Marcus by Goldman Sachs CD Rates: Earn Up to 5.05% APY on Deposits

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Marcus by Goldman Sachs High-Yield Certificates of Deposit

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at Marcus by Goldman Sachs

• Our Rating 5/5 How our ratings work
• Minimum
  Deposit Required$500
• 1 Year APY5.00%
• 3 Year APY4.30%
• 18-month APY4.90%

Marcus by Goldman Sachs offers some of the strongest CD rates currently available, as well as an impressive array of term lengths. With maturities ranging from six months to six years, as well as three no-penalty options, most people should be able to find a CD that works for their individual needs. Marcus CDs also feature a relatively low minimum opening deposit of $500, and once funded, new CDs are backed by a 10-Day Rate Guarantee.

Special 10-Month CD Offer at 5.05% for a Limited Time

If you’re looking for certificates of deposits (CDs) issued by a reputable bank that also earn a higher interest rate than most—you may have a lot to like about Marcus by Goldman Sachs.

Marcus offers competitive CD rates and a variety of term lengths from which to choose. The bank also features no-penalty CDs that allow flexible access to your money without the worry of early withdrawal penalties.

Right now, Marcus is featuring a special 10-month CD with a whopping 5.05% APY—one of the highest rates the bank offers right now and a sizable rate for any CD, especially one with a short term. Like with other Marcus CDs, a $500 minimum is required and the CD is backed by the 10-day CD rate guarantee. This promotion expires September 15, 2023. Note that once this CD term ends, it will automatically renew into a 12-month CD.

Marcus CD Rates

Marcus CD Overview

• Minimum deposit: $500
• Interest: Compounded daily and credited monthly
• CD terms: 12 options that range between 6 months to 6 years
• Monthly fees: None

Marcus by Goldman Sachs features an assortment of CD terms between 6 months to 6 years. Each term length offers a distinct interest rate that ranges from a sparse 0.35% APY to an ample 5.05% APY.

The $500 minimum to open a Marcus CD is on the low end compared to other banks. You’ll have 30 days after account opening to fully fund your account, but no additional deposits can be made afterward.

10-Day CD Rate Guarantee

If interest rates change after you open your account, Marcus pledges to give you the highest published rate within 10 days of account opening. 

So if rates go up within the first 10 days, you’ll enjoy the higher APY. However, if Marcus CD rates drop, you’ll still benefit from the higher initial rate. The only provision to this guarantee is that you need to fund your account with the $500 minimum opening deposit within the first 10 days. Otherwise, you’re subject to the published rate on the day your Marcus CD reaches the $500 minimum.

Recommended High-Yield Savings Accounts

Bank Account	APY	Features	Learn More
UFB Direct High Yield Savings Account Open Account	5.25% More Info UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.	No minimum deposit No monthly fee	Open Account
SoFi Checking and Savings Open Account	0.50% - 4.50% More Info Customers earn 4.50% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.50% APY on your savings balance. Checking balances earn 0.50% APY. See full terms and disclosures at sofi.com/banking. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	No minimum deposit No monthly fee	Open Account
CIT Bank Platinum Savings Account Open Account	5.05% More Info Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100 minimum deposit No monthly fee	Open Account
CIT Bank Savings Connect Account Open Account	4.65% More Info Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.	$100 minimum deposit No monthly fee	Open Account

Interest Disbursement

Your simple interest will compound daily, and it will be automatically added to your principal balance each month. As another option, you can choose to withdraw your earned interest without penalty.

Early Withdrawal

CDs are intended to keep your savings out of reach. If you withdraw funds before your CD matures, then you’ll pay an early withdrawal penalty. This penalty is based on your term length and principal account balance at the time of withdrawal.

Early withdrawal penalties:

• Terms of 1 year or less: 3 months’ worth of interest
• 1 to 5 years: 6 months’ worth of interest
• More than 5 years: 9 months’ worth of interest

No-Penalty CDs

If you’re worried that you may need access to your money before a CD reaches maturity, consider a no-penalty CD with Marcus. Unlike their traditional counterparts, these accounts do not charge a fee for early withdrawal. 

The trade-off is that no-penalty CDs typically offer less interest earnings on your principal balance, but the flexibility is peace of mind for those who are uncertain about the future.

Marcus has three term lengths to choose from, but the rates are middle-of-the-road compared with other no-penalty CDs.

How Marcus CD Rates Compare

Several Marcus CD rates are often higher than what many Main Street banks offer and even some online competitors, including Discover, Capital One and Briodirect. Marcus’s rates are on par with those of Synchrony and Popular Direct, but some of its rates fall behind leaders such as Bread Financial (formerly Comenity Direct).

