August 6, 2023

Marcus CD Rates Review

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Marcus has high-yield, no-penalty, and rate bump CDs. But are the rates competitive? Read on to find out.

Marcus is a brand by Goldman Sachs Bank USA. Online banks like Marcus don't have most of the costs that brick-and-mortar banks do.

What does that mean for you? That means little to no fees for maintenance and service. And you get to enjoy higher rates on their CDs.

Find out the CD offerings at Marcus, the rates and terms, and their pros and cons.

Which CDs Are Available At Marcus?

Marcus offers three types of CDs for you to choose from. All CDs at Marcus have a minimum deposit balance of $500.

  • High-Yield CD: Lock in high rates for a fixed term, like a regular CD.

  • No-Penalty CD: Pay no penalties for withdrawing before maturity.

  • Rate Bump CD: Get an option to increase your rate once during the term.

You can get any of these CDs for various reasons. Let's discuss each of Marcus' CDs to understand better which CD could best suit your needs.

Marcus High-Yield CD Rates

Marcus' high-yield CDs have relatively higher rates than regular CDs and savings accounts. You have options for 9 terms ranging from 6 months to 6 years.

Marcus' highest offer is its standard 12-month and 18-month high-yield CDs. These are good options if you have short-term to longer-term goals.

Long-term CD rates at Marcus are at least higher than the national average and the Treasury yield. But you may be better off choosing their short-term CDs.

You will want to look out for Marcus' promotional high-yield CDs occasionally. Its current offer for a promotional 10-month high-yield CD is worth some attention. But like other promos, they don't stay forever.

Building a CD ladder helps you deal with liquidity problems associated with Cds. It is a strategy where you split up your money into multiple CDs with different rates and terms.

The idea is to have a CD mature in regular intervals to ensure you have money on hand when you need it. You can choose to use or reinvest the money into a new CD. Check your potential returns on your CDs using this CD rates calculator.

Marcus No-Penalty CD Rates

Marcus' no-penalty CDs are good to have when you need your money in a pinch. This is because no-penalty CDs don't charge for early withdrawals. You have the flexibility to withdraw any time after 7 days of funding your Marcus no-penalty CD.

There are 3 terms available for Marcus' no-penalty CDs. But some rates may not be as good as their high-yield CDs. Their highest offer is their 13-month no-penalty CD.

You can only do a full withdrawal of a CD at Marcus. You cannot make partial withdrawals, or add funds to an existing CD. Withdrawing will ultimately close your CD account.

Marcus Rate Bump CD Rates

Marcus' rate-bump or bump-up CD allows you to increase your rate once during the CD's term. This is a neat and convenient feature in an environment where interest rates are expected to go up.

If you're worried that rates may increase, having an option to "bump up" your rate lessens your worries. For example, say you locked in a CD at 4.00%. Midway through the term, the rate increases to 4.50%.

With a bump-up CD, you can request to increase your rate. Then you don't have to feel like you missed out on getting a higher rate. Other banks allow you to increase your rate more than once depending on the CD's term. Be sure to read the fine print of your rate bump CD.

Currently, Marcus' bump-up CD is available only as a 20-month CD.

With bump-up CDs, the new rate will only apply from the point of your bump-up request forward. It does not apply retroactively to the entire term of the CD.

Marcus CDs Fees & Penalties

Most CDs will not allow you to close your CD mid-term without paying early withdrawal penalties.

This rule is true for Marcus' High-Yield and Rate Bump CDs. For their No-Penalty CD, as you might have guessed, you do not have to worry about early withdrawal fees.

But if you need to take out your money from a High-Yield or Rate Bump CD, here's how much you'll pay by CD term.[1][2]

CD TermEarly Withdrawal Penalty
Less than 1 year90 days' worth of interest on the original principal balance
1 to 5 years180 days' worth of interest on the original principal balance
More than 5 years270 days' worth of interest on the original principal balance

You also have the option to withdraw any interest earned on your CD. Interest withdrawals on a Marcus CD are penalty-free. But it is recommended to reinvest the interest for maximum returns.

If you need an estimate of the early withdrawal penalty, Marcus has an Early Withdrawal Penalty Calculator. You can access this from your Account Detail page as a current customer.

To manually calculate the early withdrawal penalty, you can use this formula:
Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Principal

Marcus CDs Pros And Cons

Here are the pros and cons of Marcus CDs:

  • No opening and maintenance fees
  • $500 minimum deposit
  • Multiple CD options
  • Daily compounding interest
  • FDIC-insured


  • Early withdrawal penalties
  • No physical branches
  • No IRA CDs

How To Open A CD At Marcus

You can only open a CD at Marcus online. Here's how:

  1. Go to Marcus' website and navigate to Savings Products.
  2. Click Get Started.
  3. Select the Account Type (Certificate of Deposit, No-Penalty CD, or Rate Bump CD) and your desired term.
  4. Input your personal information and Social Security number.
  5. Fund your CD account with at least $500. You have up to 30 days to add funds to your CD.

To fund your Marcus CD, you have 3 ways:
  1. Bank transfer: Add funds via electronic transfer (ACH) from an external bank account.
  2. Wire transfer: Send a domestic wire transfer:
    Routing Transit Number (RTN): 1240-8526-0[3]
    Wire Transfer Address:
    Goldman Sachs Banks US
    11850 South Election Road, Draper, Utah 84020
  3. Mail a check: Send a check to the following address:
    Goldman Sachs Bank USA
    PO Box 4571 Carol Stream, IL 60197-4571

How To Withdraw Upon Maturity

Marcus will send you a reminder 30 days before your CD matures. But you can change your CD's plan anytime during the CD's term. Here are your options.

  1. Automatic renewal
  2. Renew CD with a different principal, term, or both
  3. Close the CD and withdraw all funds

Marcus has a CD Maturity Center available on your account to set your plan for when your CD matures. You can access this anytime at their website or their app.

Be careful when you do set your preferences at the CD Maturity Center. Setting it up means you will not get a grace period after your CD matures. Whatever you have set up will be followed right away upon maturity.

If you have specific instructions (like splitting up the funds to multiple accounts or having it sent as a check), call Marcus at 1-855-730-7283.

Without any CD maturity preferences, you will have a 10-day grace period to decide what to do with your CD. Close your CD within this grace period to avoid paying penalties.

Otherwise, your CD will renew automatically with no action during the grace period. You will receive a confirmation with the renewed CD's terms and details.

High-yield and Rate Bump CDs at Marcus have early withdrawal penalties.
To withdraw your CD at Marcus:
  1. Go to your Account Details page.
  2. Click on the three-dot (︙) menu and select Close This Account.
  3. Confirm your balance and set up where to transfer the funds. The penalties will be charged to your balance.

How Marcus CD Rates Compare

Marcus operates as an online bank. You will generally get a higher APY on a CD with online banks. However, other online banks may offer better CD rates than Marcus.

Before you commit to a CD at Marcus, shop for CDs at other online banks first. You might see CDs that better suit your needs.

Marcus' 10-Day CD Rate Guarantee

Marcus' 10-Day CD Rate Guarantee gets you the highest published rate if you fund your CD within 10 days of opening your CD.

Say you opened a 6-month CD at Marcus and was at 4.40%. Then, the rate decreased to 4.25% in the next ten days. You will still get the higher rate if you funded your CD within 10 days of opening your account.

Otherwise, if you do not fund your CD within the 10-day guarantee, you will get the rate when you invest your CD with the $500 minimum deposit.

You have 30 days upon opening your account to add funds to your CD. It doesn't have to be a one-time deposit. You can add more than once within the 30-day period. After 30 days, you cannot add more money to your CD.

Should I open a Marcus CD?

Marcus has competitive CD rates. You get more flexibility with its No-Penalty CD. And you can navigate interest rate risk with a Rate Bump CD.

But not all of Marcus' CDs have high rates. Likely, there are higher rates offered at other online banks. Your best option at Marcus will be the 12-month High-Yield CD. Be on the lookout for Marcus' promotional CD. From time to time, they offer great deals.

Ultimately, you're locking up your money for some time. Choose a CD with the best rate to maximize your potential returns, and with features that meet your specific needs.

If you're undecided about getting a Marcus CD, check out what other online banks offer.

Other Marcus Offers


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To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

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Chase Total Checking® - $200 Bonus

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  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
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  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
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Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 12/31/2023
Earn a cash bonus in three steps:
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  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
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Citi Priority - Earn up to $2,000 Cash Bonus

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  • Bonus will be paid within 30 days after you successfully complete all required activities.
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