penalty CD terms.

What is the required amount to open a CD with Marcus?

Each Marcus CD requires $500 to open.

How do I deposit money into Marcus CDs?

There are three ways to deposit money into your Marcus CDs. You can mail a check or send a domestic wire. The easiest way is to electronically transfer money from a linked account. You can link a Marcus savings account or an external account.

How do I access my money?

Transfer the money electronically into a linked account. Contact customer service to decide what happens once your CD reaches maturity. Make changes after the maturity date to avoid a fee.

Do I have to open other Marcus accounts before I can open a CD?

No. You can open a Marcus CD without opening any other accounts.

Do Marcus CDs offer competitive interest rates?

Yes. Each of the Marcus CDs offer competitive interest rates. The rates are competitive with other online accounts. They offer rates that are much higher than typical bank rates.

Can I choose how to receive my interest payments from Marcus CDs?

Yes. Interest is automatically added to the CD principal. You can choose to have the interest transferred into an external linked account. You can also transfer interest into a Marcus online savings account.

What percentage am I charged if I withdraw money before the maturity date?

For terms less than 12-months the fee is 90 days of interest. For terms from 12-months to five-years the fee is 270 days of interest. For terms longer than five years, the fee is 365 days of interest.

How do I make changes during the grace period?

Contact customer service to make changes to your Marcus CDs. Your CD will automatically renew if you do not make any changes.

How will I know my Marcus CD is nearing maturity?

Marcus will send a maturity notice when your CD is nearing its maturity date.

How long is the grace period between renewal?

The grace period is ten days.

Are Marcus CD rates guaranteed for the entire term?

Yes. Marcus offers fixed interest rates. After you open a Marcus CD, you are allowed ten days to see if rates increase. If they do, you will receive the highest interest rate offered during those ten days. Once that rate is decided, they lock in the rate for the life of the CD term.

Does Marcus offer mobile banking?

The website does not list a specific app. You can access your accounts online through their website.

Is Marcus a good bank?

The interest rates for Marcus CDs are competitive with other online accounts. The amount required to open the CDs is low. There is a good variety of CDs offered. The terms range from six-months to six-years. They also offer three No-Penalty CDs. You must keep $500 in the CDs to earn interest.

Is Marcus secure online?

Marcus encrypts information with 128-bit Secure Socket Layering system. They require multi-factor authentication and firewalls to protect your identity better. Their security measures comply with federal law.

What is the shortest Marcus CD term offered?

The shortest term offered is a six-month term.

What is the longest Marcus CD term offered?

The longest term offered from Marcus is a six-year CD.

Does Marcus offer accounts other than CDs?

Yes. They offer an online high yield savings account and lending options.

Can I use Marcus CDs for my business accounts?

No. Marcus CDs are only for personal deposit accounts. You cannot use these CDs for business accounts.

How do I reach customer service?

Reach a customer service representative through the phone, email, or mail. Once you log into your account, you can chat with customer service during business hours. Customer service hours are 8 a.m. to 10 p.m. Monday through Friday. Saturday and Sunday from 9 a.m. to 7 p.m. Eastern Time. You can also follow Marcus on Facebook, Twitter, and YouTube.

Bank Contact Information

Goldman Sachs Bank USA
PO Box 4571
Carol Stream, IL 60197-4571
1-844-627-2871

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Favorite Rates

Capital One
1.5 Year CD 07/4/2022
APY 2.50%
Rate 2.50%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns.
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