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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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https://us.cibc.com/en/agility/ce...posit.html [cibc.com]
All signs points to rates going down this year. Get locked in.
When the fed lowers rate (probably this fall), Wealthfront and all online cash management products will likely lower rate too. So if you want to lock in that 5%+ rate for 12 months, CDs can be a good product. But you do lose the flexibility of HYSA so each has their pro and cons. By this time next year, those HYSA could very likely be close 3% vs 5% now.
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But I am not sure how to achieve it. Let say you have 100K to CD... You put all 100K for 9 months and now you need to wait 9 mos ot get any moeny back or renew. How do you set up ladder? You could put 10K on 1 C and wait a month to put another 10K but you are loosing money... so how do you do it? Thnaks...
I can find rates as high as 5.35%, but not with big name backing like GS.
When I said I could find 5.35%, that was only for 1 year CDs, not other products.
All financial products have tradeoffs. If a 1 year CD isn't right for your situation, don't buy one. If it is, this is a decent (but not best-available) rate for one.
You can't fairly compare it to 3 month CDs, corporate bonds, commodities investments, savings accounts, money market funds, brokerage sweep accounts, annuities, or cash value life insurance. (Okay, maybe a comparison to 1-year investment grade bonds is reasonable)
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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