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Marcus CD Rates: Pros, Cons, and Current Rates

Updated

Business Insider's personal finance team compared Marcus CD rates to the best CD rates and found them to be standard offerings. These CDs have a low minimum opening deposit and good CD rates, as well as strong specialty CDs, but you can find higher CD rates at other online banks and credit unions.

Marcus Bank is a good choice if you're looking to open multiple types of savings accounts with the same bank; both its general savings account and its CDs are well-reviewed. You'll be able to choose from high-yield CDs, no-penalty CDs, and a bump-up CD.

Current Marcus CD Rates

Marcus High-Yield CD Rates

Marcus High-Yield CDs have interest rates ranging from 3.75% to 4.30% APY, which is higher than average CD rates across the board.

Generally, banks require at least $1,000 for an initial deposit. However, Marcus may be worthwhile if you'd like to get a CD with at least $500. Compare Marcus APYs (annual percentage yields) below:

Marcus No-Penalty CD Rates

The Marcus No-Penalty CD is one of the bank's strongest accounts, with an interest rate of 4.00% to 4.15% APY.

Not all banks have no-penalty CDs. Marcus stands out from other financial institutions because it has three term lengths for no-penalty CDs: a 7-month, 11-month, and 13-month term.

No-penalty CDs are different from regular CDs because it doesn't charge you an early withdrawal penalty if you decide to take out money before your CD matures.

Specialty CD TermAPY
Marcus 7 Month No-Penalty CD4.00% to 4.15% APY
Marcus 11 Month No-Penalty CD4.00% to 4.15% APY
Marcus 13 Month No-Penalty CD4.00% to 4.15% APY

Marcus Bump CD Rates

Marcus also offers the Marcus 20-month Rate Bump CD, which has an interest rate of 3.90% APY. You might consider this CD if you want the flexibility of being able to request a one-time rate increase if Marcus Bank CD rates rise during your CD term.

Overview of Marcus CDs

Marcus is a solid choice if you're looking for a variety of CD options. Marcus has high-yield CDs, no-penalty CDs, and bump-up CDs. Not all banks offer no-penalty CDs or bump-up CDs, so Marcus could be worth considering if your priority is to get one of these types of CDs. If you're just interested in earning a high interest rate on a standard CD, other online banks and credit unions offer slightly higher rates.

You may prefer another financial institution if you also want to open a checking or money market account. Marcus only has high-yield savings accounts and CDs. If you want to withdraw money from your account, also bear in mind that you'll have to transfer funds to an external bank account. Marcus's savings accounts and CDs do not come with debit cards or ATM cards.

Marcus CD Rates Pros and Cons

Marcus CD Rate Pros

  • High interest rates on a variety of terms
  • Specialty CDs
  • Low minimum opening deposit
  • FDIC-insured

Marcus CD Rate Cons

  • Online-only bank

Marcus CD Alternatives

Marcus CDs vs. Alliant CDs

Alliant CD rates range from 3.10% to 4.25% APY and are competitive for a variety of terms.

To open accounts at Alliant, you must become a member first. The easiest way to become a member is to become an Alliant Credit Union Foundation digital inclusion advocate (Alliant Credit Union will make a one-time $5 contribution to the Foundation on your behalf).

Marcus will likely be a better option if you don't have that much money for an initial deposit. Marcus CDs have a minimum opening deposit of $500. In comparison, Alliant Credit Union share certificates require at least $1,000.

If your goal is to keep your banking primarily at one financial institution, you may favor Alliant. Alliant has checking accounts, savings accounts, and CDs. It also has accounts specifically for kids and teens.

Alliant Credit Union Review

Marcus CDs vs. Barclays CDs

Barclays is an online-only bank with a high-yield savings account and CDs. Barclays doesn't require opening deposits for savings accounts or CDs. If you'd like to open a CD with Marcus, you'll need at least $500.

Barclays CDs pay 3.00% to 4.00% APY, depending on the term. Barclays pays lower rates than Marcus on all of its other CDs. However, keep in mind rates may fluctuate over time. Barclays also doesn't have no-penalty CDs or a bump-up CD.

Barclays Bank Review

Account Management with Marcus CDs

Opening a Marcus CD Account

To open a CD account with Marcus, you can use either its website or its customer service phone line. Opening an account is generally pretty easy.

First, you'll fill out an application, which requires information such as your Social Security number or individual taxpayer identification number and your physical address. Then, you'll put an opening deposit of at least $500 into the account from another bank account. Since Marcus is an online bank, you won't be able to use cash to open the CD.

If you fund your CD within 10 days of opening it, you'll earn the highest interest Marcus offers in that 10-day period. For example, if you open a 6-month CD with Marcus at 4.10% APY, fund it immediately, and six days later its rate goes up to 4.15% APY, your CD will earn 4.15% APY for its entire term length. If you instead funded the CD 15 days after you opened it, your CD will only earn 4.10% APY for its entire term length. This 10-day guarantee does not apply to mid-term rate bump requests for Marcus Bump CDs.

CD Ladder Strategies with Marcus CDs

If you're interested in the fixed interest rate that CDs offer but you're worried about the account's lack of liquidity, a CD ladder might be a good fit for your financial goals.

CD laddering is when you open multiple CDs with different term lengths instead of opening just one CD. For example, if you were originally planning on opening a 2-year CD with $30,000, you could instead open a 1-year CD, a 2-year CD, and a 3-year CD with $10,000 apiece. This way, you get access to some of your money sooner in case of emergencies, but you're still locking in a strong interest rate for longer than you would if you just took out a 2-year CD.

CD ladders don't need to be opened with CDs all from the same bank or credit union. That being said, if you prefer the simplicity of keeping all of your CDs at the same financial institution, Marcus would be a good choice since all of its CDs offer strong interest rates.

Why You Should Trust Us: How We Reviewed Marcus CDs

At Business Insider, we rate bank accounts on a scale from one to five stars. For our CD review, we used our CD methodology, which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and the ethics of the company.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

Marcus CD Rates FAQs

What are the current CD rates from Marcus?

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Current CD rates from Marcus are 3.75% to 4.30% APY for Marcus High-Yield CDs, 4.00% to 4.15% APY for Marcus No-Penalty CDs, and 3.90% APY for a Marcus 20-month Rate Bump CD.

How can I open CDs through Marcus?

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You can open CDs through Marcus by filling out an application on its website or by calling its customer service phone line. You can't open a CD with Marcus in-person at a branch because Marcus is an online-only bank without physical branches.

Is there a minimum opening deposit for Marcus CDs?

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Yes, there is a minimum opening deposit for Marcus, although it's lower than what you find at many banks. The minimum opening deposit is $500.

Can I withdraw my money from Marcus before the CD matures?

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Yes, you can withdraw your money from your Marcus CD before the CD matures. You'll have to pay early withdrawal penalties on what you withdraw unless you have a no-penalty CD.

How do Marcus CD rates compare to traditional banks?

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Marcus CD rates are significantly higher than what you can find at traditional brick-and-mortar banks.

Does Marcus charge a fee on CDs?

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No, Marcus does not charge any monthly service fees on its CDs. That being said, you'll have to pay early withdrawal penalties on any funds you take from your CD early unless you have a Marcus No-Penalty CD. If your CD has a term length of a year or less, you'll be charged 90 days of interest; if your CD term is more than 1 year but less than or equal to 5 years, you'll be charged 180 days of interest; and if your CD term is more than 5 years, you'll be charged 270 days of interest.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

*Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.

**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.

***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225

****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.

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