Marcus by Goldman Sachs is the online banking division of global financial giant (and eighth biggest bank in the US) Goldman Sachs. Marcus offers three types of certificates of deposit as well as a high-yield savings account and no-fee personal loans.
Introduced in 2016, Marcus offers savings and CD accounts geared toward people who enjoy the ease and convenience of online banking and who want to open a savings account without being required to plunk down a large lump sum of money.
Marcus by Goldman Sachs: At a glance
| CD type | Minimum deposit | Term | Compounding schedule | Early withdrawal penalty | Grace period |
|---|---|---|---|---|---|
| High-yield | $500 | Six months to six years | Daily | Based on the CD term and principal | N/A |
| No-penalty | $500 | Seven months to 13 months | Daily | None | N/A |
| Rate-bump | $500 | 20 months | Daily | Based on the CD term and principal | N/A |
Marcus by Goldman Sachs CD rates
Marcus offers flexible terms for its high-yield, no-penalty and rate-bump CDs, each requiring a minimum deposit of just $500. The types of CDs offered depend on the goal of the saver: The high-yield CD group has an annual percentage yield, or APY, that starts at 3.25%, while the no-penalty CD group allows for early withdrawals without assessing a fee. The rate-bump CD enables you to lock in a competitive rate and receive a one-time upgrade if rates go up, all without charging a fee or penalty.
What's more, Marcus offers one benefit that other banks don't: If you open a CD with at least $500, and the rate increases within the first 10 days, Marcus will automatically give you the higher rate.
Marcus high-yield CDs
| Term | APY | Minimum deposit |
|---|---|---|
| 6-month | 3.25% | $500 |
| 9-month | 3.30% | $500 |
| 12-month | 4.00% | $500 |
| 18-month | 4.15% | $500 |
| 2-year | 4.25% | $500 |
| 3-year | 4.00% | $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 | 3.05% | $500 |
Marcus rate-bump CD
| Term | APY | Minimum deposit |
|---|---|---|
| 20-month | 3.60% | $500 |
Note: APYs shown in the tables above are as of Nov. 30, 2022. CNET's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
Example: How much can you earn with a Marcus CD?
Consider the earning potential for Marcus' CDs based on type and term. Here, for example, is what you'd earn with an investment of $10,000, assuming the earnings are compounded daily:
| CD term | APY | Total interest earned |
|---|---|---|
| High-yield, 6-month | 3.25% | $161.20 |
| High-yield, 9-month | 3.30% | $246.49 |
| High-yield, 12-month | 4.00% | $400.00 |
| High-yield, 18-month | 4.15% | $628.91 |
| High-yield, 2-year | 4.25% | $868.06 |
| High-yield, 3-year | 4.00% | $1,248.61 |
| High-yield, 4-year | 4.00% | $1,698.59 |
| High-yield, 5-year | 3.80% | $2,049.99 |
| High-yield, 6-year | 3.70% | $2,435.77 |
| No-penalty, 7-month | 0.45% | $26.23 |
| No-penalty, 11-month | 0.35% | $32.08 |
| No-penalty, 13-month | 3.05% | $330.83 |
| Rate-bump, 20-month | 3.60% | $607.17 |
APYs are as of Nov. 30, 2022.
How does Marcus' CD rates compare?
Marcus provides generous rates on its CDs compared with the national average as posted by the Federal Deposit Insurance Corporation, or FDIC. In addition, the bank will automatically increase the rate of its CDs within the first 10 days if interest rates rise and you have at least $500 in your CD.
What other savings options does Marcus offer?
Marcus offers a high-yield online savings account that has a competitive interest rate and terms:
- 3% interest on any balance
- No minimum amount required
- No fees