You Opened a CD With Marcus, Now What?

1. Enjoy a fixed rate with your Marcus CD

Interest rates on our CDs are fixed, meaning your rate remains the same for the full term. So for example, if you opened a 12-month High-Yield CD, you’re guaranteed to get that 5.00% for the full year (as long as you don't withdraw your deposit early).

With a fixed rate, you don’t have to worry about the rate on your CD changing unexpectedly, even if the federal funds rate or the rate on our Online Savings Account is changing. You can rest assured in knowing your money is growing at a predictable rate.

Want to know how much it’s growing? Log in at marcus.com or in the Marcus app to get a look at your monthly interest earned and interest earned year-to-date.

2. Visit our CD Maturity Center 

Once you’ve opened a CD with Marcus, take a few moments to visit our CD Maturity Center by logging in at marcus.com or on the Marcus app. This is where you can view details of your CD – such as the maturity date, estimated balance at maturity, and more.

You can also create a maturity plan for your CD account up to 12 months before your CD matures. Whether you want to renew your term, modify your CD, withdraw from your principal balance, or close the account, you can visit the maturity center to set your preferences. To learn more, check out our article on how to use the Marcus CD Maturity Center here.

If you’re approaching the end of your CD term, you may be wondering what your options are. We go over them here.

3. Review the withdrawal rules for your CD

It’s always a good idea to review your CD account rules and make sure you understand how withdrawals work.

With a Marcus High-Yield CD, you cannot withdraw a portion of your principal at any time prior to the maturity date. If you take out the entire principal amount before maturity, you’ll face an early withdrawal penalty.

Good to know: The interest you earn on your CD account will be automatically added to the principal balance of your CD account each month. Alternatively, you have the option to withdraw any earned interest on your CD account, penalty-free. For more information on our High-Yield CDs, check out our FAQs.

On the other hand, our No-Penalty CDs offer more flexibility when it comes to making withdrawals. There are no early withdrawal fees for a Marcus No-Penalty CD, as long as your account has been funded for at least seven days. If you want to make an early withdrawal, you’ll need to take out the full balance – partial withdrawals are not permitted from a Marcus No-Penalty  CD.

However, before you decide to break your CD and withdraw your funds early, keep in mind that the best way to allow your CD to earn as much interest as possible is to leave it alone. If you don’t really need to tap into those funds, let the money sit and let the power of compound interest do its work.

4. Learn about different CD strategies and consider opening another CD for your goals

If you’re loving your Marcus CD account and want more options for making the most of your savings, you can always consider opening another one. Take a look at two popular CD strategies: CD ladders and CD barbells. You can then decide which is right for you. Employing the appropriate CD strategy could help you move the needle on your savings goals.