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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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Of course they do.
But, they also pay you for committing money for the term.
In normal economies when interest rates are flat or rising, CDs will have higher rates than savings accounts or money market funds.
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.
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Are you sure they are higher? Even accounting for the .5% savings from not paying state taxes I'm pretty sure this CD beats the treasury 12 month options right now.
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 created 5 accounts each with 9K for the full year term.
If for some reason I need some extra cash on hand, instead of cancelling a single CD and lose tons of interest. I just cancel 1 of them. Haven't needed to use them before but its free insurance basically.
I had (and am still paying off) a credit line with them. It was a pretty good rate, but the way they did things for me, was you had to submit a request in if you wanted to use it.
After submitting 3 requests, and being denied each time, I called them with the fairly logical, "Hey, I have a credit line with this much, but you won't let me use it. Why? And what's the point of having one if you keep denying my requests?"
They were no help. That credit line was then converted to a loan, so I now I definitely could not draw any money out. I'm sure there was some fine print that I did not read somewhere, but this loan took money out of my account twice a month. I've never had a bill that automatically deducted money from my account twice a month. I'm sure they exist, but I've never had one before this one.
I never missed a loan payment (now or then) but I did not know about the dual monthly payment until it happened and pushed my account below the "bank will now charge you to have a checking account" balance. I do take responsibility in that there is some documentation saying that if ever a credit line is turned into a loan, it will automatically take money out of your account every 2 weeks. I will even take responsibility in saying I can understand why the denied my request for drawings funds out of my credit line. I was at 70% of the available credit and wanted to go to 85%. I'm sure they didn't like that.
All that being said, I definitely feel I was treated badly by this bank. Granted there is a grain of salt in there, in that if you just have a savings account, or a CD sitting there for however many months or years; I'm sure they are just fine. They don't seem to have any issue holding or keeping your money. But I can get "just fine" at a lot of different banks. Take my story for what it's worth.
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If for some reason I need some extra cash on hand, instead of cancelling a single CD and lose tons of interest. I just cancel 1 of them. Haven't needed to use them before but its free insurance basically.