📍 Update May 2022: Marcus by Goldman Sachs has raised their CD rates again this month for all terms greater than 12 months. The rate increases ranged from between 0.10% and 0.40% APY. See all rates below.

You’ve likely heard of Goldman Sachs, the global investment services firm that’s been around since 1869 and has over $2.1 trillion in assets under management, but you might not be as familiar with their digital subsidiary, Marcus.

Marcus by Goldman Sachs is an online-only, FDIC-insured bank offering savers an online savings account, and 9 regular CDs with terms ranging from 6 months to 6 years and 2 promotional CDs. All deposits come with a low minimum deposit requirement of just $500 and are FDIC insured up to $250,000 per depositor.

Named after Goldman Sachs pioneer Marcus Goldman and founded in 2016, this bank regularly offers yields comfortably above the national average on both their fixed and variable rate deposit accounts.

To find out more about Marcus and their CD Rates and savings account, continue reading our review below.

Marcus CD Rates + Account Details

Marcus offers 11 CD terms to choose from. All are standard terms except the “No-Penalty CD” which comes with a 7 month term and an APY of 0.45% and the 10 month promotional CD going on through the end of May 2022, which yields 1.10% APY.

CD Rates

To put the offers above in perspective, the current national average for 12 month CDs and 60 months CDs sit at just 0.17% APY and 0.32% APY, respectively, according to recent FDIC data.

No- Penalty CDs

Marcus by Goldman Sachs currently offers 3 No-Penalty CDs with terms of 7 months, 11 months and 13 months.

The no-penalty CD is much more flexible than your standard certificate as it comes with no early withdrawal penalty.

You’ll earn the fixed interest rate for the duration of your CD, but you can withdraw up to 100% of the funds as soon as 7 days after issuance penalty-free. This is the only difference between a high-yield and no-penalty Marcus certificate as far as terms and conditions.

CD Account Details

Interest is compounded daily and credited monthly to your certificate account, or you can withdraw it as you please. You can have all interest automatically reinvested, all interest withdrawn, or some withdrawn and some reinvested—you can make any changes over the course of the term.

A $500 minimum opening deposit and average daily balance is required to earn interest on a certificate account.

Marcus CDs are backed by a 10-day Rate Guarantee, which promises the highest published interest rate and APY Marcus has to offer on your term for 10 days after certificate issuance. Essentially, you’ll get the highest rate on your account as possible for a short time—you aren’t locked into a rate until that 10-day period is up. To ensure that this safety net is enforced, just make sure you have the $500 minimum deposited in the account within this time period.

There is a 10 day grace period within which you should try to make any changes or withdrawals after a CD renews. If you don’t and you find yourself needing to withdraw funds from a high-yield CD (not a no-penalty CD!) after this, the fees are assessed as follows:

• For terms of less than 1 year, you’ll be charged 90 days’ simple interest
• for terms of 1 – 5 years, you’ll be charged 270 days’ simple interest
• for terms more than five years, you’ll be charged 365 days’ simple interest.

Other Deposit Accounts

The only other deposit account Marcus Bank offers is their online savings account. It also comes with a very respectable APY.

Marcus Bank Online Savings Account

To put this yield into perspective, the national average for savings and money market accounts sits at just 0.06% and 0.08%, respectively.

The $0 minimum deposit and daily active balance requirements make the account widely available to all income groups.

To earn the noteworthy APY you just have to fund your account within 60 days of opening it and maintain a positive balance after that.

There are four different ways you can make a deposit into this savings account.

You can:

• 1. link your savings account to an external bank account and transfer funds (Marcus won’t charge fees for this, but your other bank might),
• 2. set up direct deposit payments from your payroll or Social Security,
• 3. send a domestic wire transfer, or
• 4. mail a check to this address – Goldman Sachs Bank USA P.O. Box 4571 Carol Stream, IL 60197-4571

Once you’ve opened the account, you can move funds about via:

• Wire transfer
• Electronic transfer

Interest on the Marcus savings account is compounded daily and credited monthly.

Per the standard and federally-enforced limit, you can make up to six transactions from a savings account per month for free. There is no excessive withdrawal fee, but you won’t be allowed to go over this limit. These accounts do not come with hidden monthly maintenance fees. 

Marcus does not offer a debit or ATM card for its savings accounts at this time, so you’ll have to have your funds transferred to another account if you wish to withdraw them. Use the savings calculator to find out how much your money will grow if you don’t touch it.