Yes! While it takes a minimum of $500 to open a CD, you can keep adding to your balance within the initial 30 days after account opening. (This applies to High-Yield CDs and Rate Bump CDs only; You cannot add money to a No-Penalty CD once the minimum balance is reached.) To make additional deposits to your High-Yield CD or Rate Bump CD within the 30-day initial funding period, log in at marcus.com or in the Marcus app and select “Deposit or Transfer” to add funds from your account at an external bank or from your Marcus Online Savings Account. You can also mail a check for deposit to your account, but keep in mind the check must be received and processed within the 30-day initial funding period. To add money via wire transfer from another bank, you’ll need to provide them with the Goldman Sachs Bank USA Routing Transit Number and your account number. After 30 days, your High-Yield CD or Rate Bump CD is locked and further deposits aren’t allowed.

Exception: When you successfully submit a Rate Bump Request on a Rate Bump CD, you have the option to add money to your account within 10 days of the increase, just in case you want to take even more advantage of a rising rate.

We’ll send an email or a letter (depending on your communications preferences) 30 days before your CD matures. In addition, you can check your maturity date any time on your Account Details page at marcus.com. We also include your maturity date on every monthly statement.

When your CD matures, we’ll follow the instructions in your CD Maturity Plan—to renew, change or close your CD. If you never changed your CD Maturity Plan after opening your CD, you’ll have a 10-day grace period follow maturity, during which you can withdraw your balance without penalty, renew your CD with the same term or a different term; or, close your CD. If you don’t contact us within the 10-day grace period to take any action, your CD will automatically renew for another term.

High-Yield CD and Rate Bump CD: Your rate is locked in on the date that your $500 minimum balance is reached, at any time during the 30-day funding window. You can keep making deposits until the 30-day cutoff, but your rate will not change. (One exception: Thanks to our 10-Day CD Rate Guarantee, if the rate for your selected term goes up during the 10 days after account opening, you’ll get the higher rate!)

No-Penalty CD: Your rate is locked in on the date that you fund your No-Penalty CD with $500 or more.

Rate Bump CD: When you request a rate increase, your new rate is locked in immediately.

Your CD’s maturity date is set based on the last date that money is added to your CD during the initial funding period. Adding money to a Rate Bump CD at the time that you request a rate increase does not change your maturity date.

Example If you open a 1-year CD on January 5, 2023 and add money on January 12, 2023, your 1-year CD’s maturity date will be January 12, 2024.

If you withdraw the balance entire principal amount from your CD account prior to maturity, you’ll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here’s how early withdrawal penalties are calculated:

The early withdrawal penalty is calculated as follows: Divide the CD’s interest rate by 365 (366 in a leap year), multiply by the number of days in the table above and then multiply by the CD’s original principal balance. 

Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance

To estimate the early withdrawal penalty for your CD, see the calculation above or use the Early Withdrawal Penalty Calculator on your Account Details page. If you have any questions or need help, give us a call or chat with us, 24 hours a day / 7 days a week.