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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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Today one of my T-Bills matured, and I immedidately invested it back into the 42-day CMB Cash Management Bill that Fidelity estimates will get 5.3% at auction. Too good to pass up.
According to their site if u don't want your funds transferred to Betterment u can withdraw your funds. Doesn't say anything about penalties though 😯
CD's are taxed as Dividends. Which I think is at your income tax rate
That said, I am not familiar with this particular product or company, and the fees on most annuities are killer. Verify they have investment grade ratings from AM Best, Moody's, and S&P. Do your due diligence. If you don't want to do your due diligence, buy an FDIC insured CD.
Even though they don't have FDIC insurance, they are backed by state insurance boards that will protect you to a limited extent if a life insurance company goes out of business. The details of that protection vary state-by-state.
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Today one of my T-Bills matured, and I immedidately invested it back into the 42-day CMB Cash Management Bill that Fidelity estimates will get 5.3% at auction. Too good to pass up.
EDIT to add: I don't have to worry about state tax, which if you're in NY as your user name indicates, T-bills make sense.
EDIT to add: I don't have to worry about state tax, which if you're in NY as your user name indicates, T-bills make sense.
This product is not a "normal annuity" Most annuities are tax deferred while they are accumulating. This is a "non tax deferred" annuity. After reading a little about it, I am not very excited about the product, even though it could really be a good thing if managed properly.
I just checked 3 yr traditional tax deferred annuities and most are under 5.5 now. Even the 5 yr are below 5.5 in most cases now.
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Treasury Yields
NAME COUPON PRICE YIELD 1 MONTH 1 YEAR TIME (EDT)
GB3:GOV
3 Month
0.00 5.07 5.20% -16 -- 8:13 PM
anything below 3 month is worthless.
stop preying on stupid idiots banksters.