As you approach the end of your CD term with Marcus, you may be wondering what you could do with your funds. Let’s go over the options, so that you can decide what to do when your CD reaches maturity.
Good to know: If you have general questions about your Certificate of Deposit, visit our FAQ page here.
We’ll send you a reminder 30 days before your CD matures to set up a plan for your account. That gives you some time to think about your options and what makes the most sense for you and your financial goals.
With this option, we’ll automatically roll your funds over into a new CD with the same term (unless otherwise specified when you opened your account). Your new CD rate may be different, depending on the currently available rate. The new rate could be lower, higher or the same as your previous CD rate. (You can check our current rates anytime here, and we’ll send you an email with your CD’s new rate when it renews.)
What you need to do: If you don’t take any action when your CD matures, we’ll automatically roll the funds over into a new CD. But it’s a good idea to review your account first to make sure you’re OK with the CD term and new rate.
Good to know: From time to time, we may offer special promotional CDs with specific renewal terms. When renewing a CD, always check offer details for more information.
Here are a few ways you could modify your CD:
What you need to do: Log in to the CD Maturity Center to set your preferences before your CD matures. Keep in mind that you can create a plan for your CD account up to 12 months before your CD matures. Once you create a CD plan, it’ll go into effect immediately at the end of your current CD term. (For more details, see “How to Use the Marcus CD Maturity Center.”)
If you choose to wait until your CD matures to create a plan, you can set your preferences during the 10-day grace period that follows the maturity date of your CD. (Note: The 10-day grace period only occurs if you do not select a maturity option prior to your CD maturity date.)
If you choose to close your CD account when your CD matures, you can transfer your money to any of your Marcus accounts (like an Online Savings Account) or linked external accounts.
What you need to do: Log in and use the CD Maturity Center to close your account. Remember, you can set your preferences 12 months before your CD matures.
Again, if you have not set your preferences before your CD matures, you can still do this during the 10-day grace period that follows the date of your CD maturity. (Note: The 10-day grace period only occurs if you do not select a maturity option prior to your CD maturity date.)
This is important: If you decide to close your CD after the 10-day grace period ends (which begins when your CD matures), you may be subject to penalties (unless you have a No-Penalty CD). See our Deposit Account Agreement for more details.
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.
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