Keep in mind that CD interest rates rise and fall with the market, and they can fluctuate quite frequently. Considering the length of time it takes for a CD to mature, look for well-established banks and trustworthy financial institutions to hold your money.

Bottom line, Marcus CD rates are competitive with many other online banks, and its selection of no-penalty CDs provides flexibility to those who may need access to their savings before maturity. Be sure to compare rates with various banks and credit unions to find the right CD for your financial situation.

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Alternatives to Marcus CDs

If you're looking for other CD products with comparable rates, here are a few options to consider from other banks.

CIT Bank Term Certificates of Deposit

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Member FDIC

• Our Rating 3.5/5 How our ratings work
• Minimum
  Deposit Required$1,000
• 1 Year APY0.30% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

• 3 Year APY0.40% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

• 6-Month APY5.00% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

Many banks that offer CDs require customers to commit to lengthy terms of several years or more in order to earn the highest interest rates available. However, with CIT Bank's term CDs, the opposite is true. To get the best rates at CIT, you'll need to open one of its shorter-term CDs, such as its 6-month CD that pays 5.00% APY. If you want an easy way to save more money without having to wait years, CIT Bank's term CDs are a solid option.

CIT Bank No-Penalty Certificate of Deposit

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Member FDIC.

• Our Rating 4.5/5 How our ratings work
• Minimum
  Deposit Required$1,000
• 11-Month APY4.90% More Info

  Annual Percentage Yield is accurate as of May 9, 2023. Interest rates for CIT Bank's No-Penalty CD are variable and subject to change at any time without notice.

CIT Bank's No-Penalty CD offers one of the most competitive rates with no early withdrawal penalty on the market. With this account, you can earn a 4.90% APY, and the CD matures in just 11 months, which is shorter than average.

Synchrony Bank Certificates of Deposit

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at Synchrony

• Our Rating 5/5 How our ratings work
• Minimum
  Deposit Required$0
• 1 Year APY5.10%
• 3 Year APY4.30%
• 9 Months APY5.00%

Synchrony Bank offers some of the most flexible CD options currently available. With terms ranging from three months to five years, as well as a Bump-Up CD and No-Penalty CD option, there's likely a certificate of deposit in Synchrony's roster that lines up with your needs. Additionally, none of Synchrony's CDs require a minimum opening balance, which is remarkably rare (many of the best CD rates require a minimum deposit of $1,000 or more). Across the board, Synchrony offers higher rates than most traditional banks, and some even outpace the best online banks' rates. All this makes Synchrony CDs an easy recommendation.

Is a Marcus CD Worth It?

Marcus by Goldman Sachs offers competitive rates on both its short-term and long-term CDs. What’s more, its no-penalty CDs could be ideal for those who may need access to their money early. 

Still, compare rates and terms with a variety of financial institutions to ensure you find the right CD for your needs.

If a CD is not the right option for you at this time, a high-yield savings account can be a better choice for those who prefer liquidity and easier access to funds. Many banks offer sign-up bonuses when you open a new account and meet certain requirements.

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Marcus CD FAQs

• What is the interest rate for a CD at Marcus?

  Marcus CD rates range between 0.35% APY to 5.05% APY. Its short-term CDs hover between 4.00% APY to 5.00% APY (with most of the shorter, no-penalty CDs earning less). Marcus’ 12-month CD features 5.00% APY. The bank’s rates are comparable with other online banks, and they’re higher than national averages, according to the FDIC.

• What is Marcus' highest interest rate?

  Marcus currently offers a 5.00% APY on its 12-month CD, which is among the highest out there for CD accounts. Its 10-month promotional CD rate is sometimes even higher.

• Are Marcus CDs FDIC insured?

  Yes, your Marcus CD has FDIC insurance up to $250,000 per depositor, per ownership category. This is standard insurance for all Member FDIC financial institutions.

• How do you open a Marcus CD?

  You can open a Marcus CD online. Choose a CD term and then enter your information, including name, address, date of birth and Social Security number. You’ll then transfer funds into your new CD by linking a deposit account from another bank. Should you have any questions, customer support is available via online chat or by phone at 1-855-730-7283.

• Is a Marcus CD worth it?

  Marcus CDs are a good choice for those who are looking for a competitive interest rate and can afford to lock up their funds for at least a year. But if you want to avoid early withdrawal penalties, Marcus does have a no-penalty CD with a competitive rate.