Marcus is an online bank from Goldman Sachs. In addition to high-yield savings accounts and credit cards, it offers customers multiple CD products.

During our research, we found that Marcus CD rates tend to be among the best available. Consumers are also attracted to them because they can choose from no-penalty CDs, High-Yield CDs, or Bump-up CDs.

Keep reading as we explore some of the features and provide a rundown of all the current Marcus CD rates available.

Current Marcus CD Rates

No-Penalty Marcus CD Rates

Marcus offers no-penalty CDs, which you won’t find from all banks. These CD products allow you to withdraw your funds before the maturity date without incurring an early withdrawal penalty. Marcus no-penalty CDs come in terms of seven months, 11 months, or 13 months.

High-Yield Marcus CD Rates

Marcus also offers several high-yield CDs, which have APYs up to 4.30%. This is among the best CD rates available.

Bump Marcus CD Rates

Marcus also offers customers a 10-month Bump CD, which will provide a one-time request for a rate increase. These are ideal when you’ve locked in your CD and interest rates are rising.

Key Features of Marcus CDs

• Low Minimum Deposit: While some CDs require a minimum opening deposit of $1,000 or more, you can open at Marcus CD with just $500.
• Multiple Terms Available: You can select six-month to six-year CD terms.
• FDIC Insured: All Marcus CDs are FDIC insured up to $250,000 per account and per depositor.
• Early Withdrawal Penalty: High-yield and Bump-Up CDs have early withdrawal penalties. CD terms equal to or less than one year will incur a penalty of 90 days of interest. CD terms of more than one year, up to five years, will incur a penalty of 180 days of interest. CD terms of five years or more will incur a penalty of 270 days.

How Do Marcus Bank CD Rates Compare?

Do you want to compare the current Marcus CD rates to other options? Here are a few other options to consider.

Pros and Cons of Marcus CD Rates

Before opening a Marcus CD, make sure you consider all the pros and cons.

Pros of Marcus CDs

• Competitive Rates: With APYs as high as 4.30%, Marcus CD rates are highly competitive with other banks.
• Low Minimum Deposit: All Marcus CDs require a $500 minimum deposit to open a CD account.
• No Monthly Fees: There are no monthly fees on any Marcus CD.
• There are various CD Options: You can choose from no-penalty CDs, high-yield CDs, or Bump-up CDs.

Cons of Marcus CDs

• Early Withdrawal Penalty: Except for No-Penalty CDs, you will be charged an early withdrawal penalty when you withdraw your funds before the CD matures.
• Online-Only Bank: Marcus is an online-only bank, which means if you prefer speaking in person to a banker, they don’t have any branch locations.

Alternatives to Marcus CDs

High Yield Savings Accounts: CDs are an illiquid investment. If you prefer having access to your money, you could choose a high-yield savings account instead. Marcus offers a high-yield savings account, or you could choose one from American Express or Barclays.

High-Yield Checking Accounts: Another alternative would be a high-yield checking account. While these aren’t as common as a high-yield savings account or CD, they can help you earn interest by keeping your money in a checking account.

Another CD: Marcus CD rates are some of the best available. However, you could choose to go with a different CD product that might have better terms or APY.

Money Market Accounts: These accounts are similar to savings accounts except that they provide check-writing abilities, and you’ll have a debit card.