Marcus by Goldman Sachs CD rates June 2024

Marcus by Goldman Sachs offers high-yield certificates of deposit (CDs) that are competitive with some of the top CDs on the market. You have a wide range of terms from which to choose (between six months to six years), as well as a few no-penalty options. 

However, you won’t be able to manage all your financial needs with Marcus as it doesn’t offer checking or many loan products, but its CD terms could fit nicely into your savings plan. 

Account details and annual percentage yields (APYs) are accurate as of May 30, 2024.

About Marcus by Goldman Sachs CDs

Marcus by Goldman Sachs offers three types of CDs: High-Yield Certificates of Deposit, No-Penalty CDs and a Rate Bump CD.  

The high-yield CD works like a traditional fixed-rate CD — the interest rate you see is the yield you’ll get throughout your term. Any withdrawals of your principal balance will incur penalties.

The no-penalty CD offers lower, albeit competitive, rates in exchange for more flexibility. You have the option to withdraw both principal and interest without penalty after the first seven days. While there are three terms available, only the 13-month term offers a competitive yield.

The rate-bump CD allows you to adjust your interest rate during the term. If CD rates go up, you can bump it to match. There’s no set number of times you can request a bump; instead Marcus will tell you how many requests you’re entitled to after you open your account. If this lack of transparency turns you off, you can create a CD ladder, instead. 

Like the high-yield CD, you’ll pay a penalty for early withdrawals.

All three types require a $500 minimum deposit and, while Marcus doesn’t advertise jumbo CDs, balance limits are a generous $1,000,000 per account.

How to get a Marcus CD

You can open a Marcus CD online in a few minutes. 

On the Marcus website, pick out the type of CD you want and the term. Unless you pick a no-penalty CD, choose your term carefully because you won’t be able to access your deposit without penalty until it matures.  

After choosing a CD and term, you’ll need to provide your personal information, including your name, address, date of birth and Social Security Number. 

You’ll deposit the money as a last step. You’ll need the routing and account number of the other bank account that you’ll use to fund your CD. All Marcus CDs require at least $500, but you can deposit more if you want.

How Marcus CD rates compare

Marcus’ traditional CDs offer rates well above the current national average rates and are competitive with the best CD rates on the market. 

The no-penalty CDs typically don’t yield quite as much, but that’s in exchange for penalty-free withdrawals. Even so, the 13-month term offers a competitive rate:

NO-PENALTY CD TERM	APY
7 months	4.70%
11 months	4.70%
13 months	4.70%

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Finally, the rate-bump CD only has one term option — 20 months — and a generous starting APY.

RATE-BUMP CD TERM	APY
20 months	4.40%

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You can use a CD calculator to compare earnings using different CDs or to help you plan your savings strategy.

Keep in mind you may find better options for your unique situation elsewhere. For instance, if you’re looking for terms not offered by Marcus — like a 3-month CD or a 10-year CD — you can look at other financial institutions. And it’s always worth comparing various bank and credit union CDs to find the best rates and terms.

How much you can earn with a Marcus CD

Something to keep in mind when comparing rates: How important is flexibility to you? For instance, the 12-month term has a 5.00% APY, compared to a 4.70% APY for the 13-month no-penalty option. However, that only translates to about a $20 difference in interest earnings over the course of the respective terms on a $10,000 deposit. If you think you might need the cash in less than a year, you might want to opt for the lower yield. 

Here’s how much you can earn on $10,000 saved through each of Marcus’ CD terms. 

CD TERMS	APY	INTEREST EARNINGS
6 months	5.10%	$251.60
7 months*	4.70%	$271.35
9 months	5.00%	$372.75
11 months*	4.70%	$429.70
12 months	5.00%	$500.07
13 months*	4.70%	$509.79
18 months	4.60%	$698.26
20 months**	4.40%	$744.72
24 months	4.20%	$856.68
36 months	4.15%	$1,298.59
48 months	4.05%	$1,720.93
60 months	4.00%	$2,165.14
72 months	3.90%	$2,583.33

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Note: * signifies a no-penalty CD, while ** signifies a rate bump CD.

Other products Goldman Sachs offers

In addition to CDs, Marcus offers a high-yield savings account, investment services, credit cards and a “buy-now, pay-later” service. It doesn’t offer a checking account or traditional loan products.

Beyond banking, Marcus Invest is a robo-advisor that allows you to customize expert-designed portfolios for several types of accounts: Individual and joint investment accounts, individual retirement accounts (IRAs), Roth IRAs and SEP IRAs. Both require a minimum deposit of only $5 and charge a 0.25% annual management fee. 

Marcus also has a few credit cards on offer, all of which have rewards centered around purchasing products from General Motors (GM). If you’re not a loyal GM customer, however, you probably won’t find these cards useful.

Finally, Marcus offers a lending product called MarcusPay, a type of short-term personal loan you can use for amounts between $300 and $10,000 at select vendors, including JetBlue. Note that Marcus is no longer accepting applications for “regular” personal loans — MarcusPay is currently the only lending product available.

Marcus by Goldman Sachs review

Though Marcus by Goldman Sachs has a limited offering of banking products, its savings options are solid. For example, the Marcus by Goldman Sachs High-Yield Online Savings Account has no monthly fees or minimum deposit and earns a competitive 4.50% APY. And with three different types of CDs and 13 terms to choose from, there’s no shortage of attractive savings accounts.

However, Marcus’ other accounts are specialized: Marcus Invest is geared toward people who prefer a robo advisor; its credit cards are meant for loyal GM customers; and its one type of lending product is a personal loan that’s available only through partnered retailers at checkout.

Marcus accounts also don’t come with an ATM or debit card and it doesn’t offer a checking account. But you can access your funds by transferring them to an external bank account, by wire transfer and through the mobile app, which is highly rated on both the Apple App Store (4.8 stars out of five) and Google Play (4.6 stars out of five).

Ultimately, if you like to keep your savings, checking and loans under one roof, you’ll want to bank elsewhere, but, if you don’t mind having high-yield deposits outside of your main bank, Marcus is a great option. 

Frequently asked questions (FAQs)