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Marcus Bank (Goldman Sachs): 12-Month Fixed Rate CD Expired
5.15% APY
($500 minimum to open)
Marcus Bank (Goldman Sachs) is offering a 12-Month Fixed Rate Certificate of Deposit at 5.15% APY with $500 minimum deposit.
Thanks to community member SUCHaDEAL for finding this deal.
Thanks to community member SUCHaDEAL for finding this deal.
Editor's Notes & Price Research
Written by
- About this deal:
- Terms and Conditions here
- Advertised Interest Rate and Annual Percentage Yield (APY) for Certificates of Deposit may change after maturity, applies to personal accounts only, and are accurate as of August 7, 2024.
- A penalty may be charged for early withdrawal. Fees could reduce earnings.
- Funds deposited in an Account and any other account(s) at Marcus Bank (Goldman Sachs) are collectively insured up to the applicable limit by the Federal Deposit Insurance Corporation ("FDIC").
- Please see the original post for additional details & give the WIKI and additional forum comments a read for helpful discussion.
Original Post
Written by
Edited August 6, 2024
at 08:06 AM
in
Finance
Marcus - Bank Advertiser
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111 Comments
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- Let the interest collect/reinvest in the CD and take all the money at the end of the term. (Note: Brokered CDs don't do this).
- Collect the interest as-you-go, usually monthly or quarterly.
Then, at the end of the term the bank CD has the big *gotcha*.
You have x number of days after the CD matures to take your money out. You have to do in that timeframe. If you do not, it rolls over into another CD of the same term (I.E. 1 year CD makes a new 1 year CD). That new CD probably won't have your awesome promotional rate, and you get *R$#(ed if you let them do that.
So, if you buy a bank CD, have a calendar reminder to take the money out at the right time!
Sure the funds are locked in with a CD, but so is the rate.
Obviously you're not supposed to put emergency funds in a CD. Just funds you're sure you don't need for a while.
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I can find rates as high as 5.35%, but not with big name backing like GS.
However, you do have to consider the inconvenience factor of opening an account at an institution you've never dealt with and putting in calendar alerts to remind yourself not to let it roll over after the term ends.
However, you do have to consider the inconvenience factor of opening an account at an institution you've never dealt with and putting in calendar alerts to remind yourself not to let it roll over after the term ends.
How does a CD actually work in the term? Do we pull the money out once it's over 12 months old? or before?
Our community has rated this post as helpful. If you agree, why not thank WolfTheCat
- Let the interest collect/reinvest in the CD and take all the money at the end of the term. (Note: Brokered CDs don't do this).
- Collect the interest as-you-go, usually monthly or quarterly.
Then, at the end of the term the bank CD has the big *gotcha*.
You have x number of days after the CD matures to take your money out. You have to do in that timeframe. If you do not, it rolls over into another CD of the same term (I.E. 1 year CD makes a new 1 year CD). That new CD probably won't have your awesome promotional rate, and you get *R$#(ed if you let them do that.
So, if you buy a bank CD, have a calendar reminder to take the money out at the right time!
You'll sacrifice a small amount of APR return and 3 months of time period but gain back a lot of flexibility if you really need to get the money out sooner than a year. That works out to be $5,200 vs. $5,100 annualized (minus the 3 months) on a $100K investment.
Here's a link: https://www.raisin.com/en-us/cd-a...y-cd-rates
Per above, you can also pre-determine whether you withdraw at the end, or roll into another no-penalty CD (which doesn't really matter since you can cancel it anytime).
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Our community has rated this post as helpful. If you agree, why not thank djazpurua711
However, you do have to consider the inconvenience factor of opening an account at an institution you've never dealt with and putting in calendar alerts to remind yourself not to let it roll over after the term ends.
In the past, I would disagree with you. I've gotten higher rates from my Fidelity brokerage account than looking at credit unions and banks going to bank rate Seems like that has changed now and some of the banks or credit unions are now offering higher rates.
You'll sacrifice a small amount of APR return and 3 months of time period but gain back a lot of flexibility if you really need to get the money out sooner than a year. That works out to be $5,200 vs. $5,100 annualized (minus the 3 months) on a $100K investment.
Here's a link: https://www.raisin.com/en-us/cd-a...y-cd-rates
Per above, you can also pre-determine whether you withdraw at the end, or roll into another no-penalty CD (which doesn't really matter since you can cancel it anytime).
Our community has rated this post as helpful. If you agree, why not thank WolfTheCat
Best to look at both before buying. I also look at high-quality bonds as an option. For me, every CD/bond is a significant investment to me and worth a little research.
I like depositaccounts.com for finding bank/CU CDs - I think they are better than bankrate.com.
I can find rates as high as 5.35%, but not with big name backing like GS.
Fund treading account and get $USFR it gives 5.39%, safe money- no need to lock , no new accounts to open with random banks and easy to handle tax with less 1099
Also have some money to take a bit risk , get below for dividend
TSLY - gives 76% ( almost 5.5% a month)
NVDY -gives 64%