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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 $500 minimum deposit.
Thanks to community member SUCHaDEAL for finding this deal.
Thanks to community member SUCHaDEAL for finding this deal.
Original Post
Written by
Edited August 6, 2024
at 08:06 AM
in
Finance
Marcus - Bank Advertiser
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- Let the interest collect/reinvest in the CD and take all the money at the end of the term. (Note: Brokered CDs don't do this).
- Collect the interest as-you-go, usually monthly or quarterly.
Then, at the end of the term the bank CD has the big *gotcha*.
You have x number of days after the CD matures to take your money out. You have to do in that timeframe. If you do not, it rolls over into another CD of the same term (I.E. 1 year CD makes a new 1 year CD). That new CD probably won't have your awesome promotional rate, and you get *R$#(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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Also have some money to take a bit risk , get below for dividend
TSLY - gives 76% ( almost 5.5% a month)
NVDY -gives 64%
Buy a 1-year bond or CD, and you know exactly what you will have in a year, to the penny.
Buy a MM,Savings account, or bond fund, and you don't. Your 5.39% fund might beat a 5.35% CD, or it might not.
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.
With the fed probably cutting interest rates next month the online savings rates will take a dip. I have been using a high yield savings account for awhile but just took that money out to buy a CD.
I used raisin and bought a 14 month with the same 5.15% APY. That is with Sallie Mae. I have used raisin in the past and like that I don't have to jump through hoops to open a new account.
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Our community has rated this post as helpful. If you agree, why not thank MidnightX
"How can I choose my monthly interest disbursement?
The interest you earn on your CD account will automatically be added to the principal balance of your CD account each month. Alternatively, you have the option to withdraw any earned interest on your CD account, penalty-free. You can transfer the monthly interest earned to your Online Savings Account, or to one of your linked external bank accounts."
"What are my options when my CD matures?
We will notify you before your CD's maturity date. There is a 10-day grace period following your CD's maturity date, during which you have a few options:
- withdraw balance without penalty;
- renew your CD with the same term; or
- close your CD and open a new one with a different term."
"If you do not contact us within the 10-day grace period to take any action, your CD account will automatically renew for another term."https://us.cibc.com/en/agility/ce...posit.html
You might regret not grabbing this when the fed lowers rates at any minute and your savings account yield drops to 4 and this offer is gone
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What problems? The savings account has been amazing. Never had a problem. Don't have CD yet with them though