Marcus by Goldman Sachs offers online CDs with some of the most competitive rates available. While its high-yield CDs boast the best rates, one of this bank’s key differentiators is its flexible CD offerings.
Introduced in 2016, Marcus offers CD accounts geared toward people who enjoy the ease and convenience of online banking. However, you’ll need $500 to start with any of the bank’s CD accounts.
Here’s a breakdown of Marcus’ CD offerings and how its rates stack up against other banks.
Marcus CDs: At a glance
Although some banks, such as Ally and Capital One, have no minimum deposit requirements, many other banks have much higher minimums than Marcus. Chase, for example, requires $1,000 to open a CD, and Wells Fargo requires $2,500 or $5,000.
| CD type | Minimum deposit | Term | Early withdrawal penalty |
| High-yield | $500 | 6-month to 6-year | 90 to 270 days of interest, depending on the term (the longer the term, the longer the withdrawal penalty) |
| No-penalty | $500 | 7- to 13-month | None |
| Rate-bump | $500 | 20-month | 180 days of interest |
Marcus CD rates
Marcus offers a range of CD types and terms, each requiring a minimum deposit of $500.
This bank’s high-yield CD group has an annual percentage yield, or APY, from as low as 3.70% for a six-year CD to as high as 4.75% for both 12- and 18-month CDs. You can also get rates in between depending on the term you choose.
Its no-penalty CDs have lower rates -- though the 13-month no-penalty option yields a solid 4.15% APY -- but lets you withdraw your money early without incurring a fee. Lastly, its rate-bump CD earns a robust 4.35% for a 20-month term -- not the highest rate available, but still competitive -- and offers a one-time upgrade if rates increase.
Above all, we like that Marcus compounds its interest daily, which helps your savings grow a bit faster. And if the rate on your CD goes up in the first 10 days, Marcus will automatically bump up your rate as long as you’ve funded your CD with the $500 minimum deposit within this timeframe.
Marcus high-yield CDs
| Term | APY | Minimum deposit |
| 6-month | 4.25% | $500 |
| 9-month | 4.30% | $500 |
| 12-month | 4.75% | $500 |
| 18-month | 4.75% | $500 |
| 2-year | 4.35% | $500 |
| 3-year | 4.30% | $500 |
| 4-year | 4.00% | $500 |
| 5-year | 3.80% | $500 |
| 6-year | 3.70% | $500 |
Marcus no-penalty CDs
| Term | APY | Minimum deposit |
|---|---|---|
| 7-month | 0.45% | $500 |
| 11-month | 0.35% | $500 |
| 13-month | 4.15% | $500 |
Marcus rate-bump CD
| Term | APY | Minimum deposit |
|---|---|---|
| 20-month | 4.35% | $500 |
How much can you earn with a Marcus CD?
Here’s how much your savings could grow if you invest $1,000 in a Marcus CD:
| CD term | APY | Total interest earned |
| High-yield, 6-month | 4.25% | $21.03 |
| High-yield, 9-month | 4.30% | $32.08 |
| High-yield, 12-month | 4.75% | $47.50 |
| High-yield, 18-month | 4.75% | $72.09 |
| High-yield, 2-year | 4.35% | $88.89 |
| High-yield, 3-year | 4.30% | $134.63 |
| High-yield, 4-year | 4.00% | $169.86 |
| High-yield, 5-year | 3.80% | $205.00 |
| High-yield, 6-year | 3.70% | $243.58 |
| No-penalty, 7-month | 0.45% | $2.62 |
| No-penalty, 11-month | 0.35% | $3.21 |
| No-penalty, 13-month | 4.15% | $45.04 |
| Rate-bump, 20-month | 4.35% | $73.55* without any rate increase |
How does Marcus’ CD rates compare?
Marcus by Goldman Sachs offers some of the most rewarding APY rates you can find -- nearly four times higher than some of FDICs’ averages -- and its shorter-term CDs earn well above average. For example, here are the latest national CD APY rates averages compared with Marcus’ rates, according to the Federal Deposit Insurance Corporation.
| FDIC | Marcus by Goldman Sachs | |
| 6-month | 1.03% | 4.25% |
| 1-year | 1.54% | 4.75% |
| 3-year | 1.34% | 4.30% |
| 5-year | 1.37% | 3.80% |
However, other banks offer CD APY rates comparable to Marcus by Goldman Sachs. Here’s how Marcus stacks up against Synchrony, Ally, Chase and Wells Fargo.
| Bank | 6-month | 1-year | 3-year | Marcus by Goldman Sachs |
| Marcus by Goldman Sachs | 4.25% | 4.75% | 4.30% | 3.80% |
| Synchrony | 4.25% | 4.75% | 4.30% | 4.00% |
| Ally Bank | 3.40% | 4.50% | 4.25% | 4.25% |
| Chase | 0.05% | 3.00% | 2.00% | 1.50% |
| Wells Fargo | 2.50% | 1.50% | N/A | N/A |
Check out CNET’s best CD rates to compare rates across other top banks.
What other savings options does Marcus offer?
In addition to its diverse suite of CD options, Marcus offers a high-yield online savings account that earns 3.90% APY. If you want easy access to your funds, a high-yield savings account may be better than a CD, even though you may earn less of a return over time. Marcus’ savings account has no fees or account minimums to worry about, and unlike a CD, you can add funds at any time to grow your savings.
Is a Marcus CD right for me?
You may choose to open a CD with Marcus to take advantage of a competitive rate on high-yield and specialty CDs. Or you may already have an account with Marcus, so adding a CD to your financial portfolio will be easy. Best of all, Marcus has a range of terms and types of CDs to choose from. And if rates go up 10 days after opening an account, your rate will go up, too.
However, we recommend taking the time to compare rates in the current high-interest rate environment. You might find rates or other perks that are a better fit for you. If you don’t want to deposit $500 to open an account, you may consider other banks, such as Ally or Synchrony, to get a competitive rate with no minimum deposit required -- although all traditional CDs only allow a one-time deposit.
FAQs
Most CD accounts come with an early withdrawal penalty that you’ll be forced to pay if you wind up needing to take money out before the maturity date. No-penalty CDs, however, are appropriately named: You never have to worry about any fees for early withdrawal.
Bump-up CDs can prove to be useful tools in an environment where rates are likely to increase. For example, if you open a 20-month Rate Bump CD with Marcus that pays a 4.35% APY and the rate jumps to 5% six months later, you can exercise your rate option to start earning more.
Yes. Marcus by Goldman Sachs is an online bank that offers competitive rates on CDs, along with a high-yield savings account. While you won’t be able to do any of your banking in a physical branch, that’s OK. These products are designed for saving, so you shouldn’t need to do much actual maintenance with them -- other than watch the balance grow.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
