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Marcus Bank (Goldman Sachs): 12-Month Fixed Rate CD Expired

5.15% APY
($500 minimum to open)
+61 Deal Score
64,203 Views
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.
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Edited August 6, 2024 at 08:06 AM by
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A bank/credit union CD will usually give you two options:
- 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!
·
5% not 5.5% (a 60 days 0.5% bonus is awarded for depositing $1k). However, when rates drop so will the interest in Robinhood, the CD is locked in. Not financial advice.
·
Savings account rate can dip at any 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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Joined Jul 2008
L5: Journeyman
> bubble2 799 Posts
464 Reputation
Kaufboy
08-08-2024 at 06:37 PM.
08-08-2024 at 06:37 PM.
Quote from WolfTheCat :
You'd have to go with different ownership.

You could go with a different bank for the 2nd CD.

Or, you could put the 2nd CD in your spouse's name, and make a 3rd CD joint-owned.

Each spouse's individual account is FDIC insured up to $250k and the joint account up to $500k. $1 million total.
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Joined Jan 2009
L3: Novice
> bubble2 263 Posts
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LanceTX
08-08-2024 at 07:13 PM.
08-08-2024 at 07:13 PM.
Deal is dead as rate is now down to 5.00% APY.
1
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Joined Oct 2008
L7: Teacher
> bubble2 2,193 Posts
100 Reputation
flightxxx
08-09-2024 at 02:00 PM.
08-09-2024 at 02:00 PM.
any deals for a 24 month cd with rates at 5% or higher?
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Joined Jan 2024
Typing Cat
> bubble2 2,249 Posts
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Pro
WolfTheCat
08-09-2024 at 06:25 PM.
08-09-2024 at 06:25 PM.
Quote from flightxxx :
any deals for a 24 month cd with rates at 5% or higher?

A couple credit unions. Ignore the variable CDs.

https://www.depositaccounts.com/c...rates.html
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Joined Oct 2008
L7: Teacher
> bubble2 2,193 Posts
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flightxxx
08-09-2024 at 10:25 PM.
08-09-2024 at 10:25 PM.
Quote from WolfTheCat :
A couple credit unions. Ignore the variable CDs.

https://www.depositaccounts.com/c...rates.html
thanks, looks like nothing over 5% that does not require specific employer membership
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Joined Jan 2024
Typing Cat
> bubble2 2,249 Posts
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WolfTheCat
08-10-2024 at 06:06 AM.
08-10-2024 at 06:06 AM.
Quote from flightxxx :
thanks, looks like nothing over 5% that does not require specific employer membership
Two points:
- Many credit unions have a mechanism for you to join through some third-party. Check their website.
- Be sure to punch in your zip code. Sometimes the regional deals beat the national deals. That's pretty common where I live.
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Joined May 2008
Super Moderator
> bubble2 2,432 Posts
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Global Mod
pur | Staff
08-10-2024 at 08:50 AM.
08-10-2024 at 08:50 AM.
Quote from DelightfulCrow1116 :
I know they are FDIC insured up to $250,000. What if you have more than that amount that you want to put into a CD? Are you able to make multiple CD accounts under your name and they will each be insured up to $250,000?
It would have to be a different type of account like a joint account or IRA.

Quote :
The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.
https://www.fdic.gov/resources/de...index.html
https://edie.fdic.gov
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Joined Apr 2009
L7: Teacher
> bubble2 2,080 Posts
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iCEifer
08-12-2024 at 07:42 PM.
08-12-2024 at 07:42 PM.
Quote from MerryCemetery5588 :
Wf is 5%? Im only getting 4.65%(wellsfargo platinum savings)
Not sure what the rate at Wealthfront is but it might be a variable rate that is subject to change. Your wells fargo *might* be 4.65% FIXED for 12 months if you signed up during one of their promotions.
